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Registration number: 12813898

Washdale Property Development Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Washdale Property Development Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Washdale Property Development Ltd

Company Information

Directors

Mr M Wardle

Mrs S Wardle

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Washdale Property Development Ltd

(Registration number: 12813898)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,109

32,566

Current assets

 

Stocks

1,041,264

1,401,196

Debtors

5

2,399

20,969

Cash at bank and in hand

 

1,240

82,767

 

1,044,903

1,504,932

Creditors: Amounts falling due within one year

6

(1,177,864)

(708,186)

Net current (liabilities)/assets

 

(132,961)

796,746

Total assets less current liabilities

 

(122,852)

829,312

Creditors: Amounts falling due after more than one year

6

-

(938,661)

Provisions for liabilities

(2,526)

(8,141)

Net liabilities

 

(125,378)

(117,490)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(125,478)

(117,590)

Shareholders' deficit

 

(125,378)

(117,490)

For the financial year ending 30 September 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Washdale Property Development Ltd

(Registration number: 12813898)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr M Wardle
Director

.........................................
Mrs S Wardle
Director

 

Washdale Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 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:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the Board on 31 July 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 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.

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

Going concern

There is a net deficiency of assets of £125,378 at the balance sheet date, however the directors have confirmed their continued support and consider the company retains sufficient capital to continue trading for the foreseeable future therefore has been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or 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.

 

Washdale Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The current income 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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.

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

Plant and machinery

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

 

Washdale Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Washdale Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

55,304

55,304

Disposals

(18,850)

(18,850)

At 30 September 2023

36,454

36,454

Depreciation

At 1 October 2022

22,738

22,738

Charge for the year

10,284

10,284

Eliminated on disposal

(6,677)

(6,677)

At 30 September 2023

26,345

26,345

Carrying amount

At 30 September 2023

10,109

10,109

At 30 September 2022

32,566

32,566

5

Debtors

Current

2023
£

2022
£

Prepayments

-

513

Other debtors

2,399

20,456

 

2,399

20,969

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

601,845

-

Trade creditors

 

-

33,366

Other creditors

8

576,019

674,820

 

1,177,864

708,186

 

Washdale Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

938,661

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

-

938,661

Current loans and borrowings

2023
£

2022
£

Bank borrowings

601,845

-

The directors have provided a personal guarantee for £200,000 against the loan above. The loan is also secured on Plots 2 & 4 at Brackens Barn included in work in progress at the year end.

8

Related party transactions

Transactions with directors

The company owes the directors £310,993 (2022: £334,794) at the balance sheet date. There are no repayment terms or interest charged.

Summary of transactions with other related parties

At the balance sheet date, the company owed £263,276 (2022: £263,276) to a company in which the directors are also directors and shareholders. There are no repayment terms or interest charged on the outstanding balance and the company is currently in liquidation.

At the balance sheet date, the company owed £nil (2022: £75,000) to a related party. The loan was due to be repaid when the properties are sold and interest has been charged at 10% on the outstanding balance.