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Company registration number: 03212702

Whipcoot Developments Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Whipcoot Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Whipcoot Developments Limited

(Registration number: 03212702)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

105,000

350,000

Current assets

 

Stocks

6

26,924

20,424

Debtors

7

611,695

431,545

Cash at bank and in hand

 

38,202

32,643

 

676,821

484,612

Creditors: Amounts falling due within one year

8

(241,982)

(169,043)

Net current assets

 

434,839

315,569

Total assets less current liabilities

 

539,839

665,569

Provisions for liabilities

 

Deferred tax liabilities

 

(15,812)

(63,145)

Net assets

 

524,027

602,424

Capital and reserves

 

Called up share capital

1,000

1,000

Fair value reserve

 

63,495

226,905

Profit and loss account

459,532

374,519

Total equity

 

524,027

602,424

 

Whipcoot Developments Limited

(Registration number: 03212702)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 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. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 31 March 2024
 

Dr S M Gallagher
Director

   
     
 

Whipcoot Developments Limited

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

1

General information

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

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

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.

These financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover 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 revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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.

 

Whipcoot Developments Limited

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

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Whipcoot Developments Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and 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, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Whipcoot Developments Limited

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

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.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Revaluation reserve is the surplus or deficit arising on the valuation of investment properties to fair value.

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 11 (2022 - 8).

4

Government grants

During the year other income of £Nil (2022 - £14,340) was received from the government under the coronavirus job retention scheme. In addition a further small business grants of £Nil (2022 -£27,950) were received in the year.

The amount of grants recognised in the financial statements was £Nil (2022 - £42,290).

 

Whipcoot Developments Limited

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

5

Investment properties

31 March 2023
 £

At 1 April 2022

350,000

Disposals

(200,000)

Fair value adjustments

(45,000)

At 31 March 2023

105,000

The investment properties class of fixed assets is valued at fair value as at 31 March 2023 by the directors who are internal to the company. The basis of this valuation was open market value.

This class of asset has a carrying value of £105,000 (2022 - £200,000) and a carrying amount at historical cost of £25,693 (2022 - £59,950). The depreciation on this historic cost is £Nil (2022 - £Nil).

Deferred tax is accounted for on amounts credited and debited to the fair value reserve as detailed in the tax accounting policy.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Work in progress

20,424

20,424

Other stocks

6,500

-

26,924

20,424

7

Debtors

2023
£

2022
£

Other debtors

611,695

431,545

611,695

431,545

 

Whipcoot Developments Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,333

-

Taxation and social security

229,435

165,174

Accruals and deferred income

11,214

3,250

Other creditors

-

619

241,982

169,043

 

Whipcoot Developments Limited

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

9

Reserves reconciliation

Fair value reserve
£

At 1 April 2022

226,905

Transfer of realised gains/ losses to profit and loss

(129,660)

Transfer of fair value adjustment from profit & loss

(45,000)

Transfer of deferred tax on fair value adjustments

11,250

At 31 March 2023

63,495

Fair value reserve
£

At 1 October 2020

557,989

Transfer of realised gains/ losses to profit and loss

(331,084)

At 31 March 2022

226,905

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

M J Gallagher

Loan advance, interest free and repayable on demand

250,223

408,398

(294,714)

363,907

2022

At 1 October 2020
£

Advances to director
£

At 31 March 2022
£

M J Gallagher

Loan advance, interest free and repayable on demand

-

250,223

250,223