Driftstone (Walberton) Limited - Accounts to registrar (filleted) - small 18.2
Driftstone (Walberton) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2021 |
for |
DRIFTSTONE (WALBERTON) LIMITED |
DRIFTSTONE (WALBERTON) LIMITED (REGISTERED NUMBER: 12254900) |
Contents of the Financial Statements |
for the year ended 31 August 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DRIFTSTONE (WALBERTON) LIMITED |
Company Information |
for the year ended 31 August 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
DRIFTSTONE (WALBERTON) LIMITED (REGISTERED NUMBER: 12254900) |
Balance Sheet |
31 August 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
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 |
DRIFTSTONE (WALBERTON) LIMITED (REGISTERED NUMBER: 12254900) |
Notes to the Financial Statements |
for the year ended 31 August 2021 |
1. | STATUTORY INFORMATION |
Driftstone (Walberton) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 and work in progress |
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. |
DRIFTSTONE (WALBERTON) LIMITED (REGISTERED NUMBER: 12254900) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2021 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The financial statements have been prepared on the going concern basis, which presumes that the company will continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. |
The company is reliant on the support from group companies and the group has confirmed its continued support. The directors have considered the working capital requirements across the group as a whole and are satisfied that the healthy cash reserves within the group are sufficient to complete projects and meet its liabilities as they fall due for payment. |
In making this assessment the directors have given consideration to how the COVID-19 pandemic has, and may continue to impact its business. The directors are satisfied that the company has been able to continually adapt its working practices to be compliant with regulations and guidance and provide a safe working environment. |
In view of the above, and after taking into account all other information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company’s financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |