Muniment Titanium Developments Limited
Muniment Titanium Developments Limited
Registered number: 11216722
Unaudited Financial Statements
For The Year Ended
30 September 2022
B-Tax
Muniment Titanium Developments Limited
Unaudited Financial Statements
For The Year Ended
30 September 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2—3 |
Muniment Titanium Developments Limited
Balance Sheet
As At
30 September 2022
Balance Sheet
Registered number:
11216722
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2022 | |||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
( |
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| NET LIABILITIES |
( |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 7 |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (155,500) | ||
On behalf of the board
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Director
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The notes on pages 2 to 3 form part of these financial statements.
Muniment Titanium Developments Limited
Notes to the Financial Statements
For The Year Ended
30 September 2022
Notes to the Financial Statements
1.
General Information
Muniment Titanium Developments Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11216722
. The registered office is 10 Brooklands Court, Kettering, Northants, NN15 6FD.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL
4.
Stocks
| 2022 | |
|---|---|
| £ | |
5.
Creditors: Amounts Falling Due Within One Year
| 2022 | |
|---|---|
| £ | |
| Trade creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | |
|---|---|
| £ | |
| Bank loans |
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| Other creditors |
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Muniment Titanium Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
8.
Related Party Transactions
During the year a property was transferred without consent to a connected party at below market value by the former director. Legal action continues on this matter.
Muniment Ltd
Related Company
Loan from Muniment Ltd - balance at year end £979,415
9.
Contingent Assets
A related party submitted claims for payment over and above the agreed contractual amount of £656,130 and withdrew funds from the bank account of the company.
The accounts initially make allowance for the sum of £538,224 calculated as follows:
Payments to Contractor £1,194,354
Less: Fixed Price contract £656,130
Investigations are continuing and court proceedings against the related party to recover the amount taken above the agreed contractual amount are contemplated.
The losses to the company in this respect have been estimated at £538,224 as at the financial year end as an estimate only. Additional claims may also be made against the related party for further damages and additional sums. The disputed sum of at least £538,224 has been included as a reduction in cash and recognised as a loss in the year in the 2021 accounts