Company registration number 05393504 (England and Wales)
TAMEWATER DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TAMEWATER DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Director
J Kerrison
Company number
05393504
Registered office
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
Accountants
Hallidays
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
TAMEWATER DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
TAMEWATER DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Ground Rent Investment
4
34,000
34,000
Tangible assets
5
5,200
55,576
39,200
89,576
Current assets
Stocks
6
-
60,700
Debtors
7
817,711
834,431
Cash at bank and in hand
908,069
832,781
1,725,780
1,727,912
Creditors: amounts falling due within one year
8
(22,415)
(15,651)
Net current assets
1,703,365
1,712,261
Total assets less current liabilities
1,742,565
1,801,837
Creditors: amounts falling due after more than one year
9
(2,451,828)
(2,463,111)
Net liabilities
(709,263)
(661,274)
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
(709,413)
(661,424)
Total equity
(709,263)
(661,274)
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 year ended 31 March 2023 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 member has not required the company to obtain an audit of its financial statements for the year 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.
TAMEWATER DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 30 November 2023
J Kerrison
Director
Company Registration No. 05393504
TAMEWATER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Tamewater Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside House, Kings Reach Business Park, Yew Street, Stockport, Cheshire, United Kingdom, SK4 2HD.
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
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
It is the policy of the company to recognise revenue under an exchange of contracts transition with a customer. The debtors and turnover included in the financial statements includes work on construction of the houses that are still in progress and the sale of houses where contracts have been exchanged during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
TAMEWATER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
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
Taxation
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.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
TAMEWATER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
Ground Rent Investment
£
Cost
At 1 April 2022 and 31 March 2023
34,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
34,000
At 31 March 2022
34,000
TAMEWATER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
72,821
Disposals
(48,676)
At 31 March 2023
24,145
Depreciation and impairment
At 1 April 2022
17,244
Depreciation charged in the year
7,031
Eliminated in respect of disposals
(5,330)
At 31 March 2023
18,945
Carrying amount
At 31 March 2023
5,200
At 31 March 2022
55,576
6
Stocks
2023
2022
£
£
Stocks
-
60,700
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,710
2,978
Amounts owed by group undertakings
657,733
657,733
Other debtors
152,268
173,720
817,711
834,431
TAMEWATER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
3,131
3,160
Taxation and social security
637
Other creditors
8,647
2,491
22,415
15,651
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,833
37,116
Other creditors
2,425,995
2,425,995
2,451,828
2,463,111
10
Prior period adjustment
Prior period errors
An adjustment for an historic sale of property, legal and professional fees, interest payable and director's loan account has been processed as a prior period adjustment.
All the above were balance sheet movements the net adjustment was £150,000. The circumstances that led to the above conclusion was that the property sale and adjustment of a long term director loan was not recognised in historic periods.
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Retained Earnings
-
150,000
Equity as previously reported
(579,206)
(811,274)
Equity as adjusted
(579,206)
(661,274)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Retained Earnings
150,000
Loss as previously reported
(232,068)
Loss as adjusted
(82,068)