Courtlands DV Ltd 11404980 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true true 11404980 2023-07-01 2024-06-30 11404980 2024-06-30 11404980 core:CurrentFinancialInstruments 2024-06-30 11404980 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 11404980 bus:SmallEntities 2023-07-01 2024-06-30 11404980 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 11404980 bus:FilletedAccounts 2023-07-01 2024-06-30 11404980 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11404980 bus:RegisteredOffice 2023-07-01 2024-06-30 11404980 bus:Director1 2023-07-01 2024-06-30 11404980 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11404980 countries:England 2023-07-01 2024-06-30 11404980 2022-07-01 2023-06-30 11404980 2023-06-30 11404980 core:CurrentFinancialInstruments 2023-06-30 11404980 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 11404980

Courtlands DV Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Courtlands DV Ltd

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

10,882,478

7,597,442

Debtors

5

153,258

16,303

Cash at bank and in hand

 

10,555

283,896

 

11,046,291

7,897,641

Creditors: Amounts falling due within one year

6

(11,203,791)

(8,049,914)

Net liabilities

 

(157,500)

(152,273)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(157,700)

(152,473)

Shareholders' deficit

 

(157,500)

(152,273)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................

A R Court

Director

Company registration number: 11404980

 

Courtlands DV Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the development of building projects.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company made a loss for the year ended 30 June 2024 and had a net deficit of assets at that date of £157,500.

At 30 June 2024 an amount of £2,585,531 was due to related undertakings who have confirmed they will not call for repayment until such time as the company has sufficient working capital and will continue to provide working capital facilities as required whilst the company undertakes its building development project. The directors' view is that the development project remains financially viable and that sufficient funding is available to ensure the project can be successfully completed.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Courtlands DV Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Borrowing costs directly attributable to the developing of property is capitalised. Other interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

10,882,478

7,597,442

Work in progress includes an amount of £1,028,588 in respect of interest capitalised in the year to 30 June 2024 (2023: £339,704).

5

Debtors

2024
£

2023
£

Other debtors

153,258

16,303

153,258

16,303

 

Courtlands DV Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

8,607,331

5,576,772

Trade creditors

 

7,429

8,274

Accruals and deferred income

 

3,500

143,337

Other creditors

 

2,585,531

2,321,531

 

11,203,791

8,049,914

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loan

8,607,331

5,576,772

The bank loan is secured by a fixed charge over the development property included in stock and a fixed and floating charge over the other assets and undertakings of the company.