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Budock Vean Developments Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 08747134

 

Budock Vean Developments Limited

Company Information

Director

J M Nettleton

Company secretary

L J Holmes

Registered office

Budock Vean Hotel
Mawnan Smith
Falmouth
TR11 5LG

Auditors

PKF Francis Clark
Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Budock Vean Developments Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

-

128,143

Debtors

5

225

-

Cash at bank and in hand

 

671

851

 

896

128,994

Creditors: Amounts falling due within one year

6

(138,717)

(135,872)

Net liabilities

 

(137,821)

(6,878)

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

(137,921)

(6,978)

Shareholders' deficit

 

(137,821)

(6,878)


These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 March 2025
 

.........................................
J M Nettleton
Director

Company Registration Number: 08747134

 

Budock Vean Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital and incorporated in England and Wales.

The address of its registered office is:
Budock Vean Hotel
Mawnan Smith
Falmouth
TR11 5LG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Audit report

The Independent Auditor's Report was unqualified. We draw attention to the disclosure made in note 2 of the financial statements which explains that the financial statements have not been prepared on the going concern basis for the reason set out in that note. No adjustments were necessary as a result of preparing the accounts on a basis other than going concern. Our audit opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The name of the Senior Statutory Auditor who signed the audit report on 7 April 2025 was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark.

.........................................

 

Budock Vean Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Going concern

It is the intention for the company to cease to trade and be wound up within the next 12 months from the date of signing the financial statements. Therefore, the financial statements are not prepared on the going concern basis. This has had no impact on the values or items included in the financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of lodges.

Turnover is recognised at the point of practical completion. Any income invoiced in advance of the date of practical completion is deferred and recognised within creditors as deferred income.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive
income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below.

Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Work in progress

Work in progress relates to deferred costs on lodges that are not completed at the balance sheet date.

The work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less directly attributable selling costs such as conveyancing. Costs include all direct costs associated with the project.

 

Budock Vean Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Critical judgement and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the directors the key areas of judgement in the financial statements are as follows:

Work in progress (note 4)
The company has work in progress at the balance sheet date of £nil (2022 - £128,143), which relates to the development of further lodges on the grounds of the Budock Vean Hotel.

Work in progress has been impaired this year as management believe the work in progress balance is not recoverable. Subsequent to the year end, the company's immediate parent company, Budock Vean Holdings Limited was sold and during this process it was agreed the development work in progress have no market value. Furthermore, there are no plans in the foreseeable future to complete the development of lodges therefore work in progress has been impaired to £nil.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

 

Budock Vean Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (excluding the directors who were remunerated through a group undertaking) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Work in progress

-

128,143

5

Debtors

2023
£

2022
£

Other debtors

225

-

225

-

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Trade creditors

1,350

-

Amounts due to group undertakings

135,266

133,962

Accruals

2,101

1,910

138,717

135,872

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

 

Budock Vean Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Budock Vean Developments Limited has provided security by means of a debenture dated 28 July 2014 in respect of bank borrowings due from its fellow group undertakings.

At the balance sheet date the total level of group bank borrowings was £3,391,333 (2022 - £3,666,333), which is disclosed in the financial statements of the immediate parent undertaking Budock Vean Hotel Limited.

9

Non adjusting events after the financial period

On 3 December 2024, Net Hotel 4 Limited acquired 100% of the shareholding of Budock Vean Development Limited's previous ultimate parent company, Budock Vean Holdings Limited.

10

Parent and ultimate parent undertaking

The company's immediate parent and, during the year, ultimate parent company is Budock Vean Holdings Limited, incorporated in England and Wales.

The financial statements of Budock Vean Holdings Limited are available upon request from Companies House.

Subsequent to the year end, as described in note 9, there was a change of control with Net 4 Hotel Limited acquiring Budock Vean Holdings Limited. The ultimate parent company has become Nettleton Holdings Limited, incorporated in England and Wales.