Registration number:
Prepared for the registrar
for the
Year Ended 31 July 2024
Worcester Developments Limited
(Registration number: 09130963)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
688 |
688 |
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Share premium reserve |
2,499,382 |
2,499,382 |
|
Capital redemption reserve |
30 |
30 |
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Retained earnings |
145,756 |
149,260 |
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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:
• |
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• |
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
Worcester Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
£ |
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At 1 August 2023 and at 31 July 2024 |
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There has been no valuation of investment property by an independent valuer.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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The Stables
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The net liabilities of the company at 31 December 2023 were £4,128 (2022: £12,793).
Debtors |
Note |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Social security and other taxes |
- |
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Accrued expenses |
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Loans and borrowings |
Note |
2024 |
2023 |
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Current loans and borrowings |
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Other borrowings |
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Worcester Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Related party transactions |
Summary of transactions with other related parties
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.
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.