Winnington Urban Village Development Company Limited
REPORT AND FINANCIAL STATEMENTS
31 December 2023
Company Registration No. 04715300
Winnington Urban Village Development Company Limited
CONTENTS
COMPANY INFORMATION
1
DIRECTORS' REPORT
2
DIRECTORS' RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS
3
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINNINGTON URBAN VILLAGE DEVELOPMENT COMPANY LIMITED
4
STATEMENT OF COMPREHENSIVE INCOME
7
STATEMENT OF FINANCIAL POSITION
8
STATEMENT OF CHANGES IN EQUITY
9
ACCOUNTING POLICIES
10
NOTES TO THE FINANCIAL STATEMENTS
13
Winnington Urban Village Development Company Limited
COMPANY INFORMATION
DIRECTORS
JCE Wilkinson B Eng
SA Ashall
REGISTERED OFFICE
Greenway House
Greenway
Paddington
Warrington
Cheshire
WA1 3EF
AUDITOR
WR Partners
Chartered Accountants and Statutory Auditors
Drake House
Gadbrook Way
Gadbrook Park
Northwich
Cheshire
CW9 7RA
Page 1
Winnington Urban Village Development Company Limited
DIRECTORS' REPORT
The directors submit their report and the financial statements of Winnington Urban Village Development Company Limited for the year ended 31 December 2023.
PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of commercial property development.
RESULTS AND DIVIDENDS
The company's trading profit for the year, after taxation was £46,032 (2022: loss £(156,995).  No dividend has been proposed for the year ended 31 December 2023 (2022: £nil).
DIRECTORS
The directors who held office since 1 January 2023 are: -
JCE Wilkinson B Eng
SA Ashall
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR
The directors who were in office on the date of approval of these financial statements have confirmed, as far as the directors are aware, that there is no relevant audit information of which the auditor is unaware.  The directors have confirmed that the directors have taken all the steps that the directors ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
AUDITOR
WR Partners have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting, under Companies Act 2006 s487 (2).
This report has been prepared with the provisions applicable to companies entitled to the small companies' exemption.
By order of the board
JCE Wilkinson B Eng
Director
26 September 2024
Page 2
Winnington Urban Village Development Company Limited
DIRECTORS' RESPONSIBILITIES IN THE PREPARATION
OF FINANCIAL STATEMENTS
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under company law the directors must not approve the financial statements unless the directors are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.  In preparing those financial statements, the directors are required to:
a.
select suitable accounting policies and then apply them consistently;
b.
make judgements and accounting estimates that are reasonable and prudent;
c.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.  The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINNINGTON URBAN VILLAGE DEVELOPMENT COMPANY LIMITED
Opinion
We have audited the financial statements of Winnington Urban Village Development Company Limited (the ‘company') for the year ended 31 December 2023 which comprise Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation of the company financial statements is applicable law and United Kingdom Accounting Standards FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion:
• the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2023 and of the company's profit for the year then ended;
• the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of a going concern basis of accounting in the preparation of financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, make a significant doubt on the company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to go and concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.  In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINNINGTON URBAN VILLAGE DEVELOPMENT COMPANY LIMITED
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
• the company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of director's remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the UK General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there may be susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINNINGTON URBAN VILLAGE DEVELOPMENT COMPANY LIMITED
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Fran Johnson BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of WR Partners
Chartered Accountants and Statutory Auditors
Drake House
Gadbrook Way
Gadbrook Park
Northwich
Cheshire
CW9 7RA
26 September 2024
Page 6
Winnington Urban Village Development Company Limited
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2023
Note
2023
2022
£
£
TURNOVER
18,507
-
Cost of sales
36,008
(47,124)
GROSS PROFIT / (LOSS)
54,515
(47,124)
Administrative expenses
(8,483)
(84,841)
Interest payable and similar charges
-
-
Sundry receipts
-
180
PROFIT / (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION
46,032
(131,785)
Taxation
3
-
(25,210)
PROFIT / (LOSS) FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
46,032
(156,995)
The accounting policies and notes on pages 10 to 16 form part of these financial statements.
Page 7
Winnington Urban Village Development Company Limited
STATEMENT OF FINANCIAL POSITION
at 31 December 2023
Company Registration No. 04715300
Note
                            2023
                            2022
£
£
£
£
FIXED ASSETS
Investment properties
4
493,000
-
CURRENT ASSETS
Stocks
5
489,306
932,915
Debtors: amounts falling due within one year
6
536
48
Cash at bank and in hand
211,677
208,093
701,519
1,141,056
CURRENT LIABILITIES
Creditors: Amounts falling due within one year
7
(1,251,241)
(1,243,810)
NET CURRENT (LIABILITIES)
(549,722)
(102,754)
TOTAL ASSETS LESS CURRENT LIABILITIES
(56,722)
(102,754)
NET (LIABILITIES) / ASSETS
(56,722)
(102,754)
CAPITAL AND RESERVES
Called up share capital
8
1
1
Profit and loss account
(56,723)
(102,755)
TOTAL EQUITY
(56,722)
(102,754)
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 on pages 7 to 16 were approved by the directors and authorised for issue on                                                 
26 September 2024
26 September 2024
and were signed on its behalf by:
Mr JCE Wilkinson B Eng
Director
Page 8
Winnington Urban Village Development Company Limited
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023
Share capital
£
Profit and loss account
£
Total
£
Balance at 1 January 2022
1
54,240
54,241
Loss for the year
-
(156,955)
(156,955)
Total comprehensive income for the year
-
(156,955)
(156,955)
Balance at 31 December 2022
1
(102,755)
(102,754)
Loss for the year
-
46,032
46,032
Total comprehensive loss for the year
-
46,032
46,032
Balance at 31 December 2023
1
(56,723)
(56,722)
Page 9
Winnington Urban Village Development Company Limited
ACCOUNTING POLICIES
GENERAL INFORMATION
Winnington Urban Village Development Company Limited (“the Company”) is a limited company domiciled and incorporated in England.
The address of the Company's registered office and principal place of business is Greenway House, Greenway, Paddington, Warrington, Cheshire, WA1 3EF.
The Company's principal activity is included in the directors' report.
BASIS OF PREPARATION
These financial statements of Winnington Urban Village Development Company Limited have been prepared in accordance with Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and the requirements of the Companies Act 2006 and under the historical cost convention
BASIS OF GOING CONCERN
The Williams Tarr group is structured such that its different activities are carried out in different trading companies with working capital requirements being managed on a pooled basis. The directors have prepared forecasts using prudent assumptions that show that the group will continue to trade for a period of more than 12 months following the date of approval of these financial statements. Based on current projections, the directors anticipate that the group will be able to trade within its current banking facilities for the foreseeable future.
On this basis the directors have concluded that adopting the going concern basis of accounting in preparing these annual financial statements is appropriate.
FUNCTIONAL AND PRESENTATIONAL CURRENCIES
The financial statements are presented in sterling which is also the functional currency of the Company.
TAXATION
The tax expense represents the sum of the current tax expense and deferred tax expense.  Current tax assets are recognised when tax paid exceeds the tax payable.
Current tax is based on taxable profit for the year.  Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods.  Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.  Deferred tax is not discounted.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date.  Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is recognised on income or expenses from subsidiaries, associates, branches and interests in jointly controlled entities, that will be assessed to or allow for tax in a future period except where the Company is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future.
Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Page 10
Winnington Urban Village Development Company Limited
ACCOUNTING POLICIES
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets
Trade debtors
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract.  Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate.  Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.
Financial liabilities and equity
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into.  An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.
Trade creditors
Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
Bank overdrafts
Bank overdrafts are presented within creditors; amounts falling due within one year.
Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.
FINANCIAL INSTRUMENTS
Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant
Page 11
Winnington Urban Village Development Company Limited
ACCOUNTING POLICIES
risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.  A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
Page 12
Winnington Urban Village Development Company Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future.  The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.  There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
1
EMPLOYEES
The company does not have any employees, excluding directors, management of rentals is undertaken at group level for which a management charge is made to the company.
Page 13
Winnington Urban Village Development Company Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023
2
TAXATION
2023
£
2022
£
Current tax:
UK corporation tax at 23.52% (2022: 19.00%) on (loss) / profits of the period
-
-
Adjustment in respect of previous period
-
-
Total current tax
-
-
Deferred tax:
Origination and reversal of timing differences
-
25,210
Adjustments in respect of previous periods
-
-
Total deferred tax
-
25,210
Tax on profit on ordinary activities
-
25,210
Factors affecting tax charge for year:
The tax assessed for the year is explained below:
2023
£
2022
£
Profit / (Loss) on ordinary activities before tax
46,032
(131,785)
Profit on ordinary activities multiplied by the average standard rate of corporation tax 23.52% (2022: 19.00%)
10,827
(25,039)
Effects of:
Expenses not deductible for tax purposes
669
1,787
Remeasurement of deferred tax for changes in tax rates
-
Group relief surrendered / (claimed)
2,799
23,252
Deferred tax differential
899
-
Movement in deferred tax not recognised
(15,194)
25,210
Total tax expense
-
25,210
Unprovided for deferred tax losses at 31 December 2023 totalled £10,016 (2022: £25,210).
Page 14
Winnington Urban Village Development Company Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023
3
TANGIBLE FIXED ASSETS
Investment Properties
£
Cost or valuation
At beginning of year
-
Additions
493,000
At end of year
493,000
Net book value
At 31 December 2023
493,000
At 31 December 2022
-
During the year ended 31 December 2023 two properties which were developed by the company were let out to tenants under long term leases and the properties were transferred from stocks to investment properties.
4
STOCKS
2023
2022
£
£
Work in progress
489,306
932,915
5
DEBTORS
2023
2022
£
£
Taxation recoverable
536
48
536
48
Page 15
Winnington Urban Village Development Company Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023
6
CREDITORS: Amounts falling due within one year
2023
2022
£
£
Trade creditors
1,200
2,700
Amounts owed to group undertakings
963,382
938,043
Other creditors
268,133
295,541
Taxation and social security
-
-
Accruals and deferred income
18,526
7,526
1,251,241
1,243,810
7
SHARE CAPITAL AND RESERVES
2023
2022
£
£
Share capital
Allotted, called up and fully paid:
1 ordinary shares of £1 each
1
1
The holders of the shares are entitled to receive dividends as declared from time to time at the discretion of the company.  All shares rank equally with regard to the Company's residual assets.
Reserves
Reserves of the company represent the following:
Retained earnings
Cumulative profit and loss net of distributions to owner
8
ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY
The directors consider Williams Tarr Holdings Limited, a company incorporated in England and Wales, the ultimate parent undertaking.
Williams Tarr Developments Limited is the immediate parent company.  Williams Tarr Holdings is the smallest and largest company for which consolidated accounts including Winnington Urban Village Development Company Limited are prepared.
Copies of the group financial statements may be obtained from:
The Registrar of Companies
Companies House
Crown Way
Cardiff
CF14 3UZ
Page 16
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