Period from 31 March 2022 to
Registration number:
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Contents
Balance Sheet |
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Notes to the Financial Statements |
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Balance Sheet
30 September 2023
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2023 |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 14014411
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Notes to the Financial Statements
Period from 31 March 2022 to 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
West Park
Wellington
Somerset
TA21 9AD
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Audit report
Disclosure of long or short period
This decision was taken in order to bring its accounting reference date in line with that of the new ultimate parent undertaking, MJL Cornwall Limited.
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Notes to the Financial Statements
Period from 31 March 2022 to 30 September 2023
Going concern
At the balance sheet date the company had net current assets of £95,058.
The company has commenced work on a development project which has continued post year end. Interest in units at the site has been strong, and management project that this will be a profitable venture. The company is funded through a combination of third party and inter group loans, providing liquidity to see the project through to completion.
On this basis management are satisified with the appropriateness of the going concern assertion, and continue to adopt this in the preparation of the period end financial statements.
Revenue recognition
Turnover comprises the fair value of consideration received or receivable for the sale of commercial property in the ordinary course of the company’s activities. Turnover is recognised at the date of legal completion, with amounts received in advance of this date in respect of deposits deferred and recognised within creditors.
Turnover and profit on the sale of commercial property is recognised on the legal completion date.
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.
Stocks
Stock of land and work in progress are stated at the lower of cost and net realisable value.
Cost includes all statutory and professional fees relating to the acquisition of a site, obtaining planning consents, directly attributable staff and borrowing costs (where applicable), and other costs of construction.
Borrowings
Where borrowing costs incurred are directly attributable to site development they are recognised as part of work in progress and released to profit and loss when completed units are sold.
Borrowing costs are only capitalised during the construction phase of the site to which it relates.
Other borrowing costs are recognised in profit and loss when they are incurred.
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Notes to the Financial Statements
Period from 31 March 2022 to 30 September 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Related party transactions
The company has claimed exemption under Paragraph 33.1A of FRS 102 whereby disclosures need not be given of transactions that have taken place between two or more members of group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Critical judgements and estimation uncertainty
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 following are regarded by the Directors as key areas of estimation:
Recoverable value of work in progress (note 4)
The Directors have considered the carrying value of work in progress at the balance sheet date, in the context of future costs to complete and expected sales values for completed units. As a result of this exercise the Directors are satisfied that work in progress is recognised at the lower of cost and net realisable value such that no impairment is necessary.
At the balance sheet date the carrying value of work in progress was £3,450,991.
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Notes to the Financial Statements
Period from 31 March 2022 to 30 September 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Stocks |
2023 |
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Work in progress |
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Debtors |
2023 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Payments on account |
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Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Notes to the Financial Statements
Period from 31 March 2022 to 30 September 2023
Loans and borrowings |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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The amount shown as bank loans above is secured by:
• A first legal mortgage and debenture over the property held as work in progress.
• A corporate guarantee provided by Onyx Business Parks Limited.
Share capital |
Allotted, called up and fully paid shares
2023 |
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No. |
£ |
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100 |
During the period the company issued 100 ordinary shares at par value. These shares were issued on incorporation of the company as subscriber shares.
Related party transactions |
During the period the company sold a plot of land to a fellow group undertaking for £900,000.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)
Notes to the Financial Statements
Period from 31 March 2022 to 30 September 2023
Audit report |
The financial statements for the period ended 30 September 2023 were audited by:
PKF Francis Clark, statutory auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
The senior statutory auditor was Michael Bentley ACA DChA
An unqualified and unmodified auditors' report on the financial statements for the period ended 30 September 2023 has been issued.