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Registration number: 00499332

Unwin Estates Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Unwin Estates Ltd
(Registration number: 00499332)

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Unwin Estates Ltd
(Registration number: 00499332)

Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

4,145,988

4,089,683

Other financial assets

5

168

168

 

4,146,156

4,089,851

Current assets

 

Stocks

6

367,088

238,360

Debtors

7

950,725

807,665

Other financial assets

5

-

18,840

Cash at bank and in hand

 

299,824

113,126

 

1,617,637

1,177,991

Creditors: Amounts falling due within one year

8

(790,497)

(703,873)

Net current assets

 

827,140

474,118

Total assets less current liabilities

 

4,973,296

4,563,969

Creditors: Amounts falling due after more than one year

8

(1,587,168)

(1,294,920)

Provisions for liabilities

(242,001)

(149,031)

Net assets

 

3,144,127

3,120,018

Capital and reserves

 

Called up share capital

9

2,825

2,950

Capital redemption reserve

125

-

Revaluation reserve

1,885,014

1,763,030

Profit and loss account

1,256,163

1,354,038

Shareholders' funds

 

3,144,127

3,120,018

 

Unwin Estates Ltd
(Registration number: 00499332)

Balance Sheet as at 31 March 2022 (continued)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 July 2022 and signed on its behalf by:
 

.........................................

Mr P G Unwin
Director

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Baythorne Hall
Baythorne End
Halstead
Essex
CO9 4AH

The principal place of business is:
Baythorne Hall
Baythorne End
Halstead
Essex
CO9 4AH

These financial statements were authorised for issue by the Board on 23 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2021 - 22).

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

4,129,033

51,100

765,987

4,946,120

Revaluations

95,000

-

-

95,000

At 31 March 2022

4,224,033

51,100

765,987

5,041,120

Depreciation

At 1 April 2021

227,146

28,395

600,897

856,438

Charge for the year

-

5,676

33,018

38,694

At 31 March 2022

227,146

34,071

633,915

895,132

Carrying amount

At 31 March 2022

3,996,887

17,029

132,072

4,145,988

At 31 March 2021

3,901,887

22,706

165,090

4,089,683

Included within the net book value of land and buildings above is £3,996,886 (2021 - £3,901,886) in respect of freehold land and buildings.
 

5

Other financial assets (current and non-current)

2022
£

2021
£

Current financial assets

Financial assets at fair value through profit and loss

-

18,840

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

6

Stocks

2022
£

2021
£

Raw materials and consumables

151,553

99,963

Work in progress

60,888

58,488

Finished goods and goods for resale

154,647

79,909

367,088

238,360

7

Debtors

Note

2022
£

2021
£

Trade debtors

 

10,811

77,077

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

738,078

384,712

Prepayments

 

178,036

34,954

Other debtors

 

23,800

310,922

 

950,725

807,665

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

102,300

240,300

Trade creditors

 

106,228

67,422

Taxation and social security

 

34,972

7,227

Accruals and deferred income

 

64,967

53,455

Other creditors

 

482,030

335,469

 

790,497

703,873

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

1,587,168

1,294,920

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

£1 Ordinary of £1 each

2,825

2,825

2,950

2,950

         
 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

1,577,268

1,279,320

Non-equity preference shares

9,900

15,600

1,587,168

1,294,920

2022
£

2021
£

Current loans and borrowings

Bank borrowings

102,300

240,300

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

30,000

30,000

Contributions paid to money purchase schemes

480

480

30,480

30,480

Loans to related parties

2022

Associates
£

Joint ventures
£

Total
£

At start of period

277,595

107,117

384,712

Advanced

343,366

10,000

353,366

At end of period

620,961

117,117

738,078

 

Unwin Estates Ltd
(Registration number: 00499332)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

11

Related party transactions (continued)

2021

Associates
£

Joint ventures
£

Total
£

At start of period

75,372

120,367

195,739

Advanced

202,223

-

202,223

Repaid

-

(13,250)

(13,250)

At end of period

277,595

107,117

384,712

Terms of loans to related parties

Loan to Unwin Ventures Ltd, a company with director and shareholder in common, repayable on demand.
 Loan to Baythorne Hall Ltd, a 51% owned company with director and shareholder in common, repayable on demand.
Loan to Hinckford Farming Ltd, a 33.33% owned company with director in common, repayable on demand.