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Nuthurst Developments Limited

Annual Report and Financial Statements
Year Ended 31 October 2024

Registration number: 12411384

 

Nuthurst Developments Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Nuthurst Developments Limited

Balance Sheet

31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,894

11,117

Current assets

 

Stocks

5

653,401

623,734

Debtors

6

1,609

2,355

Cash at bank and in hand

 

22,605

71,585

 

677,615

697,674

Creditors: Amounts falling due within one year

7

(704,291)

(718,738)

Net current liabilities

 

(26,676)

(21,064)

Net liabilities

 

(17,782)

(9,947)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(17,882)

(10,047)

Shareholders' deficit

 

(17,782)

(9,947)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
J H Mason
Director

Company Registration Number: 12411384

 

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 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:
Tregenna Castle Hotel
Trelyon Avenue
St Ives
Cornwall
TR26 2DE

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.

Going concern

At the balance sheet date the company has net liabilities of £17,782 (2023 - £9,947).

Included in creditors is amounts due to group undertakings of £702,541 (2023 - £716,768), which the group has pledged will not be recalled until such time that the company can make repayment. This is expected to occur when the company has completed its development project and sold all of the units on the site.

 

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2024

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 in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Stocks

Work in progress relates to the development of properties for sale.

Work in progress is stated at the lower of cost and estimated selling price less costs to sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, work in progress is assessed for impairment. If impairment occurs, the carrying amount is reduced to its selling price less costs to comlpete and sell, with the impairment loss being recognised immediately in profit or loss.

 

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Inter company balances, and;
• 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.

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.


 

 

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Critical judgements 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.

In the opinion of the Directors the key areas of judgements made in the financial statements are as follows:

- Carrying value of inventories (note 5).
At the balance sheet date the company had work in progress of £653,401 (2023 - £623,734) which relates to a development project. Management have considered the expected project costs to complete and sales value of completed units, and in light of this assessment are satisfied that work in progress is stated correctly at the lower of cost and net realisable value, and that no provision is required.

3

Staff numbers

The average number of persons employed by the company (excluding directors who were remunerated by a group undertaking) during the year, was 0 (2023 - 0).

 

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

11,598

11,598

At 31 October 2024

11,598

11,598

Depreciation

At 1 November 2023

481

481

Charge for the year

2,223

2,223

At 31 October 2024

2,704

2,704

Carrying amount

At 31 October 2024

8,894

8,894

At 31 October 2023

11,117

11,117

5

Stocks

2024
£

2023
£

Work in progress

653,401

623,734

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

1,474

-

Other debtors

 

135

2,355

 

1,609

2,355

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

3,600

Amounts owed to group undertakings

702,541

716,768

Accruals and deferred income

1,750

(1,630)

704,291

718,738

 

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Parent and ultimate parent undertaking

The company's immediate parent is M&P Food Products Limited, a company incorporated in England and Wales. Its registered office is Tregenna Castle Hotel, Trelyon Avenue, St Ives, Cornwall, TR26 2DE.

 The most senior parent entity producing publicly available financial statements is M&P Food Products Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Thomas Roach BSc FCA, who signed for and on behalf of PKF Francis Clark on 23 May 2025.