Winslade Villas Limited 13574430 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true true 13574430 2023-01-01 2023-12-31 13574430 2023-12-31 13574430 core:CurrentFinancialInstruments 2023-12-31 13574430 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13574430 core:Non-currentFinancialInstruments 2023-12-31 13574430 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 13574430 bus:SmallEntities 2023-01-01 2023-12-31 13574430 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13574430 bus:FullAccounts 2023-01-01 2023-12-31 13574430 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13574430 bus:RegisteredOffice 2023-01-01 2023-12-31 13574430 bus:Director1 2023-01-01 2023-12-31 13574430 bus:Director2 2023-01-01 2023-12-31 13574430 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13574430 1 2023-01-01 2023-12-31 13574430 countries:England 2023-01-01 2023-12-31 13574430 2021-08-19 2022-12-31 13574430 2022-12-31 13574430 core:CurrentFinancialInstruments 2022-12-31 13574430 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13574430 core:Non-currentFinancialInstruments 2022-12-31 13574430 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13574430

Winslade Villas Limited
(formerly Burrington Estates (Winslade Park New Homes) Ltd)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Winslade Villas Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Winslade Villas Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Winslade Villas Limited

(Registration number: 13574430)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

7,000,000

9,230,885

Debtors

5

35,278

100

Cash at bank and in hand

 

1,044

416

 

7,036,322

9,231,401

Creditors: Amounts falling due within one year

6

(1,933,264)

(1,275,130)

Total assets less current liabilities

 

5,103,058

7,956,271

Creditors: Amounts falling due after more than one year

6

(8,681,169)

(7,959,367)

Net liabilities

 

(3,578,111)

(3,096)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(3,578,211)

(3,196)

Shareholders' deficit

 

(3,578,111)

(3,096)

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Winslade Villas Limited

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.

The company was formerly known as Burrington Estates (Winslade Park New Homes) Ltd.

The address of its registered office is:
Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY
United Kingdom

These financial statements were authorised for issue by the Board on 25 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.

Going concern

As at the year end, the Company’s balance sheet shows an overall deficiency of assets of £3,578,111 (2022: £3,096), largely due to a significant provision against the company’s Work in Progress. Accordingly, the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The Directors and the Company’s funders have continued to support the Company financially whilst the Company seeks to complete the sale of the two parcels of development land that it owns and so accordingly, the accounts have been prepared on a going concern basis. The Directors have also reviewed the position for twelve months from the date the accounts were approved.

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.

 

Winslade Villas Limited

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

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

A provision for the impairment of 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.

Stock

Stock comprises the purchase of the land and property, the direct costs and, where applicable, those overheads that have been incurred in bringing the work in progress to their present state and condition. At each reporting date, work in progress is assessed for impairment. If work in progress 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.

Trade creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Loss before tax

The loss before tax is arrived at after writing down the vaue of Work In Progress by £3,563,082 (2022 - £Nil) folowing a review of the recoverable value at year end.

5

Debtors

2023
£

2022
£

Other debtors

35,278

100

35,278

100

 

Winslade Villas Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

94,709

528,795

Taxation and social security

28,049

6,509

Accruals and deferred income

2,000

100,496

Other creditors

1,808,506

639,330

1,933,264

1,275,130

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

8,681,169

7,959,367

Creditors include loans and borrowings which are secured of £8,681,169 (2022 - £7,959,367). These are secured over the value of Work In Progress held by the company and all other property owned by way of fixed and floating charge.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,681,169

7,959,367