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W8 Developments Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 13599710

 

W8 Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

W8 Developments Limited

Company Information

Directors

A J A Dunn

F M K Grossart

C A Michelin

N D Parker

M A Robertson

Registered office

The Estate Office Wield Park
Upper Wield
Nr Alresford
Hampshire
United Kingdom
SO24 9FX

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Wiltshire
SP3 4UF

 

W8 Developments Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

26,117,527

25,517,407

Debtors

5

101,347

251,662

Cash at bank and in hand

 

1,735,409

830,855

 

27,954,283

26,599,924

Creditors: Amounts falling due within one year

6

(8,565,668)

(1,241,843)

Total assets less current liabilities

 

19,388,615

25,358,081

Creditors: Amounts falling due after more than one year

6

(6,500,000)

(13,000,000)

Net assets

 

12,888,615

12,358,081

Capital and reserves

 

Called up share capital

13,000,001

13,000,001

Profit and loss account

(111,386)

(641,920)

Shareholders' funds

 

12,888,615

12,358,081

 

W8 Developments Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 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 Board on 2 August 2024 and signed on its behalf by:
 

.........................................
N D Parker
Director

Company Registration Number: 13599710

 

W8 Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Estate Office Wield Park
Upper Wield
Nr Alresford
Hampshire
United Kingdom
SO24 9FX

These financial statements were authorised for issue by the Board on 2 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.

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.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of real estate properties. Other income represents rental income which is incidental to normal business activities. Where rent is paid in advance, the amount received is recorded as deferred income and released the the profit and loss over the period in which it relates.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

W8 Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; 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 FRS102.

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

Except for bank loans, 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 loans 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 (including directors) during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

26,117,527

25,517,407

5

Debtors

2024
£

2023
£

Trade debtors

-

154,448

Prepayments

54,028

87,914

Other debtors

47,319

9,300

101,347

251,662

 

W8 Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

1,024

Trade creditors

 

46,594

54,905

Other creditors

 

7,899,896

507,743

Accruals and deferred income

 

619,178

678,171

 

8,565,668

1,241,843

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,500,000

13,000,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,500,000 (2023 - £13,000,000).

7

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

6,500,000

13,000,000

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

1,024