Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313construction of domestic buildings2023-01-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11293435 2023-01-01 2023-12-31 11293435 2022-01-01 2022-12-31 11293435 2023-12-31 11293435 2022-12-31 11293435 c:Director2 2023-01-01 2023-12-31 11293435 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 11293435 d:FreeholdInvestmentProperty 2023-12-31 11293435 d:FreeholdInvestmentProperty 2022-12-31 11293435 d:CurrentFinancialInstruments 2023-12-31 11293435 d:CurrentFinancialInstruments 2022-12-31 11293435 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11293435 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11293435 d:ShareCapital 2023-12-31 11293435 d:ShareCapital 2022-12-31 11293435 d:SharePremium 2023-12-31 11293435 d:SharePremium 2022-12-31 11293435 d:RetainedEarningsAccumulatedLosses 2023-12-31 11293435 d:RetainedEarningsAccumulatedLosses 2022-12-31 11293435 c:FRS102 2023-01-01 2023-12-31 11293435 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11293435 c:FullAccounts 2023-01-01 2023-12-31 11293435 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11293435 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11293435






WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
REGISTERED NUMBER:11293435

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1
1

Investment property
 5 
12,910,000
17,175,000

  
12,910,001
17,175,001

Current assets
  

Stocks
  
1,500,000
1,750,447

Debtors: amounts falling due within one year
 6 
1,913,326
1,395,810

Cash at bank and in hand
 7 
95,549
22,953

  
3,508,875
3,169,210

Creditors: amounts falling due within one year
 8 
(22,975,475)
(24,941,774)

Net current liabilities
  
 
 
(19,466,600)
 
 
(21,772,564)

Total assets less current liabilities
  
(6,556,599)
(4,597,563)

  

Net liabilities
  
(6,556,599)
(4,597,563)


Capital and reserves
  

Called up share capital 
  
101
101

Share premium account
  
1,374,999
1,374,999

Profit and loss account
  
(7,931,699)
(5,972,663)

  
(6,556,599)
(4,597,563)


Page 1

 
WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
REGISTERED NUMBER:11293435
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R S Anderson
Director

Date: 19 September 2024

Page 2

 
WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Watermeadow Homes (Towcester Road) Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Millhouse, 32 - 38 East Street, Rochford, Essex, SS4 1 DB.
The principal activity continued to be that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

Despite the Company having net liabilities the directors are of the opinion that the Company is a going concern due to the continued support of the group.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and
replacement cost, adjusted where applicable for any loss of service potential.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 -3).

Page 5

 
WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
17,175,000


Disposals
(4,265,000)



At 31 December 2023
12,910,000

The 2023 valuations were made by the directors of the company, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,873,001
1,352,311

Other debtors
40,325
43,499

1,913,326
1,395,810


Page 6

 
WATERMEADOW HOMES (TOWCESTER ROAD) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
95,549
22,953

95,549
22,953



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
6,283,312
10,156,136

Trade creditors
47,285
496,057

Amounts owed to group undertakings
16,601,443
14,275,004

Taxation and social security
34,352
5,685

Accruals and deferred income
9,083
8,892

22,975,475
24,941,774


The loan borrowings are secured by fixed and floating charges over the assets of the company in favour of Oaknorth Bank Plc.

 
Page 7