Company registration number 09549665 (England and Wales)
Total Developments (NW) Ltd
Unaudited financial statements
For the year ended 31 March 2024
Total Developments (NW) Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Total Developments (NW) Ltd
Balance sheet
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
42,680,000
42,680,000
Current assets
Stocks
27,724,931
10,582,119
Debtors
4
7,525,180
7,361,518
Cash at bank and in hand
1,645,763
686,066
36,895,874
18,629,703
Creditors: amounts falling due within one year
5
(33,703,206)
(13,717,673)
Net current assets
3,192,668
4,912,030
Total assets less current liabilities
45,872,668
47,592,030
Creditors: amounts falling due after more than one year
6
(15,000,000)
(15,142,930)
Net assets
30,872,668
32,449,100
Capital and reserves
Called up share capital
7
100
100
Non-distributable profits reserve
8
21,360,412
21,360,412
Distributable profit and loss reserves
9,512,156
11,088,588
Total equity
30,872,668
32,449,100
Total Developments (NW) Ltd
Balance sheet (continued)
As at 31 March 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr E C Chantler
Director
Company registration number 09549665 (England and Wales)
Total Developments (NW) Ltd
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Total Developments (NW) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF. The principal place of business is C/O Stretton Capital Limited, 4th Floor, Steam Mill Business Centre, Steam Mill Street, Chester, CH3 5AN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents proceeds of sale of property, and rents receivable on commercial property prior to sale.

Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by reference to the valuation of contracted work performed by the year end, as a proportion of the total contract sum. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Stocks

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

1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Total Developments (NW) Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
Total Developments (NW) Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 April 2023
42,680,000
Additions
88,399
Revaluations
(88,399)
At 31 March 2024
42,680,000

The fair value of investment property has been arrived at by the directors on the basis of open market value.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,206
381,919
Other debtors
7,013,274
6,979,599
7,025,480
7,361,518
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
499,700
-
0
Total debtors
7,525,180
7,361,518
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,697,223
-
0
Trade creditors
1,431,630
223,871
Taxation and social security
3,755,596
3,781,443
Other creditors
17,818,757
9,712,359
33,703,206
13,717,673
Total Developments (NW) Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -

Bank loans represent bridging finance £10,697,223 (2023 - £nil) secured by the following:

 

Included in other creditors are loans from related parties of £16,161,696 (2023 - £8,655,562) that are interest-free and unsecured.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,000,000
15,142,930

Bank loans represents:

 

Loan finance £15,000,000 (2023 - 15,000,000) secured by the following:

 

Bridging finance £nil (2023 - £142,930) secured by the following:

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary £1 shares of £1 each
-
50
-
50
A Ordinary £1 shares of £1 each
-
50
-
50
Ordinary 1p shares of 1p each
4,999
-
50
-
A Ordinary 1p shares of 1p each
5,001
-
50
-
10,000
100
100
100

On 6 February 2024 the company subdivided 50 Ordinary £1 shares into 5,000 Ordinary 1p shares and 50 Ordinary A £1 shares into 5,000 Ordinary A 1p shares. It then re-classified 1 share from Ordinary 1p to Ordinary A 1p.

Total Developments (NW) Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
21,360,412
-
Non distributable profits in the year
-
21,360,412
At the end of the year
21,360,412
21,360,412
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Construction and professional services
2024
2023
£
£
Entities under the control of the directors
10,579,119
3,286,134

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities under the control of the directors
1,995,753
124,658
Other related parties
16,161,696
8,655,562

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities under the control of the directors
5,229,146
5,229,146
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