Year Ended
Registration number:
Coxley Developments Limited
Contents
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Coxley Developments Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account (non-distributable) |
|
|
|
Profit and loss account (distributable) |
|
|
|
Total equity |
|
|
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
......................................... |
Company Registration Number: 03010909
Coxley Developments Limited
Statement of Changes in Equity
Year Ended 31 December 2023
Share capital |
Profit and loss account (non- |
Profit and loss account |
Total |
|
At 1 January 2023 |
|
|
|
|
Profit/(loss) for the year |
- |
|
( |
( |
Total comprehensive income |
- |
|
( |
( |
Transfers |
- |
(97,000) |
97,000 |
- |
At 31 December 2023 |
|
|
|
|
Share capital |
Profit and loss account (non- |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
Coxley Developments Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Sherston Mews
Priory Road
Wells
Somerset
BA5 1SU
These financial statements were authorised for issue by the
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
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
• 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
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Exceptional items |
2023 |
2022 |
|
Release of intercompany bad debt provision |
- |
( |
Coxley Developments Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible assets |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
- |
|
|
Additions |
|
- |
|
At 31 December 2023 |
|
|
|
Depreciation |
|||
At 1 January 2023 |
- |
|
|
Charge for the year |
|
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
- |
|
|
Investment properties |
2023 |
|
At 1 January 2023 - as restated |
|
Additions |
|
Disposals |
( |
Fair value adjustments |
|
At 31 December 2023 |
|
Valuations of all investment properties have been reviewed by the director at 31 December 2023 and updated to reflect fair value where necessary.
Stocks |
2023 |
2022 |
|
Stock of property for resale |
|
|
Coxley Developments Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Coxley Developments Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Loans and borrowings |
2023 |
2022 |
|
Due within one year |
||
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
2023 |
2022 |
|
Due after one year |
||
Bank borrowings |
|
- |
Other borrowings |
|
|
|
|
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 |
|
- |
After more than five years not by instalments |
|
|
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.
Provisions |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Provisions used |
( |
( |
At 31 December 2023 |
|
|
|
Coxley Developments Limited
Notes to the Financial Statements
Year Ended 31 December 2023
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.
Related party transactions |
Summary of transactions with other related parties
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).
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The registered office address of SBAW Group Limited is:
Audit report |