Company registration number 13654387 (England and Wales)
ARCHEL WOODSIDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ARCHEL WOODSIDE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ARCHEL WOODSIDE LIMITED
BALANCE SHEET
- 1 -
30 June 2024
30 September 2023
Notes
£
£
£
£
Current assets
Stocks
3,720,002
2,639,457
Debtors
3
18,528
577,298
Cash at bank and in hand
7,168
7,975
3,745,698
3,224,730
Creditors: amounts falling due within one year
4
(1,323,499)
(89,606)
Net current assets
2,422,199
3,135,124
Creditors: amounts falling due after more than one year
5
(2,090,751)
(1,586,660)
Net assets
331,448
1,548,464
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
331,348
1,548,364
Total equity
331,448
1,548,464
For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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.
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 8 April 2025 and are signed on its behalf by:
A Rae
Director
Company registration number 13654387 (England and Wales)
ARCHEL WOODSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Archel Woodside Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Catherine Place, London, SW1E 6DX.
1.1
Reporting period
The financial statements have been prepared for 9 months from 1st October 2023 to 30th June 2024 as compared to last year 12 months.Therefore the comparative amounts presented in these financial statements are not entirely comparable.
1.2
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.
1.3
Turnover
Turnover represents the sales proceeds of properties during the year.
Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
ARCHEL WOODSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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, 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ARCHEL WOODSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
462,397
Other debtors
18,528
114,901
18,528
577,298
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,604
39,622
Corporation tax
12,371
Other creditors
1,316,895
37,613
1,323,499
89,606
ARCHEL WOODSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,235,660
Amounts owed to group undertakings
1,669,751
Other creditors
421,000
351,000
2,090,751
1,586,660
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The company has one class of ordinary shares where each share carries one voting right.
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,669,751
-
Other related parties
1,621,000
351,000
The amount due to other related parties of £1,621,000 is included in creditors due within one year of £1,200,000 and creditors due after more than one year of £421,000
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
462,397
8
Parent company
The immediate and ultimate parent company is Archel Homes Limited registered at 19-21, Catherine Place, London, United Kingdom, SW1E 6DX, a company registered in England and Wales.