Coxley Developments Limited 03010909 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property development and rental. Digita Accounts Production Advanced 6.30.9574.0 true false true 03010909 2023-01-01 2023-12-31 03010909 2023-12-31 03010909 bus:Consolidated 2023-12-31 03010909 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 03010909 core:OtherReservesSubtotal 2023-12-31 03010909 core:RetainedEarningsAccumulatedLosses 2023-12-31 03010909 core:ShareCapital 2023-12-31 03010909 core:CurrentFinancialInstruments 2023-12-31 03010909 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03010909 core:Non-currentFinancialInstruments 2023-12-31 03010909 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03010909 core:MoreThanFiveYears 1 2023-12-31 03010909 core:MoreThanFiveYears 2 2023-12-31 03010909 core:MotorVehicles 2023-12-31 03010909 core:OtherPropertyPlantEquipment 2023-12-31 03010909 core:DeferredTaxation 2023-12-31 03010909 bus:SmallEntities 2023-01-01 2023-12-31 03010909 bus:Audited 2023-01-01 2023-12-31 03010909 bus:FullAccounts 2023-01-01 2023-12-31 03010909 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03010909 bus:RegisteredOffice 2023-01-01 2023-12-31 03010909 bus:Director1 2023-01-01 2023-12-31 03010909 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03010909 core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-01 2023-12-31 03010909 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03010909 core:ShareCapital 2023-01-01 2023-12-31 03010909 core:MotorVehicles 2023-01-01 2023-12-31 03010909 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03010909 core:PlantMachinery 2023-01-01 2023-12-31 03010909 core:DeferredTaxation 2023-01-01 2023-12-31 03010909 core:OtherRelatedParties 2023-01-01 2023-12-31 03010909 1 2023-01-01 2023-12-31 03010909 countries:AllCountries 2023-01-01 2023-12-31 03010909 countries:EnglandWales 2023-01-01 2023-12-31 03010909 2022-12-31 03010909 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 03010909 core:RetainedEarningsAccumulatedLosses 2022-12-31 03010909 core:ShareCapital 2022-12-31 03010909 core:MotorVehicles 2022-12-31 03010909 core:OtherPropertyPlantEquipment 2022-12-31 03010909 core:DeferredTaxation 2022-12-31 03010909 2022-01-01 2022-12-31 03010909 2022-12-31 03010909 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 03010909 core:OtherReservesSubtotal 2022-12-31 03010909 core:RetainedEarningsAccumulatedLosses 2022-12-31 03010909 core:ShareCapital 2022-12-31 03010909 core:CurrentFinancialInstruments 2022-12-31 03010909 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03010909 core:Non-currentFinancialInstruments 2022-12-31 03010909 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03010909 core:MoreThanFiveYears 1 2022-12-31 03010909 core:MoreThanFiveYears 2 2022-12-31 03010909 core:MotorVehicles 2022-12-31 03010909 core:OtherPropertyPlantEquipment 2022-12-31 03010909 core:FurtherSpecificReserve1ComponentTotalEquity 2022-01-01 2022-12-31 03010909 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03010909 core:ShareCapital 2022-01-01 2022-12-31 03010909 2021-12-31 03010909 core:FurtherSpecificReserve1ComponentTotalEquity 2021-12-31 03010909 core:RetainedEarningsAccumulatedLosses 2021-12-31 03010909 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure

Coxley Developments Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 03010909

 

Coxley Developments Limited

Contents

Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Financial Statements

3 to 10

 

Coxley Developments Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

16,196

2,646

Investment property

6

6,504,906

7,958,256

 

6,521,102

7,960,902

Current assets

 

Stocks

7

2,564

13,214

Debtors

8

408,721

939,010

Cash at bank and in hand

 

85,970

223,262

 

497,255

1,175,486

Creditors: Amounts falling due within one year

9

(2,603,010)

(4,740,974)

Net current liabilities

 

(2,105,755)

(3,565,488)

Total assets less current liabilities

 

4,415,347

4,395,414

Creditors: Amounts falling due after more than one year

9

(792,814)

(552,578)

Provisions for liabilities

11

(207,000)

(420,000)

Net assets

 

3,415,533

3,422,836

Capital and reserves

 

Called up share capital

2

2

Profit and loss account (non-distributable)

2,629,635

2,624,800

Profit and loss account (distributable)

785,896

798,034

Total equity

 

3,415,533

3,422,836

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 director on 22 July 2024
 

.........................................
K R Newton
Director

Company Registration Number: 03010909

 

Coxley Developments Limited

Statement of Changes in Equity

Year Ended 31 December 2023

Share capital
£

Profit and loss account (non-
distributable)
£

Profit and loss account
(distributable)
£

Total
£

At 1 January 2023

2

2,624,800

798,034

3,422,836

Profit/(loss) for the year

-

101,835

(109,138)

(7,303)

Total comprehensive income

-

101,835

(109,138)

(7,303)

Transfers

-

(97,000)

97,000

-

At 31 December 2023

2

2,629,635

785,896

3,415,533

Share capital
£

Profit and loss account (non-
distributable)
£

Profit and loss account
(distributable)
£

Total
£

At 1 January 2022

2

2,624,800

1,114,018

3,738,820

Loss for the year

-

-

(315,984)

(315,984)

Total comprehensive income

-

-

(315,984)

(315,984)

At 31 December 2022

2

2,624,800

798,034

3,422,836

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 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:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

The principal place of business is:
Sherston Mews
Priory Road
Wells
Somerset
BA5 1SU

These financial statements were authorised for issue by the director on 22 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 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

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

Notwithstanding the net current liabilities of £2,105,755 (2022 - £3,565,488), the director is satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. In forming his opinion, the director has identified the following:

During the period, and despite the impacts of the economic climate of high inflation and the ‘cost of living’ crisis, the tenants of the investment property portfolio have continued to pay rents thus maintaining the income stream of the company.

Management have prepared a detailed cash flow forecast for the company extending to 31 July 2025. The director is satisfied that the forecasted performance is both achievable and sees the company meet its liabilities as they fall due for at least the next 12 months.

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

In the unlikely event that the company was required to do so, the director is satisfied, having taken the current UK economic position into consideration, that there is sufficient realisable value within the investment property portfolio to settle liabilities as well as maintain the going concern status of the company.

Key accounting judgements and sources of estimation uncertainty

In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision effects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant effect on the financial statements is in respect of going concern, as described in the above accounting policy.

The key estimates that have a significant effect on the financial statements are as follows.

Investment properties are carried at fair value, which requires estimation as to the current market value of the properties. These valuations have been undertaken by the director with reference to independent third party valuations and wider market data and knowledge. The carrying amount is £6,504,906 (2022 - £7,958,256).

Recoverability of intercompany debtor balances requires estimation. The director considers these balances in light of the current financial performance of the relevant group companies and makes provision in the financial statements as necessary in order to reflect the recoverable amounts. The carrying amount is £179,953 (2022 - £662,434).

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Rental income is recognised on a receivable basis. Rents received in advance are deferred against the period to which they relate. Revenue from the sale of stock of development property is recognised on practical completion.

Tax

Tax is recognised in profit or loss, except when a change is attributable to an item of income or expense recognised as other comprehensive income and then it 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.

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets in respect of tax losses carried forward are not recognised as they do not meet the recognition criteria set out in FRS 102 given there is no certainty as to when the losses will be utilised.

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 provided on tangible fixed assets to write off the cost or valuation over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment properties are carried at fair value, which is derived from the current market prices for comparable real estate and is assessed annually. The value is based on observable market prices, current market rents and investment property yields adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Stocks

Stock of development land is stated at the lower of cost and net realisable value, being estimated selling price less selling costs. At each reporting date, stocks are assessed for impairment. Any impairment loss is recognised immediately in profit or loss.

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments

• Short term trade, intercompany and other debtors and creditors
• Bank and other borrowings; 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 FRS 102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party. Financial liabilities are derecognised only when the company’s obligations are discharged, expire or are cancelled.

Except for bank and other borrowings, 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 and other borrowings are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company during the year, was 7 (2022 - 3).

4

Exceptional items

2023
£

2022
£

Release of intercompany bad debt provision

-

(199,928)


 

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

5

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

-

13,255

13,255

Additions

17,600

-

17,600

At 31 December 2023

17,600

13,255

30,855

Depreciation

At 1 January 2023

-

10,609

10,609

Charge for the year

3,520

530

4,050

At 31 December 2023

3,520

11,139

14,659

Carrying amount

At 31 December 2023

14,080

2,116

16,196

At 31 December 2022

-

2,646

2,646

6

Investment properties

2023
£

At 1 January 2023 - as restated

7,958,256

Additions

56,815

Disposals

(1,515,000)

Fair value adjustments

4,835

At 31 December 2023

6,504,906

Valuations of all investment properties have been reviewed by the director at 31 December 2023 and updated to reflect fair value where necessary.

7

Stocks

2023
£

2022
£

Stock of property for resale

2,564

13,214

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

8

Debtors

2023
£

2022
£

Trade debtors

23,756

8,283

Amounts due from group undertakings

179,953

662,434

Other debtors

157,906

149,499

Prepayments

47,106

118,794

408,721

939,010

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

2,127,335

4,186,751

Trade creditors

 

25,224

59,615

Amounts due to group undertakings

 

283,799

316,173

Social security and other taxes

 

7,344

1,751

Other creditors

 

115,649

137,396

Accruals and deferred income

 

43,659

39,288

 

2,603,010

4,740,974

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

792,814

552,578

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

10

Loans and borrowings

2023
£

2022
£

Due within one year

Bank borrowings

27,335

45,245

Other borrowings

2,100,000

4,141,506

2,127,335

4,186,751

2023
£

2022
£

Due after one year

Bank borrowings

240,165

-

Other borrowings

552,649

552,578

792,814

552,578

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalment

226,891

-

After more than five years not by instalments

552,649

552,578

Bank borrowings of £242,500 (2022 - £Nil) are secured against certain properties owned by the company, a cross guarantee provided by a fellow group company and personal guarantees given by the director.

Other borrowings totalling £2,652,649 (2022 - £4,694,084) are secured against certain properties owned by the company and personal guarantees given by the director.

11

Provisions

Deferred tax
£

Total
£

At 1 January 2023

420,000

420,000

Provisions used

(213,000)

(213,000)

At 31 December 2023

207,000

207,000

 

Coxley Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £1,740,000 (2022 - £Nil). Certain investment property belonging to the company has been pledged as security for the bank borrowings of a fellow subsidiary of the SBAW Group Limited group.

13

Related party transactions

Summary of transactions with other related parties

Close relatives of the director have provided interest free loans, repayable upon demand, to the company. At the balance sheet date, the related parties were owed £13,724 (2022 - £13,724).

Companies controlled by the director were provided with interest free loans, repayable on demand, by the company in a prior year. During the year the company made further net advances to the companies controlled by the director of £9,773 (2022 - £Nil). At the balance sheet date, the related companies owed £136,888 (2022 - £128,908).

 

14

Parent and ultimate parent undertaking

The parent of the smallest group in which these financial statements are consolidated is SBAW Group Limited, a company incorporated in England & Wales.

The registered office address of SBAW Group Limited is:
Ground Floor, Blackbrook Gate 1, Blackbrook Business Park, Taunton, Somerset, TA1 2PX

15

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 24 July 2024.