Company Registration No. 12043546 (England and Wales)
WPD (FELSTED) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
WPD (FELSTED) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
WPD (FELSTED) LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Current assets
Stocks
7,592,320
7,759,807
Debtors
3
58,595
550,098
Cash at bank and in hand
6,861
348,160
7,657,776
8,658,065
Creditors: amounts falling due within one year
4
(5,922,006)
(5,546,842)
Net current assets
1,735,770
3,111,223
Creditors: amounts falling due after more than one year
5
(1,262,510)
(1,032,081)
Deferred income
-
0
(1,207,139)
Net assets
473,260
872,003
Capital and reserves
Called up share capital
978,101
978,101
Profit and loss reserves
(504,841)
(106,098)
Total equity
473,260
872,003

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

WPD (FELSTED) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2022
30 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 November 2023
Mr A B R Woodfield
Director
Company Registration No. 12043546
WPD (FELSTED) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 July 2020
278,101
(78,123)
199,978
Period ended 31 December 2021:
Loss and total comprehensive income for the period
-
(27,975)
(27,975)
Issue of share capital
700,000
-
700,000
Balance at 31 December 2021
978,101
(106,098)
872,003
Period ended 30 December 2022:
Loss and total comprehensive income for the period
-
(398,743)
(398,743)
Balance at 30 December 2022
978,101
(504,841)
473,260
WPD (FELSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 4 -
1
Accounting policies
Company information

WPD (Felsted) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ketton House, Aldgate, Ketton, Stamford, PE9 3TD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is being supported by investors and related parties therefore the directors are confident that the company will be able to meet its liabilities as and when they fall due.true

The directors are therefore of the opinion that it is appropriate to prepare the accounts on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

WPD (FELSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stock is stated at the lower of cost and net realisable value. Work in progress comprises of direct materials, labour cost and borrowing costs. Borrowing costs directly attributable to an active development are added to the cost of work in the progress for that development. Net realisable value represents the estimated selling prices less all estimated costs of completion.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Valuations which include an estimation of costs to complete and remaining revenues, during which site development costs are allocated between units built in the current year and those to be built in future years. These assessments include a degree of inherent uncertainty when estimating the profitable of a site and in assessing any impairment provisions which may be required.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WPD (FELSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2022
2021
Number
Number
Total
-
0
-
0
WPD (FELSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 7 -
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
49,327
178,783
Other debtors
9,268
371,315
58,595
550,098
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,324,333
3,684,101
Trade creditors
60,687
81,370
Amounts owed to group undertakings
1,099,910
1,378,972
Other creditors
437,076
402,399
5,922,006
5,546,842
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,262,510
1,032,081

Non-current bank borrowings are secured by way of fixed and floating charges over property at Maranello, Watch House Green, Felsted, Dunmow, CM6 3EF.

WPD (FELSTED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 8 -
6
Related party transactions

During the year the company has transactions with associated companies, the amount due (to)/from WPD (Felsted) Limited are provided below:

    

WPD (Stratford) Ltd                    (£361,708)        (2021 - (£562,092))

 

Welland Partners LLP                £18,779            (2021 - £14,935)

 

Welland Partners Development UK Limited        (£757,001)        (2021 - (£831,816))

 

Interest has been charged at 5% per annum.

7
Directors' transactions

The maximum amount outstanding during the year was £369,493 (2021 - £362,248)

8
Prior period adjustment
Adjustments to equity
1 July
31 December
2020
2021
£
£
Adjustments to prior Period
Issue of share capital
-
150,000
Reconciliation of closing WIP
-
309,608
Total adjustments
-
459,608
Analysis of the effect upon equity
Share capital
-
150,000
Profit and loss reserves
-
309,608
-
459,608
Notes to adjustments

The prior year restatement provides the movement in additional share capital of £150,000 which was previously included in other creditors along with a revision to the closing WIP of £309,608.

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