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Registered number: 11326173
Old Bucks Developments Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mr J Kemp
Mr B Barnard
Mr P Robinson
Company Number 11326173
Registered Office The Old Yard Old Buckenham
Attleborough
NR17 1SS
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 11326173
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 300 350
Tangible Assets 5 7,873 3,774
8,173 4,124
CURRENT ASSETS
Stocks 6 2,043,473 2,102,035
Debtors 7 500,407 481,051
Cash at bank and in hand 3,654 29,073
2,547,534 2,612,159
Creditors: Amounts Falling Due Within One Year 8 (3,362,631 ) (1,718,222 )
NET CURRENT ASSETS (LIABILITIES) (815,097 ) 893,937
TOTAL ASSETS LESS CURRENT LIABILITIES (806,924 ) 898,061
Creditors: Amounts Falling Due After More Than One Year 9 (38,404 ) (1,106,229 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (920 ) (920 )
NET LIABILITIES (846,248 ) (209,088 )
CAPITAL AND RESERVES
Called up share capital 10 75 75
Profit and Loss Account (846,323 ) (209,163 )
SHAREHOLDERS' FUNDS (846,248) (209,088)
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For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr B Barnard
Director
04/12/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Old Bucks Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11326173 . The registered office is The Old Yard Old Buckenham, Attleborough, NR17 1SS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are websites. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% Reducing Balance
Fixtures & Fittings 25% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:  5 (2023: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 500
As at 31 March 2024 500
Amortisation
As at 1 April 2023 150
Provided during the period 50
As at 31 March 2024 200
Net Book Value
As at 31 March 2024 300
As at 1 April 2023 350
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 - 5,735 5,735
Additions 4,000 2,599 6,599
As at 31 March 2024 4,000 8,334 12,334
Depreciation
As at 1 April 2023 - 1,961 1,961
Provided during the period 583 1,917 2,500
As at 31 March 2024 583 3,878 4,461
Net Book Value
As at 31 March 2024 3,417 4,456 7,873
As at 1 April 2023 - 3,774 3,774
6. Stocks
31 March 2024 31 March 2023
£ £
Work in progress 2,043,473 2,102,035
7. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Amounts owed by group undertakings 490,075 454,563
Other debtors 10,332 26,488
500,407 481,051
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8. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 29,185 32,529
Bank loans and overdrafts 1,654,710 608,923
Amounts owed to group undertakings 424,689 440,023
Other creditors 1,245,968 633,738
Taxation and social security 8,079 3,009
3,362,631 1,718,222
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Loans & borrowings 38,404 1,106,229
10. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 75 75
11. Related Party Transactions
The company has taken advantage of the exemption under FRS 102 Section 33.1A allowing wholly owned group members to depart from the requirement to disclose transactions with other group companies.
At 31st March 2024, included in creditors, the company owed £384,566 (2023: £358,819) to companies deemed to be related parties by virtue of common control.
In addition to the above, the company owed the directors a total of £622,004 (2023: £632,488) on their directors loan accounts.  
These loans are unsecured,  interest free and repayable on demand.
12. Ultimate Controlling Party
The company's immediate parent is Old Bucks Holdings Limited, incorporated in England and Wales.
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