Company Registration No. 03023212 (England and Wales)
WIDEMARSH GATE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
WIDEMARSH GATE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
WIDEMARSH GATE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
2
1,119
1,533
Cash at bank and in hand
625
101
1,744
1,634
Creditors: amounts falling due within one year
3
(595,140)
(591,721)
Net current liabilities
(593,396)
(590,087)
Capital and reserves
Called up share capital
4
1,000
1,000
Profit and loss reserves
(594,396)
(591,087)
Total equity
(593,396)
(590,087)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 7 September 2020 and are signed on its behalf by:
Mr H G McAlpine
Director
Company Registration No. 03023212
WIDEMARSH GATE DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2018
1,000
(586,416)
(585,416)
Year ended 31 March 2019:
Loss and total comprehensive income for the year
-
(4,671)
(4,671)
Balance at 31 March 2019
1,000
(591,087)
(590,087)
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(3,309)
(3,309)
Balance at 31 March 2020
1,000
(594,396)
(593,396)
WIDEMARSH GATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Widemarsh Gate Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company relies on the support of its shareholders to meet its day to day cash flow requirements.
true
1.3
Cash at bank and in hand
Cash at bank and in hand
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.
1.4
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
WIDEMARSH GATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
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.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Long term contracts
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be seen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years.
Where the outcome of a long term contract cannot be assessed with reasonable certainty before conclusion of the contract, no profit is reflected in the profit and loss account.
Provision is made for any losses as soon as they are foreseen.
Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched to turnover.
Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.
2
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,119
1,533
WIDEMARSH GATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
1,452
3,198
Amounts due to group undertakings
526,813
521,648
Other creditors
66,875
66,875
595,140
591,721
4
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
5
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
526,813
521,648
6
Parent company
In the opinion of the directors the controlling party comprises Stanhope Plc and Sir Robert McAlpine Ltd, acting together, by virtue of their 50% Share holding of the ordinary share capital.