REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED (REGISTERED NUMBER: 13299170) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Highdown House |
11 Highdown Road |
Leamington Spa |
Warwickshire |
CV31 1XT |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED (REGISTERED NUMBER: 13299170) |
ABRIDGED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED (REGISTERED NUMBER: 13299170) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Warwickshire Property & Development Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below. |
At the year end the company had net liabilities of £1,175,778 (2022 - £729,710). The directors consider that the support offered by the shareholder, Warwickshire County Council (WCC), to the business enables them to conclude that the company is able to meet its debts and obligations as they fall due. To that end the company is considered a going concern and the accounts have been prepared on that basis. |
The Shareholder is aware that the standalone company Warwickshire Property & Development Group Limited has made a financial loss in 2023. The Council will continue to support Warwickshire Property & Development Group Limited on the expectation of making a profit as the planned developments are delivered by the group undertakings and the joint venture. |
Preparation of consolidated financial statements |
The financial statements contain information about Warwickshire Property & Development Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of financial statements in conformity with FRS 102 requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. Due to the nature of the business of Warwickshire Property & Development Group Limited, the directors deem there to be no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements. |
Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED (REGISTERED NUMBER: 13299170) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 240 |
NET BOOK VALUE |
At 31 December 2023 | 240 |
At 31 December 2022 | 240 |
WARWICKSHIRE PROPERTY & DEVELOPMENT |
GROUP LIMITED (REGISTERED NUMBER: 13299170) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Shares in group undertakings represents the entire issued share capital of Warwickshire Property Development Limited (no. 13994069) and Warwickshire Property Management Limited (no. 13305339). Both subsidiaries are incorporated in England and Wales. |
5. | DEFERRED TAX |
£ |
Balance at 1 January 2023 | ( |
) |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 | ( |
) |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | PENSION COMMITMENTS |
During the year the company made pension contributions to a defined contribution scheme amounting to £16,730 (2022 - £12,574). At the year end there were outstanding contributions of £3,789 (2022 - £3,494). |
8. | ULTIMATE PARENT ENTITY |
The company's ultimate parent undertaking is Warwickshire County Council. |
9. | CONTROLLING INTERESTS |
The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company. |