Colwyn Developments Limited 01917901 false 2021-05-01 2022-04-30 2022-04-30 The principal activity of the company is that of property trading and development Digita Accounts Production Advanced 6.30.9574.0 true 01917901 2021-05-01 2022-04-30 01917901 2022-04-30 01917901 core:RetainedEarningsAccumulatedLosses 2022-04-30 01917901 core:ShareCapital 2022-04-30 01917901 core:CurrentFinancialInstruments 2022-04-30 01917901 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 01917901 core:Non-currentFinancialInstruments 2022-04-30 01917901 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 01917901 core:FurnitureFittingsToolsEquipment 2022-04-30 01917901 bus:SmallEntities 2021-05-01 2022-04-30 01917901 bus:AuditExemptWithAccountantsReport 2021-05-01 2022-04-30 01917901 bus:FullAccounts 2021-05-01 2022-04-30 01917901 bus:SmallCompaniesRegimeForAccounts 2021-05-01 2022-04-30 01917901 bus:RegisteredOffice 2021-05-01 2022-04-30 01917901 bus:CompanySecretaryDirector2 2021-05-01 2022-04-30 01917901 bus:Director1 2021-05-01 2022-04-30 01917901 bus:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 01917901 bus:Agent1 2021-05-01 2022-04-30 01917901 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 01917901 core:ShareCapital 2021-05-01 2022-04-30 01917901 core:FurnitureFittings 2021-05-01 2022-04-30 01917901 core:FurnitureFittingsToolsEquipment 2021-05-01 2022-04-30 01917901 countries:EnglandWales 2021-05-01 2022-04-30 01917901 2021-04-30 01917901 core:RetainedEarningsAccumulatedLosses 2021-04-30 01917901 core:ShareCapital 2021-04-30 01917901 core:FurnitureFittingsToolsEquipment 2021-04-30 01917901 2020-05-01 2021-04-30 01917901 2021-04-30 01917901 core:RetainedEarningsAccumulatedLosses 2021-04-30 01917901 core:ShareCapital 2021-04-30 01917901 core:CurrentFinancialInstruments 2021-04-30 01917901 core:CurrentFinancialInstruments core:WithinOneYear 2021-04-30 01917901 core:Non-currentFinancialInstruments 2021-04-30 01917901 core:Non-currentFinancialInstruments core:AfterOneYear 2021-04-30 01917901 core:FurnitureFittingsToolsEquipment 2021-04-30 01917901 core:RetainedEarningsAccumulatedLosses 2020-05-01 2021-04-30 01917901 core:ShareCapital 2020-05-01 2021-04-30 01917901 2020-04-30 01917901 core:RetainedEarningsAccumulatedLosses 2020-04-30 01917901 core:ShareCapital 2020-04-30 iso4217:GBP xbrli:pure

Registration number: 01917901

Colwyn Developments Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 April 2022

 

Colwyn Developments Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 15

 

Colwyn Developments Limited

Company Information

Directors

Mr K P Cattermole

Mr J W Goddard

Company secretary

Mr J W Goddard

Registered office

10 Neale Street
Ipswich
Suffolk
IP1 3JB

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Colwyn Developments Limited
for the Year Ended 30 April 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Colwyn Developments Limited for the year ended 30 April 2022 as set out on pages 3 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Colwyn Developments Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2017. Our work has been undertaken solely to prepare for your approval the accounts of Colwyn Developments Limited and state those matters that we have agreed to state to the Board of Directors of Colwyn Developments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colwyn Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Colwyn Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Colwyn Developments Limited. You consider that Colwyn Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Colwyn Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

9 August 2022

 

Colwyn Developments Limited

(Registration number: 01917901)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

361

424

Current assets

 

Stocks

5

5,098,518

5,098,518

Debtors

6

3,229,309

3,212,504

Cash at bank and in hand

 

1,185,827

37,539

 

9,513,654

8,348,561

Creditors: Amounts falling due within one year

7

(1,119,545)

(1,588,841)

Net current assets

 

8,394,109

6,759,720

Total assets less current liabilities

 

8,394,470

6,760,144

Creditors: Amounts falling due after more than one year

7

(1,387,733)

-

Provisions for liabilities
(deferred taxation)

(70)

(80)

Net assets

 

7,006,667

6,760,064

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

7,006,567

6,759,964

Total equity

 

7,006,667

6,760,064

For the financial year ending 30 April 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.

 

Colwyn Developments Limited

(Registration number: 01917901)
Balance Sheet as at 30 April 2022

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 9 August 2022 and signed on its behalf by:
 

.........................................
Mr K P Cattermole
Director

 

Colwyn Developments Limited

Statement of Changes in Equity for the Year Ended 30 April 2022

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2021

100

6,759,964

6,760,064

Profit for the year

-

316,603

316,603

Total comprehensive income

-

316,603

316,603

Dividends

-

(70,000)

(70,000)

At 30 April 2022

100

7,006,567

7,006,667

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2020

100

6,685,642

6,685,742

Profit for the year

-

154,322

154,322

Total comprehensive income

-

154,322

154,322

Dividends

-

(80,000)

(80,000)

At 30 April 2021

100

6,759,964

6,760,064

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

General information

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

The address of its registered office is:
10 Neale Street
Ipswich
Suffolk
IP1 3JB

These financial statements were authorised for issue by the Board on 9 August 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover represents the proceeds received from the sale of development properties during the course of the year and is recognised based on the legal completion date for the sale of the property. Where the property has an option to tax election in force the sale proceeds are shown excluding value added tax.

Other operating income includes the rent receivable from the letting by the company of its development properties. Rental income is recognised in the financial statements on the basis of that receivable in the accounting period.

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.

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Tax

The tax expense for the period comprises current corporation tax 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 corporation 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance basis

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.

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

The value of stock is represented by the value of land and property on hand for development at the year end.

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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.

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.

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.

The company operates a money purchase pension scheme (a defined contribution scheme). Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Fixtures & fittings
£

Total
£

Cost

At 1 May 2021

4,326

4,326

At 30 April 2022

4,326

4,326

Depreciation

At 1 May 2021

3,902

3,902

Charge for the year

63

63

At 30 April 2022

3,965

3,965

Carrying amount

At 30 April 2022

361

361

At 30 April 2021

424

424

5

Stocks

2022
£

2021
£

Valuation of property on hand for development

5,098,518

5,098,518

6

Debtors

Current

2022
£

2021
£

Prepayments

17,973

16,062

Other debtors

3,211,336

3,196,442

3,229,309

3,212,504

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

112,267

832,219

Trade creditors

 

84,674

73,882

Taxation and social security

 

135,866

85,153

Accruals and deferred income

 

6,401

47,856

Other creditors

 

780,337

549,731

 

1,119,545

1,588,841

Creditors include bank loans and overdrafts which are secured of £nil (2021 - £832,219).

Creditors due within one year also includes bank loans of £112,267 (2021 £nil) which are secured.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

1,387,733

-

Creditors include bank loans which are secured of £1,387,733 (2021 - £nil).

Creditors include bank loans repayable by instalments of £938,665 (2021 £nil) due after more than five years.

8

Reserves

The profit and loss reserves of the company are fully distributable.

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

1,387,733

-

2022
£

2021
£

Current loans and borrowings

Bank borrowings

112,267

-

Bank overdrafts

-

832,219

112,267

832,219

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £700.00 (2021 - £800.00) per ordinary share

 

70,000

 

80,000

         

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

11

Related party transactions

Included in other creditors at 30th April 2022 are the following amounts in respect of loans from companies in which the directors have a material interest:

Oakhurst (East Anglia) Limited £nil (2021 £106,300)
Oliver T Properties Limited £nil (2021 £90,000)

Oakhurst (East Anglia) Limited is a property trading and development company registered in England in which the director Mr K P Cattermole is a director and in which he owns 99% of the issued share capital.

During the course of the 2022 year Colwyn repaid the sum of £106,300 to Oakhurst to clear the loan. The loan had been made in order to assist Colwyn with the purchase of development properties.

Oliver T Properties Limited is a property trading and development company registered in England in which the director Mr K P Cattermole is a director and in which he owns 99% of the issued share capital.

During the course of the 2022 year Colwyn repaid the sum of £90,000 to Oliver T Properties to clear the loan. The loan had been made in order to assist Colwyn with the purchase of development properties.

The above loans are interest free.

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

During the course of previous years Colwyn Developments Limited had advanced loan funds of £259,213 to Corindale Properties Limited a property development and trading company registered in England. This loan was repaid in full to Colwyn during the 2022 year.

During the 2022 year Corindale Properties Limited advanced loan funds of £469,245 to Colwyn.

The directors Mr K P Cattermole and Mr J W Goddard are also directors of this company and 50% shareholder each in this company.

Included in other creditors at the 30th April 2022 is the sum of £469,245 (2021 other debtors £259,213) owed to Corindale Properties Limited by Colwyn Developments Limited.

This loan is interest free.

During the course of previous years Colwyn Developments Limited had advanced loan funds of £548,387 to Covedale Developments Limited a property development and trading company registered in England.

The directors Mr K P Cattermole and Mr J W Goddard are also directors of this company and 30% shareholder each in this company.

The loan has been made by Colwyn Developments Limited in order to assist Covedale Developments Limited with the acquisition of development properties.

Included in other debtors at the 30th April 2022 is the sum of £548,387 (2021 £548,387) owed by Covedale Developments Limited to Colwyn Developments Limited.

This loan is interest free.

During the course of the previous years Colwyn Developments Limited has advanced loan funds of £1,298,774 to Colwyn Property & Land Limited a property development and trading company registered in England.

The directors Mr K P Cattermole and Mr J W Goddard are also directors of this company and 50% shareholder each in this company.

The loan has been made by Colwyn Developments Limited in order to assist Colwyn Property & Land Limited with the acquisition of development properties.

Included in other debtors at the 30th April 2022 is the sum of £1,298,774 (2021 £1,298,774) owed by Colwyn Property & Land Limited to Colwyn Developments Limited.

This loan is interest free.

During the course of the previous years Colwyn Developments Limited has advanced loan funds of £20,000 to Colchurch Properties Limited a property development and trading company registered in England.

The directors Mr K P Cattermole and Mr J W Goddard are also directors in this company and own 25% each of the issued share capital.

During the 2022 year Colwyn advanced Colchurch Properties Limited further loan funds of £84,000.

Included in other debtors at the 30th April 2022 is the sum of £104,000 (2021 £20,000) owed by Colchurch Properties Limited to Colwyn Developments Limited.

This loan is interest free.

At the 30th April 2022 creditors includes the sum of £244,752 (2021 £319,799) owed to the director Mr K P Cattermole and the sum of £64,790 (2021 £33,633) owed to the director Mr J W Goddard. These represent undrawn directors remuneration and funds introduced by the directors.

During the 2022 year Mr K P Cattermole withdrew net funds of £75,047 and Mr J W Goddard injected funds of £31,157.

The directors loan balances do not attract interest.

 

Colwyn Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

During the course of previous years Colwyn Developments Limited had advanced loan funds of £259,213 to Corindale Properties Limited a property development and trading company registered in England. This loan was repaid in full to Colwyn during the 2022 year.

During the 2022 year Corindale Properties Limited advanced loan funds of £469,245 to Colwyn.

The directors Mr K P Cattermole and Mr J W Goddard are also directors of this company and 50% shareholder each in this company.

Included in other creditors at the 30th April 2022 is the sum of £469,245 (2021 other debtors £259,213) owed to Corindale Properties Limited by Colwyn Developments Limited.

This loan is interest free.

During the course of previous years Colwyn Developments Limited had advanced loan funds of £548,387 to Covedale Developments Limited a property development and trading company registered in England.

The directors Mr K P Cattermole and Mr J W Goddard are also directors of this company and 30% shareholder each in this company.

The loan has been made by Colwyn Developments Limited in order to assist Covedale Developments Limited with the acquisition of development properties.

Included in other debtors at the 30th April 2022 is the sum of £548,387 (2021 £548,387) owed by Covedale Developments Limited to Colwyn Developments Limited.

This loan is interest free.

During the course of the previous years Colwyn Developments Limited has advanced loan funds of £1,298,774 to Colwyn Property & Land Limited a property development and trading company registered in England.

The directors Mr K P Cattermole and Mr J W Goddard are also directors of this company and 50% shareholder each in this company.

The loan has been made by Colwyn Developments Limited in order to assist Colwyn Property & Land Limited with the acquisition of development properties.

Included in other debtors at the 30th April 2022 is the sum of £1,298,774 (2021 £1,298,774) owed by Colwyn Property & Land Limited to Colwyn Developments Limited.

This loan is interest free.

During the course of the previous years Colwyn Developments Limited has advanced loan funds of £20,000 to Colchurch Properties Limited a property development and trading company registered in England.

The directors Mr K P Cattermole and Mr J W Goddard are also directors in this company and own 25% each of the issued share capital.

During the 2022 year Colwyn advanced Colchurch Properties Limited further loan funds of £84,000.

Included in other debtors at the 30th April 2022 is the sum of £104,000 (2021 £20,000) owed by Colchurch Properties Limited to Colwyn Developments Limited.

This loan is interest free.

At the 30th April 2022 creditors includes the sum of £244,752 (2021 £319,799) owed to the director Mr K P Cattermole and the sum of £64,790 (2021 £33,633) owed to the director Mr J W Goddard. These represent undrawn directors remuneration and funds introduced by the directors.

During the 2022 year Mr K P Cattermole withdrew net funds of £75,047 and Mr J W Goddard injected funds of £31,157.

The directors loan balances do not attract interest.