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Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)

Annual Report and Financial Statements
Period from 31 March 2022 to 30 September 2023

Registration number: 14014411

 

Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Onyx Business Parks Wellington Ltd (previously known as Burrington Estates CD Wellington Ltd)

Balance Sheet

30 September 2023

Note

2023
£

Current assets

 

Stocks

4

3,450,991

Debtors

5

247,317

 

3,698,308

Creditors: Amounts falling due within one year

6

(3,603,250)

Net assets

 

95,058

Capital and reserves

 

Called up share capital

8

100

Profit and loss account

94,958

Shareholders' funds

 

95,058

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 Board on 25 March 2024 and signed on its behalf by:
 

.........................................
C A Berry
Director

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

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:
6 Babbage Way
Clyst Honiton
Exeter
Devon
EX5 2FN

The principal place of business is:
West Park
Wellington
Somerset
TA21 9AD

These financial statements were authorised for issue by the Board on 25 March 2024.

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 - '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

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 March 2024 was Michael Bentley ACA DChA, who signed for and on behalf of PKF Francis Clark.

Disclosure of long or short period

The company has extended its first accounting period to 30 September 2023.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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

3

Staff numbers

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

4

Stocks

2023
£

Work in progress

3,450,991

5

Debtors

2023
£

Other debtors

244,519

Prepayments

2,798

247,317

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

7

1,755,656

Trade creditors

 

512,245

Amounts due to group undertakings

9

1,255,280

Social security and other taxes

 

3,028

Other creditors

 

37,041

Accrued expenses

 

5,000

Payments on account

 

35,000

 

3,603,250

 

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

7

Loans and borrowings

2023
£

Current loans and borrowings

Bank borrowings

1,755,656

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.

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

100

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.

9

Related party transactions

During the period the company sold a plot of land to a fellow group undertaking for £900,000.

10

Parent and ultimate parent undertaking

The company's immediate parent is Onyx Business Parks Ltd, a company incorporated in England and Wales, whose registered office is 6 Babbage Way, Clyst Honiton, Exeter, Devon, EX5 2FN. Onyx Business Parks Ltd heads the smallest group preparing consolidated accounts for the period to 30 September 2023 which include the results of this company.

 The ultimate parent is MJL Cornwall Limited, incorporated in England and Wales, whose registered office is Unit 6 Hellys Court, Water-Ma-Trout Industrial Estate, Helston, Cornwall, TR13 0EW. MJL Cornwall Limited gained control of Onyx Business Parks Ltd on 18 April 2023.

 The most senior parent entity producing publicly available financial statements is MJL Cornwall Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 The ultimate controlling party is M J Lugg.

 

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

11

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.