Company No: 05391810 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	M S Lucas
	G N Turner

SECRETARY

G N Turner

REGISTERED OFFICE	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT
	United Kingdom

COMPANY NUMBER

05391810 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	123,500		3,920
		123,500		3,920
Current assets
Stocks	4	51,900		169,137
Debtors	5	321,222		33,263
Cash at bank and in hand		66,059		73,326
		439,181		275,726
Creditors: amounts falling due within one year	6	( 380,480)		( 328,818)
Net current assets/(liabilities)		58,701		(53,092)
Total assets less current liabilities		182,201		(49,172)
Creditors: amounts falling due after more than one year	7	( 232,740)		( 227,632)
Provision for liabilities		( 30,875)		0
Net liabilities		( 81,414)		( 276,804)
Capital and reserves
Called-up share capital		1,000		1,000
Profit and loss account		( 82,414 )		( 277,804 )
Total shareholders' deficit		( 81,414)		( 276,804)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Serpentine Developments Limited (registered number: 05391810) were approved and authorised for issue by the Board of Directors on 02 September 2025. They were signed on its behalf by:

G N Turner Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Serpentine Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

As at 31 March 2025 the liabilities of the company exceeded its assets by £81,414 (2024: £276,804). The directors have confirmed they will continue to support the company.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Vehicles	4 years straight line
Fixtures and fittings	4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Stocks

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. Cost is based on the cost of purchase. Work in progress include labour and attributable overheads.

At each reporting 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	18,720		26,660		13,955		59,335
Additions	0		123,602		0		123,602
Disposals	0		( 26,660)		0		( 26,660)
At 31 March 2025	18,720		123,602		13,955		156,277
Accumulated depreciation
At 01 April 2024	17,880		26,660		10,875		55,415
Charge for the financial year	420		2,575		1,027		4,022
Disposals	0		( 26,660)		0		( 26,660)
	0		0		0		0
At 31 March 2025	18,300		2,575		11,902		32,777
Net book value
At 31 March 2025	420		121,027		2,053		123,500
At 31 March 2024	840		0		3,080		3,920

4. Stocks

	2025		2024
	£		£
Work in progress	51,900		169,137

5. Debtors

	2025		2024
	£		£
Trade debtors	305,013		33,263
Other debtors	16,209		0
	321,222		33,263

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,200		10,200
Trade creditors	182,244		190,927
Other loans	29,500		42,000
Accruals	79,158		4,158
Corporation tax	13,577		0
Other taxation and social security	45,801		64,160
Obligations under finance leases and hire purchase contracts	20,000		3,599
Other creditors	0		13,774
	380,480		328,818

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	510		10,747
Obligations under finance leases and hire purchase contracts	80,000		3,613
Other creditors	152,230		213,272
	232,740		227,632