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31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
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xbrli:shares
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06531094
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2023-03-31
06531094
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06531094
core:ShareCapital
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06531094
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06531094
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06531094
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core:OwnedOrFreeholdAssets
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2024-03-31
06531094
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2023-04-01
2024-03-31
06531094
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2023-04-01
2024-03-31
06531094
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core:OwnedOrFreeholdAssets
2023-03-31
06531094
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core:LongLeaseholdAssets
2023-03-31
06531094
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2023-03-31
06531094
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2023-03-31
06531094
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2024-03-31
06531094
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2023-03-31
06531094
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2024-03-31
06531094
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2023-03-31
06531094
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06531094
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2023-03-31
06531094
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2023-04-01
2024-03-31
06531094
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2023-04-01
2024-03-31
06531094
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2023-04-01
2024-03-31
06531094
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2023-04-01
2024-03-31
06531094
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2023-04-01
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06531094
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06531094
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2023-03-31
06531094
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2024-03-31
06531094
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2023-03-31
06531094
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06531094
1
2023-04-01
2024-03-31
Company registration number:
06531094
Burgundy Developments Limited
Unaudited filleted financial statements
31 March 2024
Burgundy Developments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Burgundy Developments Limited
Directors and other information
|
|
|
|
Directors |
Mr M J Bristow |
|
|
Mr A Whiteley |
|
|
|
|
|
|
|
Company number |
06531094 |
|
|
|
|
|
|
|
Registered office |
51 High Street |
|
|
Redbourn |
|
|
St Albans |
|
|
AL3 7LW |
|
|
|
|
|
|
|
Business address |
51 High Street |
|
|
Redbourn |
|
|
St Albans |
|
|
AL3 7LW |
|
|
|
|
|
|
|
Accountants |
Hardcastle Blake |
|
|
19 New Road |
|
|
Drayton Parslow |
|
|
Milton Keynes |
|
|
MK17 0JH |
|
|
|
Burgundy Developments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Burgundy Developments Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burgundy Developments Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Burgundy Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Burgundy Developments Limited and state those matters that we have agreed to state to the board of directors of Burgundy Developments Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burgundy Developments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Burgundy Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Burgundy Developments Limited. You consider that Burgundy Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Burgundy Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hardcastle Blake
ICAEW
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
9 September 2024
Burgundy Developments Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
244,197 |
|
|
|
203,330 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
244,197 |
|
|
|
203,330 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
638,228 |
|
|
|
1,560,066 |
|
|
Debtors |
|
6 |
409,470 |
|
|
|
866,591 |
|
|
Cash at bank and in hand |
|
|
167,667 |
|
|
|
44,487 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,215,365 |
|
|
|
2,471,144 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
485,909) |
|
|
|
(
1,592,792) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
729,456 |
|
|
|
878,352 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
973,653 |
|
|
|
1,081,682 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
928,750) |
|
|
|
(
918,750) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
44,903 |
|
|
|
162,932 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
33,200 |
|
|
|
33,200 |
Profit and loss account |
|
|
|
|
11,703 |
|
|
|
129,732 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
44,903 |
|
|
|
162,932 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 September 2024
, and are signed on behalf of the board by:
Mr M J Bristow
Director
Company registration number:
06531094
Burgundy Developments Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 51 High Street, Redbourn, St Albans, AL3 7LW.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the development of properties and project management services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
No depreciation charged |
- |
Freehold reversion |
|
|
Long leasehold property |
- |
10 % |
straight line - when construction is complete |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
|
Freehold property |
Long leasehold property - under construction |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 |
17,700 |
154,955 |
30,675 |
203,330 |
|
|
|
|
Additions |
- |
45,894 |
1,166 |
47,060 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
17,700 |
200,849 |
31,841 |
250,390 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
- |
- |
- |
- |
|
|
|
|
Charge for the year |
- |
- |
6,193 |
6,193 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
- |
- |
6,193 |
6,193 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
17,700 |
200,849 |
25,648 |
244,197 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
17,700 |
154,955 |
30,675 |
203,330 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,410 |
- |
|
Other debtors |
|
408,060 |
866,591 |
|
|
|
_______ |
_______ |
|
|
|
409,470 |
866,591 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
400,000 |
600,000 |
|
Trade creditors |
|
427 |
3,468 |
|
Corporation tax |
|
31,180 |
38,056 |
|
Social security and other taxes |
|
- |
238 |
|
Other creditors |
|
54,302 |
951,030 |
|
|
|
_______ |
_______ |
|
|
|
485,909 |
1,592,792 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
928,750 |
918,750 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £ 928,750
(2023 £ 918,750 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
There are no fixed repayment terms for the loan and interest is charged at £10,000 per annum, which is added to the cumulative balance.
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr M J Bristow |
493 |
75,000 |
(
22) |
75,471 |
|
|
|
Mr A Whiteley |
(
302) |
75,000 |
- |
74,698 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
191 |
150,000 |
(
22) |
150,169 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr M J Bristow |
- |
493 |
- |
493 |
|
|
|
Mr A Whiteley |
(
302) |
- |
- |
(
302) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Town and Country Markyate |
250,000
|
(50,000) |
- |
(
250,000) |
|
Burgundy Homes - debtor |
(160,000) |
400,000
|
255,000 |
415,000 |
|
Burgundy Homes Limited - creditor |
- |
1,120
|
- |
- |
|
Milvus Homes Limited |
434,728
|
- |
- |
(
434,728) |
|
Mike Saunders - Consultancy fees |
(
36,000) |
(
36,000) |
(
21,000) |
(
60,000) |
|
Town and Country Markyate - loan interest |
(
20,000) |
- |
- |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
The transactions represent inter-company loans to help fund development projects.
11.
Controlling party
The company is ultimatley controlled by the directors
.