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Onyx Business Parks Barnstaple Ltd

Annual Report and Financial Statements
Year Ended 29 September 2024

Registration number: 14010541

 

Onyx Business Parks Barnstaple Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Onyx Business Parks Barnstaple Ltd

Balance Sheet

29 September 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

2,355,281

165,956

Debtors

5

217,221

3,751

Cash at bank and in hand

 

2,690

-

 

2,575,192

169,707

Creditors: Amounts falling due within one year

6

(2,583,514)

(173,845)

Net liabilities

 

(8,322)

(4,138)

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

(8,422)

(4,238)

Shareholders' deficit

 

(8,322)

(4,138)

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 1 June 2025 and signed on its behalf by:
 

.........................................
J C R Delve
Director

   
     

Company Registration Number: 14010541

 

Onyx Business Parks Barnstaple Ltd

Notes to the Financial Statements

Year Ended 29 September 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:
6 Babbage Way
Clyst Honiton
Exeter
Devon
EX5 2FN

The principal place of business is:
Roundswell Business Park
South of A39
Barnstaple
Devon
EX31 3RZ

These financial statements were authorised for issue by the Board on 1 June 2025.

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.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 June 2025 was Nicola Cornish BSc BFP FCA CTA, who signed for and on behalf of PKF Francis Clark.

 

Onyx Business Parks Barnstaple Ltd

Notes to the Financial Statements

Year Ended 29 September 2024

Disclosure of long or short period

The comparative financial statements covered the long period from incorporation (29 March 2022) to 29 September 2023, with the current financial statements covering the period to 30 September 2024.

The period end was adjusted last year in order to bring it in line with the group that it is a part of. By consequence the results are not directly comparable.

Going concern

At the balance sheet date the company has net liabilities of £8,322 (2023 - £4,138).

During the prior period the company started work on the development of a site, which is projected to be profitable over the full term of the project. As a result the Directors continue to adopt the going concern assertion in the preparation of the financial statements.

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.

Stocks

Stock of land and work in progress are stated at the lower of cost and net realisable value.

Cost includes all statutory and professional fees relating to the acquisition of a site, obtaining planning consents, directly attributable staff and borrowing costs (where applicable), and other costs of construction.

Related party transactions

The company has claimed exemption under Paragraph 33.1A of FRS 102 whereby disclosures need not be given of transactions that have taken place between two or more members of group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

 

Onyx Business Parks Barnstaple Ltd

Notes to the Financial Statements

Year Ended 29 September 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Work in progress

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.


 

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.

The following are regarded by the Directors as key areas of estimation:

Recoverable value of work in progress (note 4)
The Directors have considered the carrying value of work in progress at the balance sheet date, in the context of future costs to complete and expected sales values for completed units. As a result of this exercise the Directors are satisfied that work in progress is recognised at the lower of cost and net realisable value such that no impairment is necessary.

At the balance sheet date the carrying value of work in progress was £2,355,281 (2023 - £165,956).

 

Onyx Business Parks Barnstaple Ltd

Notes to the Financial Statements

Year Ended 29 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

2,355,281

165,956

5

Debtors

Current

2024
£

2023
£

Other debtors

216,212

3,751

Prepayments

1,009

-

 

217,221

3,751

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
 £

Due within one year

Trade creditors

799,813

25,503

Amounts due to group undertakings

1,488,799

145,342

Other creditors

20,734

-

Accrued expenses

193,168

3,000

Deferred income

81,000

-

2,583,514

173,845

 

Onyx Business Parks Barnstaple Ltd

Notes to the Financial Statements

Year Ended 29 September 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Parent and ultimate parent undertaking

The company's immediate parent is Onyx Business Parks Ltd, incorporated in England and Wales, whose registered office is 6 Babbage Way, Clyst Honiton, Exeter, Devon, EX5 2FN. Onyx Business Parks Ltd heads the smallest group preparing consolidated accounts for the year to 30 September 2024 which include the results of this company.

 The ultimate parent is MJL Cornwall Limited, incorporated in England and Wales, whose registered office is MJL House Cornwall Business Park West, Scorrier, Redruth, England, TR16 5FG.

 The most senior parent entity producing publicly available financial statements is MJL Cornwall Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 The ultimate controlling party is M J Lugg.

9

Audit report

The financial statements for the period ended 30 September 2024 were audited by:

PKF Francis Clark, statutory auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The senior statutory auditor was Nicola Cornish BSc BFP FCA CTA.

An unqualified and unmodified auditors' report on the financial statements for the period ended 30 September 2024 has been issued.