Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-302021-12-01falseproperty development00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12319775 2021-12-01 2022-11-30 12319775 2020-12-01 2021-11-30 12319775 2022-11-30 12319775 2021-11-30 12319775 c:Director1 2021-12-01 2022-11-30 12319775 d:CurrentFinancialInstruments 2022-11-30 12319775 d:CurrentFinancialInstruments 2021-11-30 12319775 d:Non-currentFinancialInstruments 2022-11-30 12319775 d:Non-currentFinancialInstruments 2021-11-30 12319775 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12319775 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 12319775 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 12319775 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 12319775 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 12319775 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-11-30 12319775 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 12319775 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 12319775 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-11-30 12319775 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-11-30 12319775 d:ShareCapital 2022-11-30 12319775 d:ShareCapital 2021-11-30 12319775 d:RetainedEarningsAccumulatedLosses 2022-11-30 12319775 d:RetainedEarningsAccumulatedLosses 2021-11-30 12319775 c:FRS102 2021-12-01 2022-11-30 12319775 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 12319775 c:FullAccounts 2021-12-01 2022-11-30 12319775 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number: 12319775










NEATH DEVELOPMENTS SPV 1 LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
NEATH DEVELOPMENTS SPV 1 LTD
REGISTERED NUMBER: 12319775

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
  
-
1,560,264

Debtors: amounts falling due within one year
 4 
64,266
42,615

Cash at bank and in hand
 5 
2,026
2,337

  
66,292
1,605,216

Creditors: amounts falling due within one year
 6 
(628,241)
(1,563,382)

Net current (liabilities)/assets
  
 
 
(561,949)
 
 
41,834

Total assets less current liabilities
  
(561,949)
41,834

Creditors: amounts falling due after more than one year
 7 
(47,500)
(47,500)

  

Net liabilities
  
(609,449)
(5,666)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(609,549)
(5,766)

  
(609,449)
(5,666)


Page 1

 
NEATH DEVELOPMENTS SPV 1 LTD
REGISTERED NUMBER: 12319775
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dorian Ronnie Payne
Director

Date: 29 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NEATH DEVELOPMENTS SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

Neath Developments SPV 1 Ltd is a private company, limited by shares, registered in England and Wales. The company's registered office address :
5 Dyffryn Court
Riverside Business Park
Swansea Vale
Swansea
SA7 0AP

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the director has considered the current financial position and has also assessed the financial future of the business. The director has concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has considered the company's net assets and the profit reported in the current financial year.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts.

Page 3

 
NEATH DEVELOPMENTS SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
NEATH DEVELOPMENTS SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
NEATH DEVELOPMENTS SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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 Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

Page 6

 
NEATH DEVELOPMENTS SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).


4.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
64,233
39,503

Other debtors
33
3,112

64,266
42,615



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
2,026
2,337

2,026
2,337



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
2,500
2,500

Other loans
-
1,232,187

Trade creditors
3,117
3,435

Amounts owed to group undertakings
621,524
324,060

Accruals and deferred income
1,100
1,200

628,241
1,563,382



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
47,500
47,500

47,500
47,500


Page 7

 
NEATH DEVELOPMENTS SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
2,500
2,500

Other loans
-
1,232,187


2,500
1,234,687

Amounts falling due 1-2 years

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 2-5 years

Bank loans
15,000
15,000


15,000
15,000

Amounts falling due after more than 5 years

Bank loans
27,500
27,500

27,500
27,500

50,000
1,282,187


 
Page 8