Winkfield Park Developments Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10998399 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Winkfield Park Developments Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R E C Wilson

R D King

REGISTERED OFFICE:

Estate Office Lowesby Hall

Lowesby

Leicester

Leicestershire

LE7 9DD

REGISTERED NUMBER:

10998399 (England and Wales)

ACCOUNTANTS:

Bates Weston LLP

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

FIXED ASSETS

Tangible assets

4

9,471

16,144

CURRENT ASSETS

Stocks

11,220,771

7,793,422

Debtors

5

219,030

143,196

Cash at bank

22,160

11,427

11,461,961

7,948,045

CREDITORS

Amounts falling due within one year

6

1,967,988

7,799,690

NET CURRENT ASSETS

9,493,973

148,355

TOTAL ASSETS LESS CURRENT LIABILITIES

9,503,444

164,499

CREDITORS

Amounts falling due after more than one year

7

10,408,030

739,161

NET LIABILITIES

(904,586

)

(574,662

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(904,686

)

(574,762

)

(904,586

)

(574,662

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2023 and were signed on its behalf by:

R E C Wilson - Director

1.	STATUTORY INFORMATION

Winkfield Park Developments Ltd 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

The cost of work in progress includes direct costs. Where necessary, provisions are made against work in progress to value it at the lower of cost and net realisable value. Net realisable value is based on normal selling prices less further costs expected to be incurred on completion and disposal.

Investments in sites where planning has not yet been granted are initially included at cost. Regular reviews for impairment are performed considered the existing use value of the site and the likelihood of obtaining planning permission. Provisions are made against cost where necessary.

Direct pre-development costs have been recognised as an asset in stocks and work in progress. Where is a probable that the site will be developed and provided that in accordance with FRS102, such costs meet the definition of an asset. Such costs are reviewed regularly for evidence of impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Going concern

At the year end the company has sustained losses of £904,686 (2021: £574,762). The company is funded by loans from other related parties.

The Directors consider that the company will continue to trade for a period of at least 12 months from the date of signing these accounts due to the support from the directors, shareholders and related parties.

The financial forecasts prepared by the directors show that the company will be able to operate within the facilities available to it.

On that basis, the directors have prepared these financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2022

28,700

Disposals

(6,250

)

At 31 December 2022

22,450

DEPRECIATION

At 1 January 2022

12,556

Charge for year

3,157

Eliminated on disposal

(2,734

)

At 31 December 2022

12,979

NET BOOK VALUE

At 31 December 2022

9,471

At 31 December 2021

16,144

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

3,969

-

Other debtors

433

4,310

Amounts owed by group undertakings

213,854

138,030

Prepayments and accrued income

774

856

219,030

143,196

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

1,657

-

Social security and other taxes

-

594

Amounts owed to group undertakings

1,950,000

7,787,965

Accruals and deferred income

16,331

11,131

1,967,988

7,799,690

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

9,898,055

229,186

Other creditors

509,975

509,975

10,408,030

739,161

8.	RELATED PARTY DISCLOSURES

During the year the company incurred construction and development costs of £3,158,971 (2021: £2,545,581) from a group company. These amounts have been recognised within stocks and work in progress. Winkfield Park Developments has received loans of £3,374,173 (2021: £1,730,418) from a group company in the year. At the year end £10,647,932 (2021: £7,273,759) was outstanding.

Interest has been charged during the period of £396,732 (2021: £220,525). £1,140,124 (2021: £743,392) of interest remains outstanding at the year end.Interest is charged at a rate of base plus 4% on £3,000,000 of the loan. Interest has been charged at 5.5% on a compound basis on £5,739,575 (2021: £2,545,581) of the loan. £8,739,575 of the loan is due to be repaid on the earlier of 13 months from the date of a repayment notice or on practical completion of the development. The remaining element of the loan is repayable on demand and does not attract any interest.

During the year the company surrendered corporation tax group relief to a group company of £75,824 (2021: £63,842). £213,854 (2021: £138,030) was outstanding at the year end relating to group loss relief and is included in debtors.

At the year end the company owed a director £509,975 (2021: £509,975) relating to loans made in prior years.