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Registration number: 10018492

Winslade Park Limited



Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Winslade Park Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Winslade Park 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 Park Limited

(Registration number: 10018492)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

50,993

57,969

Investment property

5

42,291,209

39,127,229

Investments

6

200

100

 

42,342,402

39,185,298

Current assets

 

Debtors

7

7,019,121

7,540,181

Cash at bank and in hand

 

23,390

6,137

 

7,042,511

7,546,318

Creditors: Amounts falling due within one year

8

(2,666,049)

(3,874,481)

Net current assets

 

4,376,462

3,671,837

Total assets less current liabilities

 

46,718,864

42,857,135

Creditors: Amounts falling due after more than one year

8

(38,029,310)

(29,554,881)

Provisions for liabilities

(1,648,795)

(2,697,399)

Net assets

 

7,040,759

10,604,855

Capital and reserves

 

Called up share capital

500

500

Other reserves

9,890,044

11,390,044

Retained earnings

(2,849,785)

(785,689)

Shareholders' funds

 

7,040,759

10,604,855

 

Winslade Park Limited

(Registration number: 10018492)
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 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 Park 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) Limited.

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

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 using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Group accounts not prepared

Under the provision of Section 399 of the Companies Act 2006, the company is exempt from preparing consolidated accounts and has not done so. The accounts show information about the company as an individual company..

Going concern

The company incurred a loss during the year, as it continues to develop its investment properties and grow its portfolio of property rental income. Due to changes in the wider UK economy, the company’s cost of debt has increased and the completed value of the company’s development is now likely to be lower than previously expected. 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 accounts have been prepared on a going concern basis as the directors and the company’s funders continue to provide financial support to the company to enable it to complete the development of its investment properties and to enable a re-finance onto more sustainable long term debt facilities. The directors have 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 Park Limited

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

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

Furniture and fixtures

15% reducing balance basis

Plant & Machinery

20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments relates to shares owned in a subsidiary company. These shares are not publicly traded and, therefore, are measured at cost less impairment.

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.

 

Winslade Park Limited

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

60,764

18,643

79,407

At 31 December 2023

60,764

18,643

79,407

Depreciation

At 1 January 2023

12,168

6,904

19,072

Charge for the year

6,994

2,348

9,342

At 31 December 2023

19,162

9,252

28,414

Carrying amount

At 31 December 2023

41,602

9,391

50,993

At 31 December 2022

46,230

11,739

57,969

 

Winslade Park Limited

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

5

Investment properties

2023
£

At 1 January

39,127,229

Revaluation

(2,000,000)

Additions

5,163,980

At 31 December

42,291,209

6

Investments

2023
£

2022
£

Investments in subsidiaries

200

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Winslade Villas Limited

Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY

United Kingdom

Ordinary

100%

100%

Winslade Residences Limited

Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY

United Kingdom

Ordinary

100%

0%

Subsidiary undertakings

Winslade Villas Limited

The principal activity of Winslade Villas Limited is that of property development.

Winslade Residences Limited

The principal activity of Winslade Residences Limited is that of property development. This company was incorporated within the accounting period.

 

Winslade Park Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

294,697

228,166

Amounts owed by group undertakings and undertakings in which the company has a participating interest

2,764,130

3,723,910

Prepayments

215,016

231,699

Other debtors

3,745,278

3,356,406

7,019,121

7,540,181

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

18,696

10,648

Trade creditors

1,088,916

1,566,212

Taxation and social security

21,946

1,772

Accruals and deferred income

1,371,975

1,980,862

Other creditors

164,516

314,987

2,666,049

3,874,481

Creditors include loans which are secured of £12,938 (2022 - £Nil).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

38,029,310

29,554,881

Creditors include loans which are secured of £37,603,418 (2022 - £29,278,021).

 

Winslade Park Limited

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

9

Parent and ultimate parent undertaking

The company's immediate parent is Winslade Park Holdings Limited, incorporated in UK.

  These financial statements are available upon request from Companies House.

 

10 Exceptional items

Included in the financial statements is £1,475,862 which relates to the provision in respect of a doubtful inter-group debt.