Company registration number 05207774 (England and Wales)
CHESTERFIELD WATERFRONT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHESTERFIELD WATERFRONT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CHESTERFIELD WATERFRONT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
2,226,006
2,290,367
Debtors falling due after more than one year
3
1,823,930
1,820,559
Debtors falling due within one year
3
23,249
6,485
4,073,185
4,117,411
Creditors: amounts falling due within one year
4
(2,385,086)
(2,388,285)
Net current assets
1,688,099
1,729,126
Total assets less current liabilities
1,688,099
1,729,126
Creditors: amounts due to related parties after more than one year
5
2,589,354
2,420,517
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(902,255)
(692,391)
Total equity
(901,255)
(691,391)
Long term liabilities and equity
1,688,099
1,729,126

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CHESTERFIELD WATERFRONT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
M R Bower
Director
Company Registration No. 05207774
CHESTERFIELD WATERFRONT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Chesterfield Waterfront 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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The results of the company show a loss on ordinary activities for the year of £209,864 (2023 loss: £117,668) and a deficit in shareholders funds of £901,255 (2023 deficit: £691,391). The balance on loans from related companies amount to £2,589,354 (2023: £2,420,517) at the year end.

 

The related companies have confirmed that it is their intention to leave these funds within the company and to continue to support the company until its revenue streams come on line.

 

The directors consider that, taking all these factors into account, it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Stocks

Stocks comprise development costs incurred in relation to the Chesterfield Waterfront Regeneration project. Cost comprises direct costs and appropriate overheads including borrowing costs.

 

Due to the nature of the projects the company is involved in, interest charged is also included in work in progress.

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 are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHESTERFIELD WATERFRONT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

1.7
Equity instruments

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,249
6,485
CHESTERFIELD WATERFRONT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,823,930
1,820,559
Total debtors
1,847,179
1,827,044
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,338,052
2,342,799
Trade creditors
5,700
34
Taxation and social security
2,082
3,858
Other creditors
39,252
41,594
2,385,086
2,388,285

The bank loan and overdraft are secured by a legal charge over the company's development property and by way of a joint and several guarantee from Laver Regeneration Limited and Bolsterstone Group plc.

5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,589,354
2,420,517

Other creditors represent amounts owed to related parties, details of which are disclosed in note 7.

CHESTERFIELD WATERFRONT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Related party transactions

Bolsterstone Group Limited

Bolsterstone Group Limited holds 50% of the share capital of the company. At the period end an amount of £767,004 (2023: £695,424) was due to Bolsterstone Group Limited. The loan is subject to interest at 5% per annum and the total interest charged during the period amounted to £22,079 (2023: £19,190).

 

Bolsterstone Group Limited has guaranteed the borrowings of the company up to a maximum of £3m.

 

Bolsterstone (Number 9) Limited

Bolsterstone (Number 9) Limited is a wholly owned subsidiary of Bolsterstone Holdings Limited. At the period end an amount of £605,245 (2023: £588,124) was due to Bolsterstone (Number 9) Limited. The loan is subject to interest at 5% per annum and the total interest charged during the period amounted to £17,123 (2023: £17,075).

 

Bolsterstone Holdings Limited

Bolsterstone Holdings Limited is the parent company of Bolsterstone Group plc. At the period end an amount of £18,502 (2023: £17,600) was due to Bolsterstone Holdings Limited. The loan is subject to interest at 5% per annum and the total interest charged during the period amounted to £902 (2023: £856).

 

Chesterfield Waterside Limited

P D Swallow and M R Bower are both directors of Chesterfield Waterside Limited. At the period end an amount of £1,823,928 (2023: £1,820,559) was due from Chesterfield Waterside Limited. The loan is subject to interest at 5% per annum and the total interest charged during the period amounted to £103,369 (2023: £88,784).

 

Laver Regeneration Limited

Laver Regeneration Limited holds 50% of the share capital of the company. At the period end there was an amount of £1,198,603 (2023: £1,114,352) due to Laver Regeneration Limited. The loan is subject to interest at 5% per annum and the total interest charged during the period was £29,733 (2023: £26,769)

 

Laver Regeneration Limited has guaranteed the borrowings of the company up to a maximum of £3m.

7
Control

The company is a joint venture between Laver Regeneration Limited and Bolsterstone Group plc. Each party holds 50% of the share capital.

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