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Company Registration Number:  14482344



















DERWENT RISE (SEATON) LIMITED
FINANCIAL STATEMENTS
 31 MARCH 2024


















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DERWENT RISE (SEATON) LIMITED
REGISTERED NUMBER: 14482344

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

  

Current assets
  

Stocks
 4 
100,000

  
100,000

Creditors: amounts falling due within one year
 5 
(100,013)

Net current (liabilities)/assets
  
 
 
(13)

Total assets less current liabilities
  
(13)

  

Net (liabilities)/assets
  
(13)


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
(14)

  
(13)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N J Gordon
Director

Date: 13 August 2024

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 
DERWENT RISE (SEATON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Derwent Rise (Seaton) Limited's principal activity is development of building projects. The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Agricola House, Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, CA11 9BN.
The current period is for the 16 month period from its incorporation (14 November 2022) to the year ended 31 March 2024. There is no comparative period.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

They are presented in pounds sterling and rounded to the nearest £.
The following principal accounting policies have been applied:

 
2.2

Going concern

Mamangement and the Directors have considered a period of at least twelve months from the date of sign off when making their assessment with regards to going concern. After consideration of all factors, including review of forecasted future profitability, headroom in funding facilities and wider economic conditions, the Directors have continued to adopt the going concern basis in preparing the financial statements.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all expenditure directly attributable to the development.
Upon the sale of properties, stock is reduced by a proportionate amount based upon the sales value against total forecasted sales.

At each balance sheet date, stocks are assessed for impairment. If stock 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.

 
2.4

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 2

 
DERWENT RISE (SEATON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration.


4.


Stocks

2024
£

Work in progress - Land
100,000



5.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to participating interests
100,013



6.


Share capital

2024
£
Allotted, called up and fully paid


1 ordinary share of £1.00
1


During the year 1 ordinary share with a par value of £1.00 was issued.


7.


Controlling party

The company is jointly controlled by Genesis North Holdings Limited and Housing Growth Partnership.


8.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 13 August 2024 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 3