The directors present their annual report and financial statements for the year ended 31 March 2024.
The principal activity of the company is the delivery of the major Chesterfield Waterside Regeneration project on a 60 acre site, situated adjacent to Chesterfield town centre.
The Company has in place outline planning consent for a large scale mixed-use scheme, which comprises residential development, commercial office and retail space, hotels, health and fitness facilities and multi storey car parks. The project is being delivered in a parkland setting with approximately a third of the 60 acre site being public open space, including a newly constructed canal basin.
The current economic backdrop for development schemes of this nature is positive, given the increasing demand for housing and the consequent increases in house prices. The ‘public sector/private sector' nature of the delivery vehicle which has been established for this project has proved to be robust, and the scheme also enjoys the full backing of its shareholders, who continue to provide additional capital for the project as and when it is required.
Significant progress continues to be made as regards the project as a whole in the following areas:-
1. Designs have been progressed for a 314 unit ‘Build to rent’ project to be located within phase 1 of the Basin Square character area, for which outline planning consent is already in place. Commercial negotiations with potential funders and operators of the proposal are ongoing.
2. Designs have also been progressed for a 140 bedspace Hotel, and adjacent 400 space Multi Storey car park, within Phase 1 Basin Square. Commercial negotiations in respect of both these proposals are ongoing.
3. A pre-funded 35,000ft2 Office development is now complete and fully occupied.
4. The first phase of private residential development is nearing complete and has been delivered by Avant Homes. The scheme provides 177 high-quality homes at Waterside Quarter which all sold very quickly, most of which were sold off plan.
In conclusion, the Directors are pleased with the progress made in the current year, and are confident that delivery of the project will achieve the strategic and commercial objectives of the shareholders.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Chesterfield Waterside Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, S41 9FG.
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 gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors and loans from fellow group related parties are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Due to the nature of development timescales, it is routinely necessary to review stock values.
In order to assess the appropriateness of the carrying value of stock, the company is required to make estimations of sales prices, costs and expected margins on developments in order to determine whether any write-downs or reversals are required to ensure stock is stated at the lower of cost and net realisable value.
As part of this exercise the directors consider when the stock value is likely to be realised, whether there has been a change in market conditions and the wider economic environment existing at the balance sheet date.
The average monthly number of persons (including directors) employed by the company during the year was:
The only employees in the year were the directors and they did not receive any remuneration.
Other creditors represent amounts owed to related parties, details of which are disclosed in note 9.
Save in relation to income, the A Shares, B Shares and C Shares shall rank pari passu in all respects.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
Laver Regeneration Limited
M R Bower is a director of Laver Regeneration Limited. During the year, further loans of £15,000 were made. At the year end an amount of £5,437,946 (2023: £5,382,211) was owed to Laver Regeneration Limited. The loan element of the balance bears interest at 5% per annum and the total interest charged in the year was £40,735 (2023: £39,232).
Bolsterstone Group Limited
P D Swallow is a director and indirectly owns all of the share capital of Bolsterstone Group Limited. During the year, further loans of £15,000 were made. At the year end, an amount of £934,227(2023: £889,290) was owed to Bolsterstone Group Limited. The loan bears interest at 5% per annum and the total interest charged in the year was £29,937 (2023: £28,184).
Chesterfield Waterfront Limited
P D Swallow and M R Bower are both directors of Chesterfield Waterfront Limited. At the year end an amount of £1,823,928 (2023: £1,830,813) was owed to Chesterfield Waterfront Limited. The loan bears interest at 5% per annum and the total interest charged in the year was £93,116 (2023: £99,038).
Bolsterstone (Chesterfield) LLP
P D Swallow is a member of Bolsterstone (Chesterfield) LLP. At the year end an amount of £11,076 (2023: £10,577) was owed to Bolsterstone (Chesterfield) LLP. The loan bears interest at 5% per annum and the total interest charged in the year was £499 (2023: £499)
Rent of £8,000 (2023: £8,000) is paid to P D Swallow a director of Chesterfield Waterside Limited.