Montreaux Station Road Sidcup Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11798254

Unaudited Financial Statements

for the Period 1 January 2022 to 30 December 2022

for

MONTREAUX STATION ROAD SIDCUP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D Burke

REGISTERED OFFICE:

Spitalfields House

Stirling Way, Borehamwood

Hertfordshire

WD6 2FX

REGISTERED NUMBER:

11798254

ACCOUNTANTS:

Primera Accountants Limited

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

CURRENT ASSETS

Inventories

4

8,317,348

4,943,212

Debtors

5

37,893

516,133

Cash at bank and in hand

73

656

8,355,314

5,460,001

CREDITORS

Amounts falling due within one year

6

(528,547

)

(260,243

)

NET CURRENT ASSETS

7,826,767

5,199,758

TOTAL ASSETS LESS CURRENT LIABILITIES

7,826,767

5,199,758

CREDITORS

Amounts falling due after more than one year

7

(7,803,851

)

(5,171,596

)

NET ASSETS

22,916

28,162

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

22,914

28,160

SHAREHOLDERS' FUNDS

22,916

28,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 March 2024 and were signed by:

D Burke - Director

1.	STATUTORY INFORMATION

Montreaux Station Road Sidcup Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of the value of work in progress have had the most significant effects on amounts recognised in the financial statements

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present condition.The loan interest relating to the property development is being capitalised

Financial instruments

The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The directors have considered the company's financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2021 - 1 ) .

4.	INVENTORIES

30.12.22

31.12.21

£

£

Work-in-progress

8,317,348

4,943,212

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.12.22

31.12.21

£

£

Amounts owed by participating interests

-

497,219

Other debtors

37,893

18,914

37,893

516,133

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.12.22

31.12.21

£

£

Bank loans and overdrafts (see note 8)

10,884

9,919

Trade creditors

28,884

225,776

Amounts owed to participating interests

478,473

-

Taxation and social security

8,306

8,306

Other creditors

2,000

16,242

528,547

260,243

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.12.22

31.12.21

£

£

Bank loans (see note 8)

7,803,851

5,171,596

8.

LOANS

An analysis of the maturity of loans is given below:

30.12.22

31.12.21

£

£

Amounts falling due within one year or on demand:

Bank loans

10,884

9,919

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,884

9,919

Amounts falling due between two and five years:

Bank loans - 2-5 years

7,792,967

5,161,677

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.12.22

31.12.21

£

£

Bank Loans

7,779,749

5,136,509

The bank loans are secured by the share and assets of the company and carries an interest rate of 9.5%. The director has provided personal guarantee of £1,245,000 in respect of costs over runs in favour of the bank.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.12.22

31.12.21

value:

£

£

2

Ordinary Shares

1

2

2

11.	RELATED PARTY DISCLOSURES

Included in creditors amounts falling due within one year is an amount of £478,473 owed to related companies (2021: £497,219 owed from a related company)

These companies are connected by virtue of having a director in common. Amounts outstanding arise by virtue of financing transactions. These amounts are unsecured, interest free and due within one year.