WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Company Registration Number:
09838983 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2024

Period of accounts

Start date: 01 November 2023

End date: 31 October 2024

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2024

Balance sheet
Notes

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Balance sheet

As at 31 October 2024


Notes

2024

2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks: 7,000,000 8,792,726
Debtors:   0 0
Cash at bank and in hand: 304 324
Investments:   0 0
Total current assets: 7,000,304 8,793,050
Creditors: amounts falling due within one year: 3 0 (375)
Net current assets (liabilities): 7,000,304 8,792,675
Total assets less current liabilities: 7,000,304 8,792,675
Creditors: amounts falling due after more than one year: 4 (7,164,788) (6,498,991)
Provision for liabilities: 0 0
Total net assets (liabilities): (164,484) 2,293,684
Capital and reserves
Called up share capital: 400 400
Share premium account: 1,255,500 1,255,500
Revaluation reserve:5(1,792,671)0
Other reserves: 1,058,084 1,037,784
Profit and loss account: (685,797) 0
Shareholders funds: (164,484) 2,293,684

The notes form part of these financial statements

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Balance sheet statements

For the year ending 31 October 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 January 2025
and signed on behalf of the board by:

Name: Michael Dodd
Status: Director

The notes form part of these financial statements

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Other accounting policies

Stocks: Stocks includes Stocks at Cost £8,792,671 (2022 £8,792,671) net of provision for impairment in value £1,792,671 (2023 £nil). Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses if any are also recognised in profit or loss. For the 31 October 2024 accounts, a provision against Stock asset value has been made to reflect material impairment during 2024 to expected selling price and significantly higher costs to complete and sell incurred under the Receivers management. The net sales value of the building now constructed is estimated to be £7.0m based on the specification delivered and Stock has accordingly been reduced to reflect this lower value. The company has not capitalised to Stock any construction or related costs incurred under the Receivers management nor any other fees incurred in 2024.

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

2. Employees

2024 2023
Average number of employees during the period 0 0

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

3. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year: Amounts falling due within one year includes Trade Creditors £0 (2022 £325) and Other Creditors £0 (2022 £50).

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

4. Creditors: amounts falling due after more than one year note

Creditors: amounts falling due after more than one year: Amounts falling due after more than one year include Bank Loans and Fees of £7,000,000 (2023 £6,334,203) and Other Creditors £164,788 (2022 £164,788). On 1 May 2024, BLME wrote to claim sums they maintain are due at 19 April 2024 of £8,430,454 for amounts advanced to the company and the Receivers, professional fees, penalties and other fees and also claim further entitlement to Late Payment fees at a Daily Rate of £1,793 per day (calculated at £367,723 accrued to 31 October 2024). The total claimed to 31 October 2024 of £8,798,177 is in dispute and in any event now in excess of loan collateral, now valued at £7,000,000 so are recorded in the accounts at no more than the now impaired collateral asset value.

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

5. Revaluation reserve

2024
£
Balance at 01 November 2023 0
Surplus or deficit after revaluation (1,792,671)
Balance at 31 October 2024 (1,792,671)

WOODLANDS PROPERTY DEVELOPMENT COMPANY KINGSTON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

6. Post balance sheet events

Bank of Middle East and London (BLME) appointed Allsop LLP on 6 Sept 2023 as fixed charge Receivers in relation to the Freehold interest at Woodlands, Coombe Hill Road KT2 7DY (title number SY254020) on which BLME held a legal charge dated 11 November 2018. A legal dispute is being progressed by the company against BLME since June 2024 that has yet to be resolved as at the reporting date. A Letter of Claim was sent by the company to BLME on 26 September 2024 claiming damages. As at the date of reporting no formal response has been received to the Letter of Claim. The company’s solicitors have been informed that BLME solicitors are awaiting on client instructions and intend to respond no later than 31 January 2025.