IRIS Accounts Production v23.4.0.336 01724339 director 1.11.22 31.10.23 31.10.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017243392022-10-31017243392023-10-31017243392022-11-012023-10-31017243392021-10-31017243392021-11-012022-10-31017243392022-10-3101724339ns15:EnglandWales2022-11-012023-10-3101724339ns14:PoundSterling2022-11-012023-10-3101724339ns10:Director12022-11-012023-10-3101724339ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3101724339ns10:SmallEntities2022-11-012023-10-3101724339ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3101724339ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3101724339ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3101724339ns10:FullAccounts2022-11-012023-10-3101724339ns10:OrdinaryShareClass12022-11-012023-10-3101724339ns10:CompanySecretary12022-11-012023-10-3101724339ns10:RegisteredOffice2022-11-012023-10-3101724339ns5:CurrentFinancialInstruments2023-10-3101724339ns5:CurrentFinancialInstruments2022-10-3101724339ns5:Non-currentFinancialInstruments2023-10-3101724339ns5:Non-currentFinancialInstruments2022-10-3101724339ns5:ShareCapital2023-10-3101724339ns5:ShareCapital2022-10-3101724339ns5:RetainedEarningsAccumulatedLosses2023-10-3101724339ns5:RetainedEarningsAccumulatedLosses2022-10-3101724339ns5:PlantMachinery2022-11-012023-10-3101724339ns5:PlantMachinery2022-10-3101724339ns5:PlantMachinery2023-10-3101724339ns5:PlantMachinery2022-10-3101724339ns5:CostValuation2022-10-3101724339ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3101724339ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3101724339ns5:Secured2023-10-3101724339ns5:Secured2022-10-3101724339ns5:DeferredTaxation2022-10-3101724339ns5:DeferredTaxation2022-11-012023-10-3101724339ns5:DeferredTaxation2023-10-3101724339ns10:OrdinaryShareClass12023-10-31
REGISTERED NUMBER: 01724339 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FLEETWOOD DEVELOPMENTS LIMITED

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FLEETWOOD DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: R F Kilby





SECRETARY: M E Stopher





REGISTERED OFFICE: Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL





REGISTERED NUMBER: 01724339 (England and Wales)





ACCOUNTANTS: RJP LLP
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 188 619
Investments 5 200 200
Investment property 6 17,610,000 17,610,000
17,610,388 17,610,819

CURRENT ASSETS
Stocks 16,376,923 17,928,967
Debtors 7 3,388,286 4,246,473
19,765,209 22,175,440
CREDITORS
Amounts falling due within one year 8 3,827,358 2,847,461
NET CURRENT ASSETS 15,937,851 19,327,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,548,239

36,938,798

CREDITORS
Amounts falling due after more than one
year

9

(14,800,000

)

(16,800,000

)

PROVISIONS FOR LIABILITIES 11 (1,176,295 ) (870,529 )
NET ASSETS 17,571,944 19,268,269

CAPITAL AND RESERVES
Called up share capital 12 2,000 2,000
Retained earnings 17,569,944 19,266,269
SHAREHOLDERS' FUNDS 17,571,944 19,268,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 March 2024 and were signed by:





R F Kilby - Director


FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Fleetwood Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents income derived from the sale of properties.

Property sales are recognised on exchange of contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
In accordance with FRS 102; Investment property is property (land or building, or part of a building, or both) held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both. An entity shall measure investment property at its initial recognition. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transaction costs. Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The directors consider that the value included in the accounts is a fair valuation of the property's market value at the balance sheet date.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks of properties are assessed for impairment. If stock is 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.

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basis financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like a payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
- at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their value can otherwise be measured reliably;
- at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 1,168,644
DEPRECIATION
At 1 November 2022 1,168,025
Charge for year 431
At 31 October 2023 1,168,456
NET BOOK VALUE
At 31 October 2023 188
At 31 October 2022 619

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 200
NET BOOK VALUE
At 31 October 2023 200
At 31 October 2022 200

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 17,610,000
NET BOOK VALUE
At 31 October 2023 17,610,000
At 31 October 2022 17,610,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 17,610,000

Investment property was valued on an open market basis on 31 October 2023 by the director who is a qualified (FRICS) Chartered Surveyor. On a historical cost basis the investment properties would have been included at an original cost of £8,566,595 (2022 - £8,566,595).

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Amounts owed by group undertakings 2,692,589 2,655,893
Other debtors 695,697 1,590,580
3,388,286 4,246,473

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 374,254 136,151
Amounts owed to group undertakings 3,056,879 1,909,197
Taxation and social security 52,148 475,291
Other creditors 344,077 326,822
3,827,358 2,847,461

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 14,800,000 16,800,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank overdrafts 374,254 136,151
Bank loans 14,800,000 16,800,000
15,174,254 16,936,151

The company overdraft and bank loans are secured over the company's freehold and leasehold properties.

11. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 1,176,295 870,529

Deferred
tax
£   
Balance at 1 November 2022 870,529
Provided during year 305,766
Balance at 31 October 2023 1,176,295

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
2,000 Ordinary £1 2,000 2,000

FLEETWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01724339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Director
Balance outstanding at start of year 1,560,394 1,142,664
Amounts advanced 738,717 1,795,921
Amounts repaid (1,633,465 ) (1,378,191 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 665,646 1,560,394

Interest has been charged on the overdrawn balance at a rate 2.25% during the year.

The director R F Kilby has provided a limited personal guarantee in respect of the company's bank loans.