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Registration number: 11343482

Poplars Developments (UK) Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Poplars Developments (UK) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Poplars Developments (UK) Limited

(Registration number: 11343482)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

422,165

42,959

Debtors

5

12,556

1,652

Cash at bank and in hand

 

2,150

62,080

 

436,871

106,691

Creditors: Amounts falling due within one year

6

(385,743)

(39,814)

Net assets

 

51,128

66,877

Capital and reserves

 

Called up share capital

1

1

Retained earnings

51,127

66,876

Shareholders' funds

 

51,128

66,877

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 19 August 2024
 

.........................................
T Potter
Director

   
     
 

Poplars Developments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Unit 1
Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
78 Water End,
Maulden,
Bedford, MK45 2BB

These financial statements were authorised for issue by the director on 19 August 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Poplars Developments (UK) Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of land/property in the ordinary course of the company’s activities. Where property is held for sale the property is rented out whilst being marketed, as such the company can receive rental income. All 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 deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, amounts are reviewed for recoverability and
written off to the profit and loss account when they are no longer considered recoverable.

Stocks

Stocks represent land and property held for sale duing the ordinary course of business. Amounts are held at cost and released when sold. Cost includes legal and directly associated costs with the transaction.

 

Poplars Developments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 at the transaction price.

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 the director) during the year, was 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Property held for sale

422,165

42,959

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

8

7,156

1,000

Other debtors

 

-

652

Deferred tax assets

5,400

-

 

12,556

1,652

 

Poplars Developments (UK) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

286,873

-

Trade creditors

 

36

2,302

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

96,419

20,719

Taxation and social security

 

1,215

15,793

Accruals and deferred income

 

1,200

1,000

 

385,743

39,814

 

Poplars Developments (UK) Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

8

Related party transactions

At the balance sheet date the company owed a net amount of £89,263 (2022: £19,719) to fellow group members. The amounts are repayable on demand. Loan amounts are charged interest at 3.5% per annum between group companies.

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

286,873

-

The loan amount is provided by Shawbrook Bank Limited on a 12 month term. The loan is secured on the property held in stock for sale.