ACCOUNTS - Final Accounts preparation

Company Registration Number 13724705

	WAKEFIELD GARDENS (LAZONBY) LIMITED

	FINANCIAL STATEMENTS

	31 MARCH 2025

WAKEFIELD GARDENS (LAZONBY) LIMITED

REGISTERED NUMBER: 13724705

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£


Current assets
Stocks	4	663,718		4,675,120
Debtors: amounts falling due within one year	5	759,278		123,254
Cash at bank and in hand	6	1,117,301		406,850
		2,540,297		5,205,224
Creditors: amounts falling due within one year	7	(1,414,658)		(5,020,092)
Net current assets			1,125,639		185,132
Total assets less current liabilities			1,125,639		185,132

Net assets			1,125,639		185,132

Capital and reserves
Called up share capital	9	1	1
Profit and loss account		1,125,638	185,131
		1,125,639	185,132

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.

N J Gordon

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

WAKEFIELD GARDENS (LAZONBY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Wakefield Gardens (Lazonby) Limited is a private company limited by shares, incorporated in England. The registered office is Agricola House Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, United Kingdom, CA11 9BN.

The principal activity of the entity is that of a housing developer.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

2.2

Going concern

Management and the directors have considered a period of at least twelve months from the date of sign off when making their assessment with regards to going concern. After consideration of all factors, including review of forecasted future profitability, headroom in funding activities, and wider economic conditions, the Directors have continued to adopt the going concern basis in preparing the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of Houses

Revenue from the sale of houses is recognised when the significant risks and rewards of ownership
have been transferred to the purchaser on legal completion.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Page 2

WAKEFIELD GARDENS (LAZONBY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost includes all expenditure directly attributable to the development.

Upon the sale of properties, stock is reduced by a proportionate amount based upon the sales value against total forecasted sales.

At each reporting date, stocks are assessed for impairment. If stock 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.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the company's financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the Statement of Financial Position date, and the amounts reported for revenues and expenses during the period.

However, due to the nature of estimation, the actual outcomes could differ from those estimates, particularly in respect of the below.

Costs Attributable to House Sales

The company sells properties prior to completion of the full development, as a result the total cost of the development, including costs that are not directly attributable to individual plots, are not known. The cost of sales recognised upon the sale of each property therefore includes an element of judgement within the estimated future costs.

4.	Stocks
		2025	2024
		£	£

Work in progress - land	116,887	1,216,176
Work in progress - development	546,831	3,458,944
	663,718	4,675,120

Page 3

WAKEFIELD GARDENS (LAZONBY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Amounts owed by participating interests	509,852	-
Other debtors	7,424	1,840
Prepayments and accrued income	242,001	121,413
Unpaid Share Capital	1	1
	759,278	123,254

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,117,301	406,850
	1,117,301	406,850

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	-	2,342,429
Shareholder loans	1,095,100	1,595,100
Amounts owed to participating interests	-	1,020,918
Corporation tax	313,403	61,645
Other creditors	6,155	-
	1,414,658	5,020,092

The shareholder loans due of £1,095,100 (2024: £1,595,100) is unsecured and repayable in full upon the final sale of properties.

8.	Financial instruments
		2025	2024
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	1,117,301	1,117,301

Financial assets measured at fair value through profit or loss comprise...

Page 4

WAKEFIELD GARDENS (LAZONBY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary share of £1.00	1	1

10.	Related party transactions
	At the balance sheet date, the company owed £1,095,100 (2024: £1,595,100) to Housing Growth Partnership, an entity which owns 50% of the share capital of the company. The balance was interest free and repayable upon the final sale of properties.

11.	Controlling party

The company is jointly controlled by Genesis Homes Group Limited and Housing Growth Partnership.

12.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 9 December 2025 by Simon Turner (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.

Page 5