Company registration number 11688451 (England and Wales)
All Saints Developments (Great Ellingham) Limited
Audited Financial Statements
For the year ended
28 February 2025
Pages for filing with registrar
All Saints Developments (Great Ellingham) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
All Saints Developments (Great Ellingham) Limited
Statement Of Financial Position
As at 28 February 2025
- 1 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
5,246
6,650
Tangible assets
6
68,274
22,436
73,520
29,086
Current assets
Stocks
22,869,415
21,625,818
Debtors
7
407,183
72,583
Cash at bank and in hand
649,709
724
23,926,307
21,699,125
Creditors: amounts falling due within one year
8
(6,360,685)
(10,429,917)
Net current assets
17,565,622
11,269,208
Total assets less current liabilities
17,639,142
11,298,294
Creditors: amounts falling due after more than one year
9
(27,165,675)
(16,577,995)
Net liabilities
(9,526,533)
(5,279,701)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(9,526,633)
(5,279,801)
Total equity
(9,526,533)
(5,279,701)
The notes on pages 2 to 7 form part of these 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 income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 May 2025 and are signed on its behalf by:
C. Van Niekerk
Director
Company registration number 11688451 (England and Wales)
All Saints Developments (Great Ellingham) Limited
Notes To The Financial Statements
For the year ended 28 February 2025
- 2 -
1
General information
All Saints Developments (Great Ellingham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Riverside Road, Norwich, Norfolk, NR1 1SQ.
2
Accounting policies
2.1
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.
2.2
Going concern
The directors have considered the company’s position at the time of signing the financial statements, and in particular to current global issues and their potential impact on the company and the wider economy. true
Phase 1 of the development was completed in the prior year and all 20 units have been transferred to their respective purchasers. Phase 2a is currently under construction and almost complete. At year-end 8 of the 23 units were sold and transferred to the new owners, with a further 7 reservations.
All debt, including interest, owing to Sancus Funding Limited has been repaid. A new development loan was entered into with Investec Bank PLC during the year to finance the settlement of Sancus and the completion of phase 2a.
With regards to the existing loan from its parent undertaking AmdecUK Limited, the company has received assurances that the parent company will not seek repayment of the loan amounts advanced to date and will continue to advance the necessary funds to enable the company to meet its current and ongoing administrative liabilities as they fall due.
Based on this the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, and therefore adopt the going concern basis of accounting in preparing these financial statements.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the sale of residential property in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of residential property is recognised when the significant risks and rewards of ownership of the properties 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.
2.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
All Saints Developments (Great Ellingham) Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
2
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
3 Years
2.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.6
Stocks
Stocks comprise residential properties which are being developed by the company for sale in the ordinary course of business. 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 properties to their present location and condition.
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.
2.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
2.8
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 classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Basic financial assets
Basic financial assets, which include debtors, 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
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.
All Saints Developments (Great Ellingham) Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
2
Accounting policies
(Continued)
- 4 -
2.9
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 income statement 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.
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 income statement, 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.
2.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4
Employees
The company employed no persons during the current and preceding years.
All Saints Developments (Great Ellingham) Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
- 5 -
5
Intangible fixed assets
Website
£
Cost
At 1 March 2024 and 28 February 2025
50,067
Amortisation and impairment
At 1 March 2024
43,417
Amortisation charged for the year
1,404
At 28 February 2025
44,821
Carrying amount
At 28 February 2025
5,246
At 29 February 2024
6,650
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2024
21,945
27,211
49,156
Additions
56,500
56,500
At 28 February 2025
21,945
83,711
105,656
Depreciation and impairment
At 1 March 2024
13,166
13,554
26,720
Depreciation charged in the year
4,392
6,270
10,662
At 28 February 2025
17,558
19,824
37,382
Carrying amount
At 28 February 2025
4,387
63,887
68,274
At 29 February 2024
8,779
13,657
22,436
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
407,183
72,583
All Saints Developments (Great Ellingham) Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
- 6 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Other borrowings
5,652,616
9,041,449
Trade creditors
338,376
1,005,239
Accruals and deferred income
369,693
383,229
6,360,685
10,429,917
Other borrowings represent loans of £5,652,616 (2024: £9,041,449) that are secured by first legal charges over the site known as land on the north side of Watton Road, Great Ellingham, Norfolk.
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
27,165,675
16,577,995
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Julia Wigram FCA
Statutory Auditor:
Dixcart Audit LLP
Date of audit report:
2 June 2025
11
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
273,000
All Saints Developments (Great Ellingham) Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
- 7 -
12
Capital commitments
At 28 February 2025 the company had capital commitments relating to contractors of £1,084,664 (2024: £4,178,742).
13
Parent company
The parent company is AmdecUK Limited, incorporated in the UK. Amdec Investments (Pty) Ltd is the parent of the smallest group for which consolidated accounts including All Saints Developments (Great Ellingham) Limited are drawn up, and copies of these accounts can be obtained from its registered office at Amdec House, Silverwood Close, Steenberg Office Park, Tokai, 7945, South Africa.