Stonewood Partnerships (Uplands RGI) Ltd 14192867 false 2022-06-24 2023-09-30 2023-09-30 The principal activity of the company is the development of property. Digita Accounts Production Advanced 6.30.9574.0 true true 14192867 2022-06-24 2023-09-30 14192867 2023-09-30 14192867 bus:Consolidated 2023-09-30 14192867 core:CurrentFinancialInstruments 2023-09-30 14192867 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 14192867 core:Non-currentFinancialInstruments 2023-09-30 14192867 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 14192867 bus:SmallEntities 2022-06-24 2023-09-30 14192867 bus:Audited 2022-06-24 2023-09-30 14192867 bus:FullAccounts 2022-06-24 2023-09-30 14192867 bus:SmallCompaniesRegimeForAccounts 2022-06-24 2023-09-30 14192867 bus:RegisteredOffice 2022-06-24 2023-09-30 14192867 bus:Director1 2022-06-24 2023-09-30 14192867 bus:Director2 2022-06-24 2023-09-30 14192867 bus:PrivateLimitedCompanyLtd 2022-06-24 2023-09-30 14192867 countries:EnglandWales 2022-06-24 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 14192867

Prepared for the registrar

Stonewood Partnerships (Uplands RGI) Ltd

Annual Report and Financial Statements

for the Period from 24 June 2022 to 30 September 2023

 

Stonewood Partnerships (Uplands RGI) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Stonewood Partnerships (Uplands RGI) Ltd

Company Information

Directors

B Lang

A Marks

Registered office

The Stonewood Office
West Yatton Lane
Castle Combe
Chippenham
SN14 7EY

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Stonewood Partnerships (Uplands RGI) Ltd

(Registration number: 14192867)
Balance Sheet as at 30 September 2023

Note

2023
£

Current assets

 

Stocks

3,421,092

Debtors

4

306,655

Cash at bank and in hand

 

220,286

 

3,948,033

Creditors: Amounts falling due within one year

5

(3,696,617)

Total assets less current liabilities

 

251,416

Creditors: Amounts falling due after more than one year

5

(255,223)

Net liabilities

 

(3,807)

Capital and reserves

 

Called up share capital

1

Profit and loss account

(3,808)

Shareholders' deficit

 

(3,807)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 April 2024 and signed on its behalf by:
 


B Lang
Director

 

Stonewood Partnerships (Uplands RGI) Ltd

Notes to the Financial Statements for the Period from 24 June 2022 to 30 September 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:
The Stonewood Office
West Yatton Lane
Castle Combe
Chippenham
SN14 7EY

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

The parent of the smallest group preparing consolidated financial statements which include this company is Stonewood Builders Holdings. The registered office of Stonewood Builders Holdings Limited is The Stonewood Office, West Yatton Lane, Castle Combe, Chippenham, SN14 7EY.

Going concern

On the basis of the group's financial projections, and having received a letter of support from the company's parent company, Stonewood Builders Holdings Limited, confirming their intention to continue to support the company for a period not less than 12 months following the date of approval of these financial statements, the directors consider it appropriate to prepare the financial statements on a going concern basis. The projections assume that facilities in place at the date of approval of the financial statements will continue on no less favourable terms than current arrangements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of 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 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Stonewood Partnerships (Uplands RGI) Ltd

Notes to the Financial Statements for the Period from 24 June 2022 to 30 September 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue 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 and after eliminating sales within the company.

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 charge 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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

Trade 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Stonewood Partnerships (Uplands RGI) Ltd

Notes to the Financial Statements for the Period from 24 June 2022 to 30 September 2023

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

 

4

Debtors

2023
 £

Other debtors

306,655

 

306,655

 

Stonewood Partnerships (Uplands RGI) Ltd

Notes to the Financial Statements for the Period from 24 June 2022 to 30 September 2023

 

5

Creditors

2023
 £

Due within one year

Trade creditors

347,977

Amounts due to related parties

1,972,489

Other creditors

1,372,500

Accrued expenses

3,651

3,696,617

Amounts due to related parties are interest free and repayable on demand.

Note

2023
£

Due after one year

 

Loans and borrowings

6

255,223

 

6

Loans and borrowings

2023
£

Non-current loans and borrowings

Bank borrowings

255,223


Bank borrowings
Bank borrowings comprise a bank loan of £255,223 which is denominated in Sterling and bears interest at a rate of 4.75% per annum above the Bank of England base rate, subject to a minimum of 5.75%. The facility is repayable 30 months from drawdown. The bank loan is secured by a debenture over the assets and undertakings of the company and includes a corporate guarantor for any cost overruns.

 

7

Related party transactions

The company has taken the exemption from disclosing balances and transactions with entities which are 100% owned by the group.

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Stonewood Homes Limited, incorporated in United Kingdom.

 The ultimate parent is Stonewood Properties Limited, incorporated in United Kingdom.

  These financial statements are available upon request from The Stonewood Office, West Yatton Lane, Castle Coombe, Chippenham, SN14 7EY

 

 

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 April 2024 was Paul Fussell, who signed for and on behalf of Hazlewoods LLP.