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REGISTERED NUMBER: 13734220 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED

SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED (REGISTERED NUMBER: 13734220)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED

COMPANY INFORMATION
for the Year Ended 31st March 2024







DIRECTORS: S Harrison
S Harrison Jnr





REGISTERED OFFICE: The Porthouse
75 Lowesmoor Wharf
Worcester
Worcestershire
WR1 2RS





REGISTERED NUMBER: 13734220 (England and Wales)





ACCOUNTANTS: Hayward Wright Ltd
4 Clews Road
Redditch
Worcestershire
B98 7ST

SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED (REGISTERED NUMBER: 13734220)

BALANCE SHEET
31st March 2024

31/3/24 31/3/23
Notes £    £   
CURRENT ASSETS
Stocks 4 36,318,622 18,600,889
Debtors 5 27,724 175,926
Cash at bank 1,038,937 348,495
37,385,283 19,125,310
CREDITORS
Amounts falling due within one year 6 36,158,346 3,808,106
NET CURRENT ASSETS 1,226,937 15,317,204
TOTAL ASSETS LESS CURRENT LIABILITIES 1,226,937 15,317,204

CREDITORS
Amounts falling due after more than one
year

7

-

15,319,184
NET ASSETS/(LIABILITIES) 1,226,937 (1,980 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,226,837 (2,080 )
SHAREHOLDERS' FUNDS 1,226,937 (1,980 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED (REGISTERED NUMBER: 13734220)

BALANCE SHEET - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2024 and were signed on its behalf by:





S Harrison Jnr - Director


SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED (REGISTERED NUMBER: 13734220)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2024


1. STATUTORY INFORMATION

Sherriff'S Gate (Phase 1) Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company relies on support from related companies to finance property development activities and working capital. Provided these remain in place, and there is no suggestion that they will not, the director has a reasonable expectation that the company and him, personally, have adequate resources to continue the company's operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the annual reports and accounts.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work-in-progress is valued at the lower of costs and net realisable value less appropriate costs to sell. Where it is identified that the realisable value is lower than the costs incurred to date an impairment loss is immediately booked within the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED (REGISTERED NUMBER: 13734220)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. STOCKS
31/3/24 31/3/23
£    £   
Work-in-progress 36,318,622 18,600,889

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Amounts owed by group undertakings - 174,509
Other debtors 1 -
VAT 27,723 1,417
27,724 175,926

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 35,235,725 -
Trade creditors 737,743 2,611,560
Amounts owed to group undertakings - 1,141,418
Other creditors 180,628 53,128
Directors' current accounts 1,700 -
Accrued expenses 2,550 2,000
36,158,346 3,808,106

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans - 2-5 years - 15,319,184

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Bank loans 35,235,725 -

The bank loans entered into by the company are secured via a Fixed charge with a negative pledge, against both the land and property held within this entity, but also, the wider group.

SHERRIFF'S GATE (PHASE 1) DEVELOPMENTS
LIMITED (REGISTERED NUMBER: 13734220)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
100 Ordinary Share Capital 1 100 100

10. RELATED PARTY DISCLOSURES

At 31 March 2024 the company was owed £Nil (2023: £117,235) by Harrison (Worcester) LLP, and £Nil (2023: £57,274) by Elgar Properties (Worcester) Limited.

At 31 March 2024 the company owed £Nil (2023: £55,700) to Martsen Developments Worcester Limited, £Nil (2023: £9,900) to Norton Parkway Developments Limited, £Nil (2023: £1,700) to Lowesmoor Wharf Developments Limited, £Nil (2023: £93,000) to Sherffif's Gate Developments Limited, £Nil (2023: £nil) to Harrison (Worcester) LLP, and £Nil (2023: £Nil) to Sherriff's Gate Limited.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Sherriff's Gate Limited, a company with a registered office address of The Porthouse, 75 Lowesmoor Wharf, Worcester, WR1 2RS.