Company registration number 14437922 (England and Wales)
INGLENOOK DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
INGLENOOK DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INGLENOOK DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
239,424
234,074
Cash at bank and in hand
600
840
240,024
234,914
Creditors: amounts falling due within one year
4
(240,422)
(235,072)
Net current liabilities
(398)
(158)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
6
(400)
(160)
Total equity
(398)
(158)

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 profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 September 2025 and are signed on its behalf by:
Mr A J Shaw
Director
Company registration number 14437922 (England and Wales)
INGLENOOK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Inglenook Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Lombard Street, Lichfield, Staffordshire, WS13 6DP.

1.1
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 a mounts 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.

1.2
Going concern

The accounts are prepared on a going concern basis, which places reliance on the continued support of the company's parent undertaking and fellow group undertakings and the company bankers.true

The directors have no reason to believe that the company bankers will not continue to provide the necessary loans and working capital finance to the company on their current agreed terms. The directors have received assurances that support provided by the parent and fellow group undertakings will continue to be provided and that they will not seek repayment of amounts due to them until such time as the company can do so without detriment to liabilities due to external creditors and their on-going working cash flow requirements.

Therefore, the directors believe that the company has adequate resources to continue its current operations and that it remains appropriate to prepare the company's financial statements on a going concern basis and the financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

INGLENOOK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Construction revenue

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised on a contract by contract basis using the stage of completion basis. The stage of a contract is determined based on surveys of work performed. Profit is recognised on separately identifiable components as the contract progresses. Each component may have different profit percentages associated with the work.

Monthly reviews are performed and revisions are made to estimates of revenue and costs as a contract progresses. When it is probable that total contracts costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately.

When the outcome of a construction contract cannot be estimated reliably, revenue is recognised to the extent of work performed but no profit is recognised.

Development revenue

Sales of development properties are recognised in turnover once legal contracts are completed and no substantive conditions remain unfulfilled.

1.4
Stocks

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 stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.5
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 current liabilities.

1.6
Financial instruments
Classification of financial liabilities

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.

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 paymen ts 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. A m ounts 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.

INGLENOOK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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 profit and loss account 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 profit and loss account, 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
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.

Carrying value of stock

At each reporting date, the carrying value of stock is assessed for any evidence of impairment. If there is any evidence of impairment, the carrying amount of the stock is reduced to its net realisable value which has an inherent degree of judgement. The impairment loss is recognised immediately in the profit and loss account.

INGLENOOK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
240,422
235,072
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(160)
-
0
Loss for the year
(240)
(160)
At the end of the year
(400)
(160)
7
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 31 December 2024 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.

INGLENOOK DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Peter Whitehead FCA
Statutory Auditor:
Malcolm Piper & Company Limited
Date of audit report:
12 September 2025
8
Post balance sheet events

Subsequent to the year end the company has given security to its bankers in the form of two charges creating a fixed and floating charge over all of its present and future assets, stock, goodwill and intellectual property rights.

9
Parent company

The immediate and ultimate parent undertaking is Andy Shaw Developments Limited. A company incorporated in England and Wales, whose registered office is 23 Lombard Street, Lichfield, Staffordshire, WS13 6DP.

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