Driftstone (Walberton) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12254900 (England and Wales)

Financial Statements for the Period 10 October 2019 to 31 August 2020

for

DRIFTSTONE (WALBERTON) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C M Hawkes

R P Lewis

REGISTERED OFFICE:

Driftstone Manor

Middleway

Kingston Gorse

East Preston

West Sussex

BN16 1SB

REGISTERED NUMBER:

12254900 (England and Wales)

CURRENT ASSETS

Stocks

1,873,750

CREDITORS

Amounts falling due within one year

4

(1,873,749

)

NET CURRENT ASSETS

1

TOTAL ASSETS LESS CURRENT LIABILITIES

1

CAPITAL AND RESERVES

Called up share capital

1

SHAREHOLDERS' FUNDS

1

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2021 and were signed on its behalf by:

R P Lewis - Director

C M Hawkes - Director

1.	STATUTORY INFORMATION

Driftstone (Walberton) 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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.

Stocks

Stocks and work in progress have been valued at the lower of cost and net realisable value. All properties are held for resale.

Work in progress represents all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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 and loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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.

Basic financial liabilities

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity Instruments

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

All called up share capital is allotted and fully paid.

Going concern

The financial statements have been prepared on the going concern basis. The directors have considered relevant information including the company budget and cash flows and the impact of subsequent events in making their assessment. COVID-19 has inevitably introduced uncertainties over the future and the ensuing economic shutdown has had a significant effect on the company's operations. However, the company has been able to continue to function efficiently despite deploying the measures required for social distancing. The company's trading remains satisfactory and the COVID-19 pandemic has also provided the company with new opportunities. In response to the COVID-19 pandemic, the directors have carried out an analysis at group level of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the company the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed to group undertakings

1,873,749

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr. C.R.G. Tomaszewski (Senior Statutory Auditor)

for and on behalf of Alexanders

6.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Speed Group (Holdings) Limited by virtue of 100% shareholding in the company (or parent company if applicable). The registered office is Driftstone Manor, Middle Way, Kingston Gorse, East Preston, West Sussex, BN16 1SB.

The ultimate controlling party is R P Lewis by virtue of his shareholding in the ultimate parent company Speed Group (Holdings) Limited.