0
6 November 2024
false
false
false
false
false
false
false
false
false
false
true
true
false
false
false
false
false
No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
13875665
2022-10-01
2023-09-30
13875665
2023-09-30
13875665
2022-09-30
13875665
2021-10-01
2022-09-30
13875665
2022-09-30
13875665
2021-09-30
13875665
bus:Director1
2022-10-01
2023-09-30
13875665
core:WithinOneYear
2023-09-30
13875665
core:WithinOneYear
2022-09-30
13875665
core:AfterOneYear
2023-09-30
13875665
core:AfterOneYear
2022-09-30
13875665
core:ShareCapital
2023-09-30
13875665
core:ShareCapital
2022-09-30
13875665
core:RetainedEarningsAccumulatedLosses
2023-09-30
13875665
core:RetainedEarningsAccumulatedLosses
2022-09-30
13875665
bus:SmallEntities
2022-10-01
2023-09-30
13875665
bus:Audited
2022-10-01
2023-09-30
13875665
bus:SmallCompaniesRegimeForAccounts
2022-10-01
2023-09-30
13875665
bus:PrivateLimitedCompanyLtd
2022-10-01
2023-09-30
13875665
bus:FullAccounts
2022-10-01
2023-09-30
COMPANY REGISTRATION NUMBER:
13875665
WOOOLACOMBE (THE VIEW) DEVELOPMENTS LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
WOOOLACOMBE (THE VIEW) DEVELOPMENTS LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2023
Current assets
Stocks |
4 |
344,349 |
– |
Debtors |
5 |
4,778,513 |
2,011,337 |
Cash at bank and in hand |
53 |
– |
|
------------- |
------------- |
|
5,122,915 |
2,011,337 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
2,160,090) |
(
2,133,370) |
|
------------- |
------------- |
Net current assets/(liabilities) |
2,962,825 |
(
122,033) |
|
------------- |
---------- |
Total assets less current liabilities |
2,962,825 |
(
122,033) |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
(
3,192,800) |
(
14,400) |
|
------------- |
---------- |
Net liabilities |
(
229,975) |
(
136,433) |
|
------------- |
---------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
230,075) |
(
136,533) |
|
---------- |
---------- |
Shareholder deficit |
(
229,975) |
(
136,433) |
|
---------- |
---------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
3 November 2024
, and are signed on behalf of the board by:
Company registration number:
13875665
WOOOLACOMBE (THE VIEW) DEVELOPMENTS LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 SEPTEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in sterling on the historical cost basis.
Going concern
The financial statements are prepared on a going concern basis, notwithstanding net liabilities of £229,975 (2022 - £136,433) which the directors believe to be appropriate for the following reasons. The company is reliant on a blend of external finance and funds available from other companies within the group. The group has facilities in place from external lenders and support is being provided by other group companies. Where the company is reliant on funds provided to it by other companies within the group, the group has provided the company with an undertaking that it will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available by the group. Whilst the group has been loss making and has net liabilities, the directors of the group consider, after a review of expected cashflows, that it has the means to provide this support to to group companies without impacting on its ability to remain a going concern. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors have carried out their assessment of going concern and taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The key judgements and sources of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Profit recognition Stock consists of the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded as incurred during a project. An apportionment of stock is transferred to the profit and loss account when properties are sold on a project. The proportion of stock transferred is calculated so as to achieve a consistent margin across each individual project and is reliant on management's estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of property. Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transactions in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment. Financial liabilities - trade creditors and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
4.
Stocks
|
2023 |
2022 |
|
£ |
£ |
Work in progress |
344,349 |
– |
|
---------- |
---- |
|
|
|
During the year finance costs capitalised in respect of the development amounted to £334,809. At the year end the remaining capitalised finance costs included within stock totalled £334,809.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
3,885,708 |
1,950,131 |
Other debtors |
892,805 |
61,206 |
|
------------- |
------------- |
|
4,778,513 |
2,011,337 |
|
------------- |
------------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings |
169,741 |
– |
Accruals and deferred income |
– |
57,070 |
Other creditors |
1,990,349 |
2,076,300 |
|
------------- |
------------- |
|
2,160,090 |
2,133,370 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings |
– |
14,400 |
Other creditors |
3,192,800 |
– |
|
------------- |
--------- |
|
3,192,800 |
14,400 |
|
------------- |
--------- |
|
|
|
8.
Summary audit opinion
The auditor's report dated
6 November 2024
was
unqualified
.
The senior statutory auditor was
Jonathan Day
, for and on behalf of
Streets Audit LLP
.
9.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
10.
Controlling party
Woolacombe (Beach Road) Investments Limited is the immediate parent company. Acorn PG Holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.