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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 .