Year Ended
Registration number:
Nuthurst Developments Limited
Balance Sheet
31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
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( |
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
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Company Registration Number: 12411384
Nuthurst Developments Limited
Notes to the Financial Statements
Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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:
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Asset class |
Depreciation method and rate |
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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
• 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
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.
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Staff numbers |
The average number of persons employed by the company (excluding directors who were remunerated by a group undertaking) during the year, was
Nuthurst Developments Limited
Notes to the Financial Statements
Year Ended 31 October 2024
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Tangible assets |
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Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2023 |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Stocks |
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2024 |
2023 |
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Work in progress |
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Debtors |
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Note |
2024 |
2023 |
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Amounts owed by group undertakings |
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- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
- |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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( |
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Nuthurst Developments Limited
Notes to the Financial Statements
Year Ended 31 October 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
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Audit report |