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REGISTRAR OF COMPANIES

Registration number: 13449899

The Paddocks Carlisle Ltd

Unaudited Financial Statements

31 August 2023

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The Paddocks Carlisle Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Paddocks Carlisle Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Paddocks Carlisle Ltd for the year ended 31 August 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Paddocks Carlisle Ltd, as a body, in accordance with the terms of our engagement letter dated 25 June 2021. Our work has been undertaken solely to prepare for your approval the accounts of The Paddocks Carlisle Ltd and state those matters that we have agreed to state to the Board of Directors of The Paddocks Carlisle Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Paddocks Carlisle Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Paddocks Carlisle Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Paddocks Carlisle Ltd. You consider that The Paddocks Carlisle Ltd 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 The Paddocks Carlisle Ltd. 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.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

20 October 2023

 

The Paddocks Carlisle Ltd

(Registration number: 13449899)
Balance Sheet as at 31 August 2023

Note

31 August 2023
£

31 August 2022
£

Current assets

 

Stocks

8,428,075

5,284,078

Debtors

4

53,936

20,320

Cash at bank and in hand

 

173,000

33,000

 

8,655,011

5,337,398

Creditors: Amounts falling due within one year

5

(8,884,850)

(5,423,925)

Net liabilities

 

(229,839)

(86,527)

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

(229,939)

(86,627)

Total equity

 

(229,839)

(86,527)

 

The Paddocks Carlisle Ltd

(Registration number: 13449899)
Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023
 

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

M H Boak

Company secretary and director

 

The Paddocks Carlisle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

The principal place of business is:
Oakvale House
Thomas Lane
Burgh Road Industrial Estate
CARLISLE
CA2 7ND

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.

The company has net liabilities at 31 August 2023 and meets its day to day working capital requirements through support from its lender via a development loan. In addition its group companies have provided short term loans. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its lender, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise.

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 the sale of completed development property on completion. Deposits and other fees are included as deferred income until the sale is recognised.

 

The Paddocks Carlisle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

Tax

The tax expense for the period comprises 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.

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.

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.

Stocks

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, Work in progress are assessed for impairment. If work in progress is 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. Trade creditors 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 where due after more than one year.

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.

 

The Paddocks Carlisle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

The Paddocks Carlisle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Debtors

31 August 2023
£

31 August 2022
£

Other debtors

53,936

20,320

53,936

20,320

5

Creditors

Note

31 August 2023
£

31 August 2022
£

Due within one year

 

Loans and borrowings

6

6,409,856

3,013,974

Trade creditors

 

302,094

377,051

Amounts owed to group company

 

2,000,900

2,000,900

Other creditors

 

172,000

32,000

 

8,884,850

5,423,925

6

Loans and borrowings

31 August 2023
£

31 August 2022
£

Current loans and borrowings

Other borrowings

6,409,856

3,013,974

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 August 2023
£

31 August 2022
£

Other borrowings

6,409,856

3,013,974

Other borrowings are secured by fixed and floating charges over the company's assets.