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Registration number: 08945690

Stowford Mill Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Stowford Mill Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Stowford Mill Development Limited

Company Information

Directors

Mr P N Scantlebury

Mr M D Edworthy

Registered office

Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Stowford Mill Development Limited

(Registration number: 08945690)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

5

3,399,860

9,333,893

Debtors

6

55,866

56,805

Cash at bank and in hand

 

1,364,285

1,150,576

 

4,820,011

10,541,274

Creditors: Amounts falling due within one year

7

(3,789,625)

(2,774,946)

Total assets less current liabilities

 

1,030,386

7,766,328

Creditors: Amounts falling due after more than one year

7

(6,256,769)

(7,824,892)

Net liabilities

 

(5,226,383)

(58,564)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(5,226,583)

(58,764)

Shareholders' deficit

 

(5,226,383)

(58,564)

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.

Directors' 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 directors acknowledge their 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 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 25 July 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Stowford Mill Development Limited

Notes to the 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:
Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY
United Kingdom

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at the year end, the Company’s balance sheet shows an overall deficiency of assets of £5,226,383 (2022: £58,564), largely due to a significant provision against the company’s Work in Progress. Accordingly, the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The Directors have continued to support the Company financially and the Company’s main funder has provided funding to complete the current phase of development. Further funds are also being raised from the disposal of a parcel of land on the development and so accordingly, the accounts have been prepared on a going concern basis. The Directors have also reviewed the position for twelve months from the date the accounts were approved.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

Stowford Mill Development Limited

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

Depreciation

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

Office equipment

33% straight line

Work in progress

Work in progress comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present state and condition. At each reporting date, work in progress is assessed for impairment. If work in progress 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

333

333

At 31 March 2023

333

333

Depreciation

At 1 April 2022

333

333

At 31 March 2023

333

333

Carrying amount

At 31 March 2023

-

-

5

Stocks

2023
£

2022
£

Work in progress

3,399,860

9,333,893

 

Stowford Mill Development Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

1,920

1,920

Other debtors

53,946

54,885

55,866

56,805

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

8,160

8,160

Trade creditors

575,042

407,669

Taxation and social security

2,048

770

Accruals and deferred income

266,323

210,423

Other creditors

2,938,052

2,147,924

3,789,625

2,774,946

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

2,019,774

2,025,798

Other non-current financial liabilities

4,236,995

5,799,094

6,256,769

7,824,892

Creditors include loans which are secured of £4,236,995 (2022: £5,799,094). The security given is against the Stocks and WIP value held in the accounts.