WATERSTONE HOMES LIMITED Group accounts (Group and Company)

WATERSTONE HOMES LIMITED Group accounts (Group and Company)

WATERSTONE HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4177167
WATERSTONE HOMES LIMITED
Financial Statements
30 September 2020
WATERSTONE HOMES LIMITED
Financial Statements
Period from 1 April 2019 to 30 September 2020
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
6
Independent auditor's report to the members
8
Consolidated statement of income and retained earnings
12
Company statement of income and retained earnings
13
Consolidated statement of financial position
14
Company statement of financial position
15
Consolidated statement of cash flows
16
Notes to the financial statements
17
WATERSTONE HOMES LIMITED
Officers and Professional Advisers
The board of directors
Simon Paul Jehu
Marc Rene Jehu
Mrs A Gardner
Mr L Woodfine
Company secretary
M R Jehu
Registered office
Number One
Waterton Park
Bridgend
CF31 3PH
Auditor
Gordon Down & Partners
Accountants & business advisors & statutory auditor
144 Walter Road
Swansea
SA1 5RW
WATERSTONE HOMES LIMITED
Strategic Report
Period from 1 April 2019 to 30 September 2020
Business Strategy and Objectives Waterstone Homes Limited is a subsidiary of the Jehu Group, specialising in residential open market developments and land led residential projects. It is an award-winning developer/contractor with strong links to social and private housing providers, landowners and land agents. Its principal geographic area of operations is within Wales however, it is increasing its reach into the South West of England with its land led business model. The business has a reputation for building high end homes of distinction. In recent times, focus has shifted to a more sustainable high quality mid-market homes with an emphasis on intermediate sized developments whilst maintaining the character and quality that has established its strong brand. Business Review This has been an unprecedented and unpredictable period for our people, our industry, the wider economy, and society at large. Yet, despite this, we remain focused and positive as recovery from the Covid pandemic continues. The group took the decision to extend its financial year end to 30th September. This was done for the following business reasons:- 1. Trading history showed that Q4 being January to March was severely disrupted by Christmas, Easter and adverse weather. This impacted our ability to achieve a sprint finish for the year. 2. The directors felt it was prudent to see how the pandemic unfolded and what the long term impacts would be on the business. Turnover for the period (on a pro-rata 18 months projection from 2019) was down slightly to £33.88m The creativity and tenacity of our teams enabled us to quickly adapt to the new safe working operating procedures that kept our site open throughout the constant lockdowns. However, this came at a significant cost as productivity was severely disrupted resulting in increased operating costs. Profit margins were adversely impacted on our partnership projects but revenue continued to flow from our loyal, long standing customers. However, in the case of our open market sales, revenue ceased completely as government restrictions did not permit viewings, valuations and home moves during the first lockdown. Administrative expenses increased by £0.95m (on a pro-rata 18m projection from 2019) as we battled with additional operating costs during the pandemic. The overall impact of the above resulted in an operating loss of £1.83m (post tax). The close relationships with our long-standing clients proved vital during this period, all of whom were very grateful that we continued production throughout the pandemic. Many of our industry colleagues took the decision to shut down production and observed from the side lines. The directors wish to thank our people, our clients and our supply chain who never took a step backwards in meeting the challenges presented. Future Outlook Going forward the business will continue to focus on land led and joint venture opportunities with Registered Providers/Registered Social Landlords to deliver mixed tenue housing across Wales and increasingly the South West. Waterstone Homes subsidiary, Waterstone Abode successfully delivered its first development of high quality, middle market homes in a mixed tenure environment. We are actively acquiring development land to continue the roll out of this model. This is an exciting prospect for us as we see growth opportunities is this sector. The traditional Waterstone exclusive high end homes (2,200 - 4,000 sq.ft) are no longer viable for the business due to the disproportionate time and resource commitment required to bring such sites through the planning process. The focus will be on fewer projects but larger in volume. Jehu Group opened a regional office in Bristol in 2019 and Waterstone Homes are very excited about opportunities the region has presented. We are extremely confident of continued growth and success in the South West. At the 30th September 2020, Waterstone Homes had 6 live projects on site delivering 216 homes. Our 3 year active pipeline from the period October 2021 is in excess of 700 units (£120m) with a further 493 (£48m) from October 2024. The Company has implemented a turnaround plan with an emphasis on tighter financial controls and project monitoring to ensure a return to profit in line with our historic performance levels. The Company's objectives and role in the overall success of the Jehu Group is clear to the leadership team. This combined with a very healthy pipeline of work gives us confidence in the future going forward .
Financial Risk Management Objective and Policies The company has exposure to a variety of financial risks which are managed with the purpose of minimising any potential adverse effect on the company's performance. The board has policies for managing each of these risks and they are summarised below. Market Risk The company operates within a cyclical market which is vulnerable to wider economic cycles and confidence. The diversification of product, increasing the volume of affordable housing and selection of market sectors for sale that offer a distinct product and competitive advantage seeks to mitigate this risk. Inflation risk The company's project revenue and most of its costs are linked to inflation at the inception of the projects, resulting in the projects being largely insensitive to inflation. Liquidity risk The company regularly prepares and reviews its cash flow forecasts which are used to manage liquidity risk in conjunction with the maintenance of committed banking facilities to ensure adequate headroom is maintained. As a member of the Jehu Group, Waterstone Homes has benefits from pooling of group company bank accounts and increased overdraft facilities to support short term cash flow, and a group medium term facilities to support business growth together with enhanced securitisation arrangements to support development funding arrangements. New development facilities were secured in year to support each market sale development site. This continues to ensure Waterstone Homes is well placed to pursue its strategic and operational objectives of increasing the number of development sites to drive growth. Credit risk The company receives the majority of its revenue from the sale of residential homes. The balance of revenue is derived from housing associations and therefore the company is not exposed to significant credit risk. Waterstone Homes only acts as principal contractor on all projects undertaken so is not exposed to the potential collapse of larger construction sector businesses. Interest rate risk Interest rates are in line with the Bank of England forecast rates and are based on detailed bank balance predictions. Organisational Capacity During the year the Board sought to strengthen the business to support business growth, appointing a Managing Director and increasing the range and number of professional team members in anticipation of growth in project numbers. The results of a group wide staff survey showed that 99% of employees were both proud to work for and would recommend Jehu Group as an employer and an improved opportunities for learning and development. Health and Safety The company is involved in activities and environments that have the potential to cause serious injury to its stakeholders, or to damage property, the environment or our reputation. We are reliant upon a largely sub contracted workforce. In order to control risk and prevent harm the company is focused on achieving and consistently improving upon the highest standards of health and safety training, management, procedures and organisational arrangements to assess, monitor, control and audit risk. Government Policy Risk The Directors are encouraged by the continued levels of support by Welsh Government for the delivery of affordable housing. The publication of the Independent Review of Affordable Housing Supply and the Welsh Government Response to Final Report has underscored a commitment to the continued delivery of investment in affordable housing and the encouragement of innovation within its provision. Waterstone Homes will continue to monitor rollout of the recommendations from this review.
This report was approved by the board of directors on 29 June 2021 and signed on behalf of the board by:
Simon Paul Jehu
Director
Registered office:
Number One
Waterton Park
Bridgend
CF31 3PH
WATERSTONE HOMES LIMITED
Directors' Report
Period from 1 April 2019 to 30 September 2020
The directors present their report and the financial statements of the group for the period ended 30 September 2020 .
Directors
The directors who served the company during the period were as follows:
Simon Paul Jehu
Marc Rene Jehu
Mrs A Gardner
Mr L Woodfine
Mr A Lycett
(Retired 21 January 2020)
Dividends
The directors have continued with the policy of re-investing all distributable profits to fund future growth.
Disclosure of information in the strategic report
The company has has chosen in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 29 June 2021 and signed on behalf of the board by:
Simon Paul Jehu
Director
Registered office:
Number One
Waterton Park
Bridgend
CF31 3PH
WATERSTONE HOMES LIMITED
Independent Auditor's Report to the Members of WATERSTONE HOMES LIMITED
Period from 1 April 2019 to 30 September 2020
Opinion
We have audited the financial statements of WATERSTONE HOMES LIMITED (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2020 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2020 and of the group's loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Laurence Cohen
(Senior Statutory Auditor)
For and on behalf of
Gordon Down & Partners
Accountants & business advisors & statutory auditor
144 Walter Road
Swansea
SA1 5RW
29 June 2021
WATERSTONE HOMES LIMITED
Consolidated Statement of Income and Retained Earnings
Period from 1 April 2019 to 30 September 2020
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
Note
£
£
Turnover
4
33,881,197
22,890,754
Cost of sales
32,179,712
20,198,634
-------------
-------------
Gross profit
1,701,485
2,692,120
Administrative expenses
3,726,015
1,849,950
Other operating income
5
115,520
9,188
------------
------------
Operating (loss)/profit
6
( 1,909,010)
851,358
Other interest receivable and similar income
10
208
374
Interest payable and similar expenses
11
14,013
1,840
------------
------------
(Loss)/profit before taxation
( 1,922,815)
849,892
Tax on (loss)/profit
12
( 93,602)
106,673
------------
---------
(Loss)/profit for the financial period and total comprehensive income
( 1,829,213)
743,219
------------
---------
Retained earnings at the start of the period
2,963,080
2,219,861
------------
------------
Retained earnings at the end of the period
1,133,867
2,963,080
------------
------------
All the activities of the group are from continuing operations.
WATERSTONE HOMES LIMITED
Company Statement of Income and Retained Earnings
Period from 1 April 2019 to 30 September 2020
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
Note
£
£
(Loss)/profit for the financial period and total comprehensive income
( 2,580,499)
773,832
Retained earnings at the start of the period
3,319,652
2,545,820
------------
------------
Retained earnings at the end of the period
739,153
3,319,652
------------
------------
WATERSTONE HOMES LIMITED
Consolidated Statement of Financial Position
30 September 2020
30 Sep 20
31 Mar 19
Note
£
£
Fixed assets
Intangible assets
13
34,604
–
Tangible assets
14
35,488
34,439
--------
--------
70,092
34,439
Current assets
Stocks
16
13,262,329
12,141,521
Debtors
17
1,982,903
2,444,572
Cash at bank and in hand
248,625
783,692
-------------
-------------
15,493,857
15,369,785
Creditors: amounts falling due within one year
19
4,211,218
4,164,934
-------------
-------------
Net current assets
11,282,639
11,204,851
-------------
-------------
Total assets less current liabilities
11,352,731
11,239,290
Creditors: amounts falling due after more than one year
20
10,193,862
8,251,208
-------------
-------------
Net assets
1,158,869
2,988,082
-------------
-------------
Capital and reserves
Called up share capital
23
2
2
Revaluation reserve
24
25,000
25,000
Profit and loss account
24
1,133,867
2,963,080
------------
------------
Shareholders funds
1,158,869
2,988,082
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 29 June 2021 , and are signed on behalf of the board by:
Simon Paul Jehu
Director
Company registration number: 4177167
WATERSTONE HOMES LIMITED
Company Statement of Financial Position
30 September 2020
30 Sep 20
31 Mar 19
Note
£
£
Fixed assets
Tangible assets
14
35,488
34,439
Investments
15
43,760
1,001
--------
--------
79,248
35,440
Current assets
Stocks
16
11,233,111
11,924,471
Debtors
17
4,045,140
2,438,574
Cash at bank and in hand
–
774,487
-------------
-------------
15,278,251
15,137,532
Creditors: amounts falling due within one year
19
4,214,910
4,148,082
-------------
-------------
Net current assets
11,063,341
10,989,450
-------------
-------------
Total assets less current liabilities
11,142,589
11,024,890
Creditors: amounts falling due after more than one year
20
10,378,434
7,680,236
-------------
-------------
Net assets
764,155
3,344,654
-------------
-------------
Capital and reserves
Called up share capital
23
2
2
Revaluation reserve
24
25,000
25,000
Profit and loss account
24
739,153
3,319,652
---------
------------
Shareholders funds
764,155
3,344,654
---------
------------
The loss for the financial period of the parent company was £ 2,580,499 (2019: £ 773,832 profit).
These financial statements were approved by the board of directors and authorised for issue on 29 June 2021 , and are signed on behalf of the board by:
Simon Paul Jehu
Director
Company registration number: 4177167
WATERSTONE HOMES LIMITED
Consolidated Statement of Cash Flows
Period from 1 April 2019 to 30 September 2020
30 Sep 20
31 Mar 19
Note
£
£
Cash flows from operating activities
(Loss)/profit for the financial period
( 1,829,213)
743,219
Adjustments for:
Depreciation of tangible assets
22,800
11,760
Amortisation of intangible assets
847,866
30,590
Other interest receivable and similar income
( 208)
( 374)
Interest payable and similar expenses
14,013
1,840
Gains on disposal of tangible assets
–
( 4,100)
Tax on (loss)/profit
( 93,602)
106,673
Accrued (income)/expenses
( 140,653)
82,884
Changes in:
Stocks
( 1,120,808)
( 2,321,231)
Trade and other debtors
461,669
( 708,671)
Trade and other creditors
2,645,870
( 83,968)
------------
------------
Cash generated from operations
807,734
( 2,141,378)
Interest paid
( 14,013)
( 1,840)
Interest received
208
374
Tax received/(paid)
62,186
( 16,358)
---------
------------
Net cash from/(used in) operating activities
856,115
( 2,159,202)
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 23,849)
( 17,089)
Proceeds from sale of tangible assets
–
4,100
Purchase of intangible assets
( 882,470)
–
---------
------------
Net cash used in investing activities
( 906,319)
( 12,989)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 601,888)
2,383,868
Payments of finance lease liabilities
( 10,236)
( 38,238)
---------
------------
Net cash (used in)/from financing activities
( 612,124)
2,345,630
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 662,328)
173,439
Cash and cash equivalents at beginning of period
783,692
610,253
---------
---------
Cash and cash equivalents at end of period
18
121,364
783,692
---------
---------
WATERSTONE HOMES LIMITED
Notes to the Financial Statements
Period from 1 April 2019 to 30 September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Number One, Waterton Park, Bridgend, CF31 3PH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of WATERSTONE HOMES LIMITED and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT. The sale proceeds of part exchange properties are not included in revenue.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
33% straight line
Motor Vehicles
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Construction contracts
33,881,197
22,890,754
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Rental income
13,835
9,188
Other operating income
101,685
–
---------
-------
115,520
9,188
---------
-------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Amortisation of intangible assets
847,866
30,590
Depreciation of tangible assets
22,800
11,760
Gains on disposal of tangible assets
–
( 4,100)
---------
--------
7. Auditor's remuneration
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Fees payable for the audit of the financial statements
12,749
9,840
--------
-------
8. Staff costs
The average number of persons employed by the group during the period, including the directors, amounted to:
30 Sep 20
31 Mar 19
No.
No.
Administrative staff
22
20
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Wages and salaries
870,335
427,387
Other pension costs
39,051
28,852
---------
---------
909,386
456,239
---------
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Remuneration
320,736
159,164
---------
---------
10. Other interest receivable and similar income
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Interest on cash and cash equivalents
208
374
----
----
11. Interest payable and similar expenses
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Interest on banks loans and overdrafts
259
12
Interest on obligations under finance leases and hire purchase contracts
13,754
1,828
--------
-------
14,013
1,840
--------
-------
12. Tax on (loss)/profit
Major components of tax (income)/expense
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
Current tax:
UK current tax (income)/expense
( 93,602)
106,673
Tax on (loss)/profit
( 93,602)
106,673
--------
---------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the period is higher than (2019: lower than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).
Period from
1 Apr 19 to
Year to
30 Sep 20
31 Mar 19
£
£
(Loss)/profit on ordinary activities before taxation
( 1,922,815)
849,892
------------
---------
(Loss)/profit on ordinary activities by rate of tax
( 508,080)
161,479
Adjustment to tax charge in respect of prior periods
412,773
( 60,707)
Effect of expenses not deductible for tax purposes
6,236
8,369
Effect of capital allowances and depreciation
( 4,531)
( 2,468)
------------
---------
Tax on (loss)/profit
( 93,602)
106,673
------------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2019
152,950
Acquisitions through business combinations
882,470
------------
At 30 September 2020
1,035,420
------------
Amortisation
At 1 April 2019
152,950
Charge for the period
847,866
------------
At 30 September 2020
1,000,816
------------
Carrying amount
At 30 September 2020
34,604
------------
At 31 March 2019
–
------------
The company has no intangible assets.
14. Tangible assets
Group and company
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2019
2,601
29,539
15,000
70,058
117,198
Additions
–
–
10,000
13,849
23,849
-------
--------
--------
--------
---------
At 30 September 2020
2,601
29,539
25,000
83,907
141,047
-------
--------
--------
--------
---------
Depreciation
At 1 April 2019
244
27,983
7,750
46,782
82,759
Charge for the period
487
1,044
4,875
16,394
22,800
-------
--------
--------
--------
---------
At 30 September 2020
731
29,027
12,625
63,176
105,559
-------
--------
--------
--------
---------
Carrying amount
At 30 September 2020
1,870
512
12,375
20,731
35,488
-------
--------
--------
--------
---------
At 31 March 2019
2,357
1,556
7,250
23,276
34,439
-------
--------
--------
--------
---------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2019
1,001
Additions
850,510
Disposals
( 1,000)
---------
At 30 September 2020
850,511
---------
Impairment
At 1 April 2019
–
Impairment losses
806,751
---------
At 30 September 2020
806,751
---------
Carrying amount
At 30 September 2020
43,760
---------
At 31 March 2019
1,001
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Waterstone Homes (Crosshands) Ltd
Ordinary
100
Kinloch Court Investments Ltd
Ordinary
100
16. Stocks
Group
Company
30 Sep 20
31 Mar 19
30 Sep 20
31 Mar 19
£
£
£
£
Raw materials and consumables
333,050
587,050
193,000
370,000
Work in progress
12,620,724
11,493,293
10,731,556
11,493,293
Finished goods and goods for resale
308,555
61,178
308,555
61,178
-------------
-------------
-------------
-------------
13,262,329
12,141,521
11,233,111
11,924,471
-------------
-------------
-------------
-------------
17. Debtors
Group
Company
30 Sep 20
31 Mar 19
30 Sep 20
31 Mar 19
£
£
£
£
Trade debtors
861,202
1,656,495
856,952
1,654,995
Prepayments and accrued income
10,653
7,505
10,653
7,505
Jehu Group
–
–
–
463,237
Other debtors
1,111,048
780,572
3,177,535
312,837
------------
------------
------------
------------
1,982,903
2,444,572
4,045,140
2,438,574
------------
------------
------------
------------
The debtors above include the following amounts falling due after more than one year:
Group
Company
30 Sep 20
31 Mar 19
30 Sep 20
31 Mar 19
£
£
£
£
Trade debtors
–
22,499
–
22,499
Other debtors
839,516
516,282
2,906,946
463,237
---------
---------
------------
---------
839,516
538,781
2,906,946
485,736
---------
---------
------------
---------
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
30 Sep 20
31 Mar 19
£
£
Cash at bank and in hand
248,625
783,692
Bank overdrafts
( 127,261)
–
---------
---------
121,364
783,692
---------
---------
19. Creditors: amounts falling due within one year
Group
Company
30 Sep 20
31 Mar 19
30 Sep 20
31 Mar 19
£
£
£
£
Bank loans and overdrafts
127,261
–
136,652
–
Trade creditors
2,751,529
3,097,407
2,751,530
3,080,805
Accruals and deferred income
228,328
368,981
228,328
368,981
Corporation tax
135,945
167,361
135,945
167,361
Social security and other taxes
296,723
57,925
296,723
57,925
Obligations under finance leases and hire purchase contracts
–
10,236
–
10,236
Director loan accounts
145,672
110,872
145,672
110,872
Other creditors
525,760
352,152
520,060
351,902
------------
------------
------------
------------
4,211,218
4,164,934
4,214,910
4,148,082
------------
------------
------------
------------
20. Creditors: amounts falling due after more than one year
Group
Company
30 Sep 20
31 Mar 19
30 Sep 20
31 Mar 19
£
£
£
£
Bank loans and overdrafts
3,091,102
3,727,790
2,894,225
3,727,790
Other creditors
7,102,760
4,523,418
7,484,209
3,952,446
-------------
------------
-------------
------------
10,193,862
8,251,208
10,378,434
7,680,236
-------------
------------
-------------
------------
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
30 Sep 20
31 Mar 19
30 Sep 20
31 Mar 19
£
£
£
£
Not later than 1 year
–
10,236
–
10,236
----
--------
----
--------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 39,051 (2019: £ 28,852 ).
23. Called up share capital
Authorised share capital
30 Sep 20
31 Mar 19
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
30 Sep 20
31 Mar 19
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
The ultimate holding company is Jehu Group Limited, a company incorporated in Great Britain.
24. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Apr 2019
Cash flows
At 30 Sep 2020
£
£
£
Cash at bank and in hand
783,692
(535,067)
248,625
Bank overdrafts
–
(127,261)
(127,261)
Debt due within one year
(121,108)
(24,564)
(145,672)
Debt due after one year
(3,727,790)
636,688
(3,091,102)
------------
---------
------------
( 3,065,206)
( 50,204)
( 3,115,410)
------------
---------
------------
26. Directors' advances, credits and guarantees
The company operates a loan account with the directors. At the start of the period the company owed the directors £110,872. During the period the directors loaned a further £34,800 to the company leaving a balance of £145,672 due to the directors at the period end.
WATERSTONE HOMES LIMITED
Notes to the Financial Statements (continued)
Period from 1 April 2019 to 30 September 2020
27. Related party transactions
Group
During the year the company had transactions with Jehu Project Services Limited a company in which both Mr S P Jehu and Mr M R Jehu have an interest. The amount owed by the company at the period end was £7,102,760 and is included in the accounts as follows: Other Creditors £7,102,760 The company also transfers money to Waterstone Estates Limited, a company in which both MR S P Jehu and Mr M R jehu have a substantial interest. The money owed to the company at the year end was £246,765 and is included within Other Debtors. The company also paid rental to Waterstone Estates Limited during the year amounting to £91,293 (2019 £43,722). During the year the company had transactions with Jehu Group Limited, its parent company. The amount owed to the company at the year end was £259,897 and is included within Other Debtors. During the year the company had transactions with Jehu Civils Limited a company in which both Mr S P Jehu and Mr M R Jehu have an interest. The amount owed to the company at the period end was £333,153 and is included in the accounts as follows: Other Debtors £333,153
Company
During the period the company had transactions with Jehu Project Services Limited a company in which both Mr S P Jehu and Mr M R Jehu have an interest. The amount owed by the company at the period end was £6,311,281 and is included in the accounts as follows: Other Creditors £6,311,281 The company also transfers money to Waterstone Estates Limited, a company in which both MR S P Jehu and Mr M R jehu have a substantial interest. The money owed to the company at the year end was £246,765. The company also paid rental to Waterstone Estates Limited during the period amounting to £91,293 (2019 £43,722) During the year the company had transactions with Jehu Group Limited, its parent company. The amount owed by the company at the year end was £1,172,928 and is included within Other Creditors. During the period the company had transactions with Abode Waterstone Limited a company in which both Mr S P Jehu and Mr M R Jehu have an interest. The amount owed to the company at the period end was £2,327,028 and is included in the accounts as follows: Other Debtors £2,327,028 During the period the company had transactions with Jehu Civils Limited a company in which both Mr S P Jehu and Mr M R Jehu have an interest. The amount owed to the company at the period end was £333,153 and is included in the accounts as follows: Other Debtors £333,153