Worcester Developments Limited 09130963 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true false false 09130963 2023-08-01 2024-07-31 09130963 2024-07-31 09130963 core:CurrentFinancialInstruments 2024-07-31 09130963 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 09130963 bus:SmallEntities 2023-08-01 2024-07-31 09130963 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09130963 bus:FilletedAccounts 2023-08-01 2024-07-31 09130963 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 09130963 bus:RegisteredOffice 2023-08-01 2024-07-31 09130963 bus:Director4 2023-08-01 2024-07-31 09130963 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09130963 core:OtherRelatedParties 2023-08-01 2024-07-31 09130963 core:Subsidiary1 2023-08-01 2024-07-31 09130963 core:Subsidiary1 1 2023-08-01 2024-07-31 09130963 countries:EnglandWales 2023-08-01 2024-07-31 09130963 2023-07-31 09130963 2022-08-01 2023-07-31 09130963 2023-07-31 09130963 core:CurrentFinancialInstruments 2023-07-31 09130963 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 09130963 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-07-31 09130963 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-07-31 09130963 core:PreviouslyStatedAmount 2023-07-31 09130963 core:Subsidiary1 1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 09130963

Prepared for the registrar

Worcester Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Worcester Developments Limited

(Registration number: 09130963)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

10,000

10,000

Investments

5

2

2

 

10,002

10,002

Current assets

 

Debtors

6

2,759,553

2,759,548

Cash at bank and in hand

 

1,842

7,471

 

2,761,395

2,767,019

Creditors: Amounts falling due within one year

7

(125,541)

(127,661)

Net current assets

 

2,635,854

2,639,358

Net assets

 

2,645,856

2,649,360

Capital and reserves

 

Called up share capital

688

688

Share premium reserve

2,499,382

2,499,382

Capital redemption reserve

30

30

Retained earnings

145,756

149,260

Shareholders' funds

 

2,645,856

2,649,360

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2025
 


J Knight-Adams
Director

 

Worcester Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

1

General information

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

The address of its registered office is:
The Stables
Ballards Drive
Upper Colwall
Malvern
WR13 6PP

 

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge 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 in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Worcester Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

4

Investment properties

£

At 1 August 2023 and at 31 July 2024

10,000

There has been no valuation of investment property by an independent valuer.

 

5

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

 

Worcester Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

St Martins Gate Lowesmoor Limited

The Stables
Ballards Drive
Upper Colwall
Malvern
WR13 6PP

Ordinary

100%

100%

The net liabilities of the company at 31 December 2023 were £4,128 (2022: £12,793).

 

6

Debtors

Note

2024
 £

2023
 £

Amounts owed by related parties

9

2,759,478

2,759,478

Other debtors

 

75

70

   

2,759,553

2,759,548

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

41

28

Amounts due to related parties

9

122,500

82,000

Social security and other taxes

 

-

44,133

Accrued expenses

 

3,000

1,500

 

125,541

127,661

 

8

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Other borrowings

9

41

28

 

Worcester Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

 

9

Related party transactions

Summary of transactions with other related parties

At 31 July 2024 the company owed £41 (2023: £28) to a director. No interest was paid on this balance and there are no fixed terms for repayment.

At 31 July 2024 the company owed £nil (2023: £82,000) to Alpha Stanway Finance Limited, a company under common control. No interest was paid on this balance and there are no fixed terms for repayment.

At 31 July 2024, the company owed £122,500 (2023: £nil) to Alpha Stanway Holdings Limited, its parent company. No interest was paid on this balance and there are no fixed terms for repayment.

At 31 July 2024 the company was owed £2,759,478 (2023: £2,759,478) by St Martins Gate Lowesmoor Limited, its wholly owned subsidiary. No interest was paid on this balance and there are no fixed terms for repayment.

 

 

10

Parent and ultimate parent undertaking

The company's ultimate parent company is Alpha Stanway Holdings Limited, a company incorporated in England and Wales, which owns 100% of the company's share capital.