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Registration number: 05710110

Twigworth Development Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Twigworth Development Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Twigworth Development Ltd

Company Information

Directors

Mr N A Heaton

Mr D A R Heaton

Registered office

Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Twigworth Development Ltd

(Registration number: 05710110)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

615,561

473,945

Investment property

5

1,721,592

1,070,248

Other financial assets

1

1

 

2,337,154

1,544,194

Current assets

 

Stocks

6

307,401

292,453

Debtors

7

238,023

157,512

Cash at bank and in hand

 

9,438

12,164

 

554,862

462,129

Creditors: Amounts falling due within one year

8

(1,996,367)

(988,072)

Net current liabilities

 

(1,441,505)

(525,943)

Total assets less current liabilities

 

895,649

1,018,251

Creditors: Amounts falling due after more than one year

8

(1,004,010)

(1,009,009)

Provisions for liabilities

(40,146)

-

Net (liabilities)/assets

 

(148,507)

9,242

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(148,607)

9,142

Shareholders' (deficit)/funds

 

(148,507)

9,242

 

Twigworth Development Ltd

(Registration number: 05710110)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr N A Heaton
Director

.........................................
Mr D A R Heaton
Director

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The principal place of business is:
The Site
24 Chosen View Road
Cheltenham
Gloucestershire
GL51 9LT
England

The address of its registered office is:
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE
England

These financial statements were authorised for issue by the Board on 13 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The directors have considered the risks and issues concerning the company and it's activities and no material
uncertainties that may cast significant doubt about the company's ability to continue as a going concern have
been identified. They acknowledge that the balance sheet is currently insolvent but are confident in the business' ability to operate in the forseeable future.

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Property rents are recognised monthly in accordance with the rental agreements.

In respect of property under development, income is recognised upon completion and exchange of contracts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land & buildings

Straight line - 50 years

Plant & Machinery

10% on cost

Office Equipment

15% on cost

Furniture and fittings

15% on cost

Motor Vehicles

20% on cost

Investment property

Investment property is carried at fair value being purchase price on the open market and cost of improvement or surveyor valuation at intervals. The directors review annually for impairment.

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments are included at amortised cost, and subject to an annual impairment review as they are for unlisted entities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

264,237

118,173

63,498

159,672

605,580

Additions

162,836

39,663

-

-

202,499

At 31 December 2023

427,073

157,836

63,498

159,672

808,079

Depreciation

At 1 January 2023

14,264

48,386

12,700

56,285

131,635

Charge for the year

8,541

23,676

12,699

15,967

60,883

At 31 December 2023

22,805

72,062

25,399

72,252

192,518

Carrying amount

At 31 December 2023

404,268

85,774

38,099

87,420

615,561

At 31 December 2022

249,973

69,787

50,798

103,387

473,945

Included within the net book value of land and buildings above is £404,268 (2022 - £249,973) in respect of freehold land and buildings.
 

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investment properties

2023
£

At 1 January

1,070,248

Additions

651,344

At 31 December

1,721,592

Investment property is carried at fair value and is determined by the purchase price, adjusted for business use, with the cost of improvements.

24 Chosen Road View: £741,220
11A Kingsholm Road: £329,027

6

Stocks

2023
£

2022
£

Work in progress

307,401

292,453

7

Debtors

Current

2023
£

2022
£

Trade debtors

17,326

12,591

Prepayments

3,041

887

Other debtors

217,656

144,034

 

238,023

157,512

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

35,918

35,918

Trade creditors

 

380,981

2,347

Taxation and social security

 

-

1,271

Accruals and deferred income

 

9,584

3,790

Other creditors

 

1,569,884

944,746

 

1,996,367

988,072

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £35,918 (2022 - £35,918).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,004,010

1,009,009

2023
£

2022
£

Due after more than five years

After more than five years by instalments

848,178

848,178

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,004,010 (2022 - £1,009,009).

Creditors include bank loans repayable by instalments of £848,178, (2022 - £848,178) due after more than five years.


 

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

170,361

170,361

Other borrowings

833,649

838,648

1,004,010

1,009,009

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,730

3,730

Other borrowings

32,188

32,188

35,918

35,918

Bank borrowings

Bank Loan is denominated in £ with a nominal interest rate of 6.39%, and the final instalment is due on 31 March 2030. The carrying amount at year end is £174,091 (2022 - £174,091).

The loan was secured by a fixed charge over the property 11a Kingsholm Road and a fixed and floating charge over the company's assets.

BBLS is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £13,409 (2022 - £18,408).

Property mortgage is denominated in £ with a nominal interest rate of 6.49%, and the final instalment is due on 28 May 2045. The carrying amount at year end is £852,428 (2022 - £852,428).

The lender has a fixed charge over the 24 Chosen View Road.

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr N A Heaton

Net deposits

(628,796)

4,353

(21,382)

(645,825)

         
       

Mr D A R Heaton

Net Deposits

(5,000)

-

-

(5,000)

         
       

 

 

Twigworth Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr N A Heaton

Net deposits

(803,001)

313,443

(139,238)

(628,796)

         
       

Mr D A R Heaton

Net Deposits

(5,000)

-

-

(5,000)

         
       

 

Summary of transactions with other related parties

AMPM247.com Limited, a company which the director Mr D A R Heaton is also director and shareholder of, invoiced Twigworth Developments Limited for services amounting to £820,222 (2022: £132,480). The balance was outstanding at the year end £229,560 (2022: £nil outstanding).

The company has a shareholding in Métier Homes Limited, the company has lent £94,025 (2022: £94,025), which remains due at the year end, for a development project.