Nuthurst Developments Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Nuthurst Developments Limited

Balance Sheet

31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	7,115	8,894
Current assets
Stocks	5	653,401	653,401
Debtors	6	1,819	1,609
Cash at bank and in hand		476	22,605
		655,696	677,615
Creditors: Amounts falling due within one year	7	(686,282)	(704,291)
Net current liabilities		(30,586)	(26,676)
Total assets less current liabilities		(23,471)	(17,782)
Provisions for liabilities		(1,779)	-
Net liabilities		(25,250)	(17,782)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(25,350)	(17,882)
Shareholders' deficit		(25,250)	(17,782)

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 15 May 2026 and signed on its behalf by:
 

......................................... J H Mason Director

Company Registration Number: 12411384

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2025

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:
Tregenna Castle Hotel
Trelyon Avenue
St Ives
Cornwall
TR26 2DE

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.

Going concern

At the balance sheet date the company has net liabilities of £25,250 (2024 - £17,782).

Included in creditors is amounts due to group undertakings of £684,442 (2024 - £702,541), which the group has pledged will not be recalled until such time that the company can make repayment. This is expected to occur when the company has completed its development project and sold all of the units on the site.

In reaching their assessment of the appropriateness of the application of the going concern assertion management have considered a period of no less than 12 months from the approval of the financial statements.

On this basis management have continued to adopt the going concern basis in the preparation of the financial statements.

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2025

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% on reducing balance

Stocks

Work in progress relates to the development of properties for sale.

Work in progress is stated at the lower of cost and estimated selling price less costs to sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, work in progress is assessed for impairment. If impairment occurs, the carrying amount is reduced to its selling price less costs to complete and sell, with the impairment loss being recognised immediately in profit or loss.

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Inter company balances, and;
• Cash and bank balances.

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.

In the opinion of the Directors the key areas where estimation uncertainty exist in the financial statements are as follows:

- Carrying value of inventories (note 5).
At the balance sheet date the company had work in progress of £653,401 (2024 - £653,401) which relates to a development project. Management have considered the expected project costs to complete and sales value of completed units, and in light of this assessment are satisfied that work in progress is stated correctly at the lower of cost and net realisable value, and that no provision is required.

In the opinion of the Directors, the key areas where judgements have been made within the preparation of the financial statements or assumptions thereon are as follows:

- Going concern
A key judgements made by the Directors with regards to the appropriateness of the going concern assertion are as outlined in the above accounting policy.

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2025

3	Staff numbers

The average number of persons employed by the company (excluding directors who were remunerated by a group undertaking) during the year, was 0 (2024 - 0).

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 November 2024	11,598	11,598
At 31 October 2025	11,598	11,598
Depreciation
At 1 November 2024	2,704	2,704
Charge for the year	1,779	1,779
At 31 October 2025	4,483	4,483
Carrying amount
At 31 October 2025	7,115	7,115
At 31 October 2024	8,894	8,894

Nuthurst Developments Limited

Notes to the Financial Statements

Year Ended 31 October 2025

5

Stocks

	2025 £	2024 £
Work in progress	653,401	653,401

The amounts shown as work in progress are secured by means of a charge from a pension scheme attached to the Directors.

6

Debtors

	2025 £	2024 £
Amounts owed by group undertakings	1,474	1,474
Other debtors	345	135
	1,819	1,609

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Amounts owed to group undertakings	684,442	702,541
Accruals and deferred income	1,840	1,750
	686,282	704,291