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Registered number: 12544678









CHATSWORTH HOMES WISBECH LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 APRIL 2024

 
CHATSWORTH HOMES WISBECH LIMITED
REGISTERED NUMBER: 12544678

BALANCE SHEET
AS AT 29 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
4,207
3,180

  
4,207
3,180

Current assets
  

Work in progress
 5 
15,712,996
12,943,361

Debtors: amounts falling due within one year
 6 
324,430
380,335

Bank and cash balances
  
6,278
122,378

  
16,043,704
13,446,074

Creditors: amounts falling due within one year
 7 
(7,484,432)
(7,560,774)

Net current assets
  
 
 
8,559,272
 
 
5,885,300

Total assets less current liabilities
  
8,563,479
5,888,480

Creditors: amounts falling due after more than one year
 8 
(12,338,542)
(8,223,304)

Provisions for liabilities
  

Deferred tax
 10 
(1,052)
(632)

  
 
 
(1,052)
 
 
(632)

Net liabilities
  
(3,776,115)
(2,335,456)


Capital and reserves
  

Called up share capital 
 11 
300
300

Profit and loss account
  
(3,776,415)
(2,335,756)

  
(3,776,115)
(2,335,456)


Page 1

 
CHATSWORTH HOMES WISBECH LIMITED
REGISTERED NUMBER: 12544678

BALANCE SHEET (CONTINUED)
AS AT 29 APRIL 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
Ms C Bull
Director

Date: 29 April 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

1.


General information

Chatsworth Homes Wisbech Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom.
The principal activity of the Company continued to be that of development of residential housing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentational currency is Pounds Sterling.
The level of rounding is to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the going concern basis in preparing these financial statements. 
The Directors have concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading and continued support from the director for a period of at least twelve months from the date of approval of these financial statements to enable the Company to meet its liabilities as they arise.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.



 
2.9

Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objectives evidence of impairment is found an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 11).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 30 April 2023
-
4,944
4,944


Additions
595
1,720
2,315



At 29 April 2024

595
6,664
7,259



Depreciation


At 30 April 2023
-
1,764
1,764


Charge for the year on owned assets
-
1,288
1,288



At 29 April 2024

-
3,052
3,052



Net book value



At 29 April 2024
595
3,612
4,207



At 29 April 2023
-
3,180
3,180

Page 6

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

5.


Work in progress

2024
2023
£
£

Work in progress
15,712,996
12,943,361



6.


Debtors

As restated
2024
2023
£
£


Other debtors
-
100,647

Prepayments and accrued income
324,430
279,688

324,430
380,335



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
229,176
728,886

Other taxation and social security
52,282
29,274

Other creditors
7,193,474
6,796,783

Accruals and deferred income
9,500
5,831

7,484,432
7,560,774



8.


Creditors: Amounts falling due after more than one year

As restated
2024
2023
£
£

Other loans
12,338,542
8,223,304


Included within creditors are secured debts amounting to £12,338,542 (2023 - £8,223,304) which are secured via a fixed and floating charge on the Company's assets.

Page 7

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


As restated
2024
2023
£
£


Amounts falling due 1-2 years

Other loans
12,338,542
8,223,304





10.


Deferred taxation




2024


£






At beginning of year
(632)


Charged to profit or loss
(420)



At end of year
(1,052)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,052)
(795)

Pension surplus
-
163

(1,052)
(632)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary shares of £1.00 each
300
300


Page 8

 
CHATSWORTH HOMES WISBECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

12.


Prior year adjustment

A prior year adjustment has been made in 2021 to recognise a credit note in the period to which it relates. The adjustment increased retained earnings and the amounts owed to related parties by £82,499.
 
A prior year adjustment has been recorded in 2022 to reclassify wages from an expense in the profit and loss to WIP. The adjustment increased retained earnings and WIP by £305,600.
 
A prior year adjustment has been made in 2022 to recognise a credit note in the period to which it relates. The adjustment increased retained earnings and amounts owed to related parties by £213,971.
A prior year adjustment has been made in 2023 to recognised an expense in the period to which it relates. The adjustment increased retained earnings by £52,084. It increased prepayments by £86,806 and the Sancus Loan A/C by £138,890.


13.


Related party transactions

During the year the Company continued loans with related parties. The balances due to related parties are interest free, repayable on demand and shown within other debtors and creditors. The balance owed to related parties at the year end is £4,633,981 (2023 - £6,795,079). The balance owed from related parties at the year end is £Nil (2023 - £8,341).
The Company continued loans with the Directors of the Company. The balances due to the Directors are interest free, repayable on demand and shown within other creditors. The balance owed to the Directors at the year end is £2,559,490 (2023 - £1,050).


14.


Controlling party

The ultimate controlling party is Ms C Bull by virtue of her 100% shareholding in the Company.


Page 9