Company registration number 09683190 (England and Wales)
THAMES VALLEY DEVELOPMENTS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
THAMES VALLEY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THAMES VALLEY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
4,374,061
4,374,061
Debtors
3
30,917
29,186
Cash at bank and in hand
84,620
67,067
4,489,598
4,470,314
Creditors: amounts falling due within one year
4
(1,764,329)
(1,737,203)
Net current assets
2,725,269
2,733,111
Creditors: amounts falling due after more than one year
5
(3,730,078)
(3,737,872)
Net liabilities
(1,004,809)
(1,004,761)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(1,004,811)
(1,004,763)
Total equity
(1,004,809)
(1,004,761)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
D Evans
Director
Company registration number 09683190 (England and Wales)
THAMES VALLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Thames Valley Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cawley Place, 15 Cawley Road, Chichester, West Sussex, PO19 1UZ.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Ttruehe company has reported a trading loss and has net liabilities in the balance sheet due to the normal property development cycle not reflecting uplift in property values from planning permissions and subsequent development until properties are sold. The directors consider the going concern basis of preparation of the accounts to be appropriate due to the fact that the company will have realised the value uplift in development properties before the associated loan finance becomes payable.

 

During the current economic environment, the developed properties will be offered on short term rental and will be sold when their value can be realised.

1.3
Stocks

Stocks of development properties consists of purchased land, sites under construction and completed developments. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

THAMES VALLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
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, and other loans 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

THAMES VALLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
27,491
28,577
Prepayments and accrued income
3,426
609
30,917
29,186
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,232
-
0
Other creditors
1,734,960
1,729,270
Accruals and deferred income
22,137
7,933
1,764,329
1,737,203

Included within loans above is £7,232 (2022: £nil) relating to a a Bounce Back Loan guaranteed by the UK government as part of Covid-19 relief measures.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,730,078
3,737,872

Included within loans above is £42,189 (2022: £50,000) relating to a a Bounce Back Loan guaranteed by the UK government as part of Covid-19 relief measures.

 

The remaining bank loan is secured by a fixed charge over the company's development property and a joint and several directors' personal guarantee of £907,962.

THAMES VALLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
5
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
13,259
20,371
Payable other than by instalments
3,687,889
3,687,872
3,701,148
3,708,243
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