Registration number:
Winslade Park Limited
for the Year Ended 31 December 2023
Winslade Park Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Winslade Park Limited
Company Information
Directors |
Mr M D Edworthy Mr P N Scantlebury |
Registered office |
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Accountants |
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Winslade Park Limited
(Registration number: 10018492)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
500 |
500 |
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Other reserves |
9,890,044 |
11,390,044 |
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Retained earnings |
(2,849,785) |
(785,689) |
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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:
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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
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Mr M D Edworthy
Director
Winslade Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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:
United Kingdom
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Winslade Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investment properties |
2023 |
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At 1 January |
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Revaluation |
( |
Additions |
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At 31 December |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY United Kingdom |
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Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY United Kingdom |
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Subsidiary undertakings |
Winslade Villas Limited The principal activity of Winslade Villas Limited is |
Winslade Residences Limited The principal activity of Winslade Residences Limited is |
Winslade Park Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include loans which are secured of £12,938 (2022 - £Nil).
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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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
Parent and ultimate parent undertaking |
The company's immediate parent is
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.