REGISTERED NUMBER: 06028016 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Wombwell Homes (Lostwithiel) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

R F Gilley

REGISTERED OFFICE:

Wombwell Homes Office

Grenville Road

Lostwithiel

Cornwall

PL22 0EP

REGISTERED NUMBER:

06028016 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

CURRENT ASSETS

Stocks

3,625,230

4,538,461

Debtors

4

1,250

3,321

Cash at bank

382,763

747,570

4,009,243

5,289,352

CREDITORS

Amounts falling due within one year

5

9,678,160

9,412,879

NET CURRENT LIABILITIES

(5,668,917

)

(4,123,527

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,668,917

)

(4,123,527

)

CREDITORS

Amounts falling due after more than one year

6

25,750

31,789

NET LIABILITIES

(5,694,667

)

(4,155,316

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(5,694,767

)

(4,155,416

)

SHAREHOLDERS' FUNDS

(5,694,667

)

(4,155,316

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

R F Gilley - Director

1.	STATUTORY INFORMATION

Wombwell Homes (Lostwithiel) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The Directors must report that the year had not panned out as planned. The remaining work to complete phase two went well and the finished properties and landscape are excellent. Sales however have been extremely slow and whilst overheads have been kept as low as possible the combination of rising costs and interest charges has worsened the company's position.

The directors, aware that the main funder, Homes England would not fund phase three (a site with panning for eight units), have been unsuccessful in sourcing alternative finance for this phase. The plan to reach an agreement with Homes England and other funders to settle all loans and accrued interest owed (which at the balance sheet date amounted to £8,894,438) and proceed with developing phase three has not come to fruition.

At the time of writing this report the directors have agreed with Homes England considerable reductions in the sales prices of phase two to enable a faster sale rate, to sell phase three, and to dispose of the freehold so that the debt can be minimised as much as possible.

The Directors are aware that on completion of this agreement with Homes England the company will be unable to repay all its creditors in full, but the position will be slightly better than if administrators were appointed now.

As a result, these financial statements have not been prepared on a going concern basis but on the basis that the company will not be able to realize its assets and discharge its liabilities in the normal course of business.

Turnover

Revenue is measured at the fair value of the consideration received net of discounts and incentives.

Revenue from the sale of development property is recognised on unconditional exchange of contracts.

Work in progress

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct expenditure plus overheads and finance costs incurred during the development period up to the point of practical completion but not including those finance costs incurred between phases where no development is taking place.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

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

Trade debtors and creditors are classed as basic financial instruments and are initially measured at transaction price.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term deposits with an original maturity date of three months or less.

Loans and borrowings are classified as basic financial instruments and are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument, unless exempt from such treatment

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

60

65

Other debtors

1,190

3,256

1,250

3,321

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

6,113

5,956

Trade creditors

13,257

193,356

Taxation and social security

50

1,798

Other creditors

9,658,740

9,211,769

9,678,160

9,412,879

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

25,750

31,789

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Other loans

8,058,935

7,698,963

The other loans are secured as follows:

A legal charge dated 30 October 2015 over the property known as Land at Brunel Quays, Lostwithiel, Cornwall, which is being developed by the company and included in work in progress; and

Fixed and floating charges over all of the company's assets contained in a debenture dated 30 October 2015.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY AND DIRECTOR DISCLOSURES

During the year the company had current account balances with directors/controlling parties and other companies under their control. At the year end the net amount owed by the company was £382,655 (2023: £379,187).

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J D Wombwell.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wombwell Homes (Lostwithiel) Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Wombwell Homes (Lostwithiel) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wombwell Homes (Lostwithiel) Limited and state those matters that we have agreed to state to the director of Wombwell Homes (Lostwithiel) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wombwell Homes (Lostwithiel) Limited and its director for our work or for this report.

It is your duty to ensure that Wombwell Homes (Lostwithiel) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wombwell Homes (Lostwithiel) Limited. You consider that Wombwell Homes (Lostwithiel) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wombwell Homes (Lostwithiel) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

18 September 2025