Company registration number 05831688 (England and Wales)
CHESTERFIELD WATERSIDE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHESTERFIELD WATERSIDE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 9
CHESTERFIELD WATERSIDE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

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.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P D Swallow
M R Bower
P A Gilby
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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.

CHESTERFIELD WATERSIDE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

In preparing these financial statements, the directors are required to:

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M R Bower
Director
28 March 2025
CHESTERFIELD WATERSIDE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
7,751,994
7,772,430
Debtors
5
1,595
5,548
Cash at bank and in hand
86,412
2,076
7,840,001
7,780,054
Creditors: amounts falling due within one year
6
(21,586)
(24,274)
Net current assets
7,818,415
7,755,780
Creditors: amounts falling due after more than one year
7
(8,207,176)
(8,112,889)
Net liabilities
(388,761)
(357,109)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(389,761)
(358,109)
Total equity
(388,761)
(357,109)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 number 05831688 (England and Wales)
CHESTERFIELD WATERSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

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.

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 for the company show a trueloss for the year of £31,652 (2023 loss: £43,158) and a deficit in shareholders' funds of £388,761 (2023 deficit: £357,109). Included within liabilities are amounts due to related companies of £8,207,176 (2023: £8,112,890).

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continued financial support of its shareholders. The directors are confident that the company has sufficient working capital to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.

1.3
Turnover

Turnover represents property development sales to outside customers, recognised upon legal completion.    

Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% Straight Line
Fixtures, fittings & equipment
33% Straight Line

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.

1.5
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CHESTERFIELD WATERSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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 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.

1.8
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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CHESTERFIELD WATERSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

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.

Stocks

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.

3
Employees

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

2024
2023
Number
Number
Total
3
3

The only employees in the year were the directors and they did not receive any remuneration.

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
21,447
9,672
31,119
Depreciation and impairment
At 1 April 2023 and 31 March 2024
21,447
9,672
31,119
Carrying amount
At 31 March 2024
-
0
-
0
-
0
At 31 March 2023
-
0
-
0
-
0
CHESTERFIELD WATERSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,595
5,548
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,627
13,414
Taxation and social security
10,659
-
0
Other creditors
6,300
10,860
21,586
24,274
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
8,207,176
8,112,889

Other creditors represent amounts owed to related parties, details of which are disclosed in note 9.

 

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
405
405
405
405
Ordinary B shares of £1 each
405
405
405
405
Ordinary C shares of £1 each
190
190
190
190
1,000
1,000
1,000
1,000

Save in relation to income, the A Shares, B Shares and C Shares shall rank pari passu in all respects.

 

 

 

 

 

 

 

 

 

 

CHESTERFIELD WATERSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Audit report information

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:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Terri Pierpoint
Statutory Auditor:
BHP LLP
Date of audit report:
28 March 2025
10
Related party transactions
Transactions with related parties

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.

 

CHESTERFIELD WATERSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Parent company

The company is a joint venture between Bolsterstone Group Limited, Laver Regeneration Limited and Chesterfield Borough Council for the purpose of property development. Each party holds 40.5%, 40.5% and 19% respectively of the company's issued share capital.

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