Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30As at 30 June 2024 the balance owed to the directors was £28,286 (2023: £24,574). Included within creditors: amounts falling due within one year is £36,901 (2023: £36,901) due to Kenzoku Properties Limited, the Company's parent. Included within creditors: amounts falling due within one year is £184,109 (2023: £286,684) due to Kenzoku Holdings Limited, a Company with directors in common. Included within creditors: amounts falling due within one year is £1,250 (2023: £750) due to Kenzoku Lettings Limited, a Company with directors in common. Included within creditors: amounts falling due within one year is £1,500 (2023: £1,500) due to T&T Lettings Limited, a Company with directors in common. included within creditors: amounts falling due within one year is £6,000 (2023: £Nil) due to Moulton Barns Developments Limited, a fellow subsidiary. Included within debtors: amounts falling due within one year is £62,500 (2023: £Nil) due to Kenzoku Services Limited, a Company with directors in common.directors Company's parent directors in common directors in common directors in common fellow subsidiary directors in common2580463504092023-07-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity22falsetruefalse 10807831 2023-07-01 2024-06-30 10807831 2022-07-01 2023-06-30 10807831 2024-06-30 10807831 2023-06-30 10807831 c:Director2 2023-07-01 2024-06-30 10807831 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 10807831 d:FreeholdInvestmentProperty 2024-06-30 10807831 d:FreeholdInvestmentProperty 2023-06-30 10807831 d:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 10807831 d:CurrentFinancialInstruments 2024-06-30 10807831 d:CurrentFinancialInstruments 2023-06-30 10807831 d:Non-currentFinancialInstruments 2024-06-30 10807831 d:Non-currentFinancialInstruments 2023-06-30 10807831 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10807831 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10807831 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 10807831 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 10807831 d:ShareCapital 2024-06-30 10807831 d:ShareCapital 2023-06-30 10807831 d:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 10807831 d:InvestmentPropertiesRevaluationReserve 2024-06-30 10807831 d:InvestmentPropertiesRevaluationReserve 2023-06-30 10807831 d:RetainedEarningsAccumulatedLosses 2024-06-30 10807831 d:RetainedEarningsAccumulatedLosses 2023-06-30 10807831 d:OtherDeferredTax 2024-06-30 10807831 d:OtherDeferredTax 2023-06-30 10807831 c:FRS102 2023-07-01 2024-06-30 10807831 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10807831 c:FullAccounts 2023-07-01 2024-06-30 10807831 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10807831 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 10807831 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 10807831 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 10807831 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 10807831










WAVENEY ROAD DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WAVENEY ROAD DEVELOPMENTS LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waveney Road Developments Limited for the year ended 30 June 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Waveney Road Developments Limited, as a body, in accordance with the terms of our engagement letter dated 9 April 2024Our work has been undertaken solely to prepare for your approval the financial statements of Waveney Road Developments Limited and state those matters that we have agreed to state to the Board of directors of Waveney Road Developments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waveney Road Developments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Waveney Road Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Waveney Road Developments Limited. You consider that Waveney Road Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Waveney Road Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
26 March 2025
Page 1

 
WAVENEY ROAD DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10807831

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
324,593
324,593

Current assets
  

Debtors: amounts falling due within one year
 6 
62,500
-

Cash at bank and in hand
  
17,681
8,034

  
80,181
8,034

Creditors: amounts falling due within one year
 7 
(270,715)
(364,565)

Net current liabilities
  
 
 
(190,534)
 
 
(356,531)

Total assets less current liabilities
  
134,059
(31,938)

Creditors: amounts falling due after more than one year
 8 
(329,285)
(35,242)

Provisions for liabilities
  

Deferred tax
 9 
-
(29,450)

Net liabilities
  
(195,226)
(96,630)


Capital and reserves
  

Called up share capital 
  
200
200

Investment property reserve
 10 
36,634
125,550

Profit and loss account
 10 
(232,060)
(222,380)

  
(195,226)
(96,630)


Page 2

 
WAVENEY ROAD DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10807831
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Thompson
Director

Date: 26 March 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Waveney Road Developments Limited is a United Kingdom Company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is property development in England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors will continue to provide financial support to the Company, where required, for the foreseeable future and consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Turnover represents the sale of development property on long term leases and rental income from investment property leased out under operating leases and is recognised on a straight-line basis over the term of the lease.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Investment property
Investment property is carried at fair value determined by market value in accordance with valuations carried out by the directors.
Deferred tax
Deferred tax is provided on investment property by reference to the tax that would be due on the sale of the property at the balance sheet value. In calculating the deferred tax, the tax rates prevailing at the balance sheet date have been used. 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
324,593


Additions at cost
118,366


Deficit on revaluation
(118,366)



At 30 June 2024
324,593

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
287,959
169,593

287,959
169,593

Page 6

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
62,500
-

62,500
-



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,957
5,957

Trade creditors
-
909

Amounts owed to group undertakings
228,260
324,335

Other taxation and social security
1,199
4,615

Other creditors
29,786
26,074

Accruals and deferred income
5,513
2,675

270,715
364,565


Bank loans are secured on the Company's investment property.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
29,285
35,242

Other loans
300,000
-

329,285
35,242


Bank loans are secured on the Company's investment property.


9.


Deferred taxation

Page 7

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
9.Deferred taxation (continued)




2024


£






At beginning of year
(29,450)


Charged to profit or loss
29,450



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Investment property revaluation
-
(29,450)

-
(29,450)


10.


Reserves

Investment property revaluation reserve

The investment property reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Page 8

 
WAVENEY ROAD DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Related party transactions

As at 30 June 2024 the balance owed to the directors was £28,286 (2023: £24,574).

Included within creditors: amounts falling due within one year is £36,901 (2023: £36,901) due to Kenzoku Properties Limited, the Company's parent.

Included within creditors: amounts falling due within one year is £184,109 (2023: £286,684) due to Kenzoku Holdings Limited, a Company with directors in common.

Included within creditors: amounts falling due within one year is £1,250 (2023: £750) due to Kenzoku Lettings Limited, a Company with directors in common.

Included within creditors: amounts falling due within one year is £1,500 (2023: £1,500) due to T&T Lettings Limited, a Company with directors in common.

included within creditors: amounts falling due within one year is £6,000 (2023: £Nil) due to Moulton Barns Developments Limited, a fellow subsidiary.

Included within debtors: amounts falling due within one year is £62,500 (2023: £Nil) due to Kenzoku Services Limited, a Company with directors in common.

12.


Controlling party

The Company is a wholly owned subsidiary of Kenzoku Properties Limited, a Company incorporated in England and Wales.

 
Page 9