4
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,040,960
1,040,960
xbrli:pure
xbrli:shares
iso4217:GBP
05392233
2021-01-01
2021-12-31
05392233
2021-12-31
05392233
2020-12-31
05392233
2020-01-01
2020-12-31
05392233
2020-12-31
05392233
core:MotorVehicles
2021-01-01
2021-12-31
05392233
bus:OrdinaryShareClass1
2021-01-01
2021-12-31
05392233
bus:OrdinaryShareClass2
2021-01-01
2021-12-31
05392233
bus:OrdinaryShareClass3
2021-01-01
2021-12-31
05392233
bus:Director2
2021-01-01
2021-12-31
05392233
core:WithinOneYear
2021-12-31
05392233
core:WithinOneYear
2020-12-31
05392233
core:MotorVehicles
2020-12-31
05392233
core:MotorVehicles
2021-12-31
05392233
core:ShareCapital
2021-12-31
05392233
core:ShareCapital
2020-12-31
05392233
core:SharePremium
2021-12-31
05392233
core:SharePremium
2020-12-31
05392233
core:RetainedEarningsAccumulatedLosses
2021-12-31
05392233
core:RetainedEarningsAccumulatedLosses
2020-12-31
05392233
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
05392233
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2021-12-31
05392233
core:MotorVehicles
2020-12-31
05392233
bus:SmallEntities
2021-01-01
2021-12-31
05392233
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
05392233
bus:FullAccounts
2021-01-01
2021-12-31
05392233
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
05392233
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
05392233
bus:OrdinaryShareClass1
2021-12-31
05392233
bus:OrdinaryShareClass1
2020-12-31
05392233
bus:OrdinaryShareClass2
2021-12-31
05392233
bus:OrdinaryShareClass2
2020-12-31
05392233
bus:OrdinaryShareClass3
2021-12-31
05392233
bus:OrdinaryShareClass3
2020-12-31
05392233
bus:AllOrdinaryShares
2021-12-31
05392233
bus:AllOrdinaryShares
2020-12-31
05392233
core:ToolsEquipment
2021-01-01
2021-12-31
05392233
core:LandBuildings
2021-01-01
2021-12-31
05392233
core:ToolsEquipment
2020-12-31
05392233
core:LandBuildings
2020-12-31
05392233
core:ToolsEquipment
2021-12-31
05392233
core:LandBuildings
2021-12-31
05392233
core:Associate1
2021-01-01
2021-12-31
05392233
1
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
05392233
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2021
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 10
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2021
FIXED ASSETS
Tangible assets
|
5
|
391,421
|
380,577
|
|
|
|
|
CURRENT ASSETS
Stocks
|
7
|
3,148,812
|
4,547,634
|
Debtors
|
8
|
4,550,827
|
1,652,326
|
Cash at bank and in hand
|
1,628,699
|
482,287
|
|
------------
|
------------
|
|
9,328,338
|
6,682,247
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
9
|
(
21,671,500)
|
(
26,066,223)
|
|
-------------
|
-------------
|
NET CURRENT LIABILITIES
|
(
12,343,162)
|
(
19,383,976)
|
|
-------------
|
-------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
(
11,951,741)
|
(
19,003,399)
|
|
-------------
|
-------------
|
NET LIABILITIES
|
(
11,951,741)
|
(
19,003,399)
|
|
-------------
|
-------------
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
10
|
3,006
|
3,006
|
Share premium account
|
3,000,000
|
3,000,000
|
Profit and loss account
|
(
14,954,747)
|
(
22,006,405)
|
|
-------------
|
-------------
|
SHAREHOLDERS DEFICIT
|
(
11,951,741)
|
(
19,003,399)
|
|
-------------
|
-------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 December 2021
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2022
, and are signed on behalf of the board by:
Company registration number:
05392233
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2021
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wynyard Park House, Wynyard Avenue, Wynyard, Billingham, TS22 5TB.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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. The Directors have considered the continuing impact of the uncertain economic environment on the business and the carrying value of the assets and liabilities in the financial statements. Focus has been given to the carrying value of land stock in the accounts which was subject to a revised valuation in 2019. The current situation remains uncertain and has been exacerbated in the current year by the widening scope of the nutrient neutrality advice issued by Natural England. The guidance now covers all land parcels held by the company within stock and as a result of this issue the directors have reviewed the carrying value of stock in the current year. Following the review, a further specific impairment has not been recognised in the current year but the directors have concluded an independent valuation exercise should be carried out for the next financial year to provide a robust position on the carrying value of stock. The directors remain hopeful that the land will continue to be developed as planned and remain of the opinion that the most recent projections include the most suitable approach.
Going concern
In reviewing the company's ability to continue as a going concern the directors have considered the impact of the current economic environment, alongside the nutrient neutrality advice noted above, on the continued operations of the business. The major part of the company's working capital requirements are provided by loans from companies with similar directors and shareholders which are repayable on demand. Directors of the related companies have indicated that they will not demand repayment; however no formal agreements are in place. The company will continue to rely on this support. As described above in the basis of preparation note, the directors do not consider that a further impairment of the carrying value of stock in the year is appropriate. Whilst land sales in the current year have generated a significant gross profit of c.£8.4m, these were agreed prior to the release of the additional guidance in relation to nutrient neutrality which is anticipated may impact future sales. In addition, the balance sheet remains in a net deficit position of £11.9m. The directors have considered the impact of these results on the continued viability of the business. Current forecasts anticipate further land sales over the next 12 months, however, longer term the directors have forecast for a pause in sales activities. The directors remain positive that the business will be able to remain in operation, funding continued investment from cash reserves. At the time of signing the accounts, and having considered the above, the Directors have made their best assessment in light of current events and the value of stock. However, they cannot in light of the current uncertainty state that carrying values will not be effected further. The Directors will continue to monitor this situation carefully in the coming weeks and months and continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of land is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on completion of the sale); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
|
Motor vehicles
|
-
|
20% straight line
|
|
Equipment
|
-
|
33% straight line
|
|
Land & buildings
|
-
|
2% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
4
(2020:
5
).
5.
TANGIBLE ASSETS
|
Motor vehicles
|
Equipment
|
Land & buildings
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 January 2021
|
48,232
|
18,540
|
373,162
|
439,934
|
Additions
|
25,495
|
18,400
|
–
|
43,895
|
Disposals
|
(
48,232)
|
–
|
–
|
(
48,232)
|
|
--------
|
--------
|
---------
|
---------
|
At 31 December 2021
|
25,495
|
36,940
|
373,162
|
435,597
|
|
--------
|
--------
|
---------
|
---------
|
Depreciation
|
|
|
|
|
At 1 January 2021
|
32,889
|
7,537
|
18,931
|
59,357
|
Charge for the year
|
6,995
|
7,270
|
7,464
|
21,729
|
Disposals
|
(
36,910)
|
–
|
–
|
(
36,910)
|
|
--------
|
--------
|
---------
|
---------
|
At 31 December 2021
|
2,974
|
14,807
|
26,395
|
44,176
|
|
--------
|
--------
|
---------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 December 2021
|
22,521
|
22,133
|
346,767
|
391,421
|
|
--------
|
--------
|
---------
|
---------
|
At 31 December 2020
|
15,343
|
11,003
|
354,231
|
380,577
|
|
--------
|
--------
|
---------
|
---------
|
|
|
|
|
|
6.
INVESTMENTS
|
Other investments other than loans
|
|
£
|
Cost
|
|
At 1 January 2021 and 31 December 2021
|
1,040,960
|
|
------------
|
Impairment
|
|
At 1 January 2021 and 31 December 2021
|
1,040,960
|
|
------------
|
|
|
Carrying amount
|
|
At 31 December 2021
|
–
|
|
------------
|
At 31 December 2020
|
–
|
|
------------
|
|
|
Wynyard Park Limited owns 100% of the ordinary share capital of Strategic Sites Limited, a company incorporated in England which is dormant.
Wynyard Park Limited owns 100% of the ordinary share capital of Wynyard Park (Estate Co) Limited, a company incorporated in England which is dormant.
7.
STOCKS
|
2021
|
2020
|
|
£
|
£
|
Raw materials and consumables
|
3,148,812
|
4,547,634
|
|
------------
|
------------
|
|
|
|
Stock recognised in cost of sales during the period for the company was £nil. An impairment loss of £nil (2020: £nil) was recognised in the profit and loss account and arose following a review of the carrying value by the directors. In addition, £1,257,140 (2020: £nil) of previously booked impairment losses have been reversed.
8.
DEBTORS
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
4,443,311
|
1,626,211
|
Amounts owed by group undertakings
|
10,506
|
10,506
|
Prepayments and accrued income
|
19,118
|
15,508
|
Other debtors
|
77,892
|
101
|
|
------------
|
------------
|
|
4,550,827
|
1,652,326
|
|
------------
|
------------
|
|
|
|
9.
CREDITORS:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
731,671
|
1,375,852
|
Accruals and deferred income
|
384,830
|
1,646,701
|
Corporation tax
|
216,519
|
–
|
Social security and other taxes
|
14,805
|
30,177
|
Other creditors
|
20,323,675
|
23,013,493
|
|
-------------
|
-------------
|
|
21,671,500
|
26,066,223
|
|
-------------
|
-------------
|
|
|
|
10.
CALLED UP SHARE CAPITAL
Authorised share capital
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
A Ordinary shares of £ 1 each
|
1,002
|
1,002
|
1,002
|
1,002
|
B Ordinary shares of £ 1 each
|
1,002
|
1,002
|
1,002
|
1,002
|
C Ordinary shares of £ 1 each
|
1,002
|
1,002
|
1,002
|
1,002
|
|
-------
|
-------
|
-------
|
-------
|
|
3,006
|
3,006
|
3,006
|
3,006
|
|
-------
|
-------
|
-------
|
-------
|
|
|
|
|
|
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
A Ordinary shares of £ 1 each
|
1,002
|
1,002
|
1,002
|
1,002
|
B Ordinary shares of £ 1 each
|
1,002
|
1,002
|
1,002
|
1,002
|
C Ordinary shares of £ 1 each
|
1,002
|
1,002
|
1,002
|
1,002
|
|
-------
|
-------
|
-------
|
-------
|
|
3,006
|
3,006
|
3,006
|
3,006
|
|
-------
|
-------
|
-------
|
-------
|
|
|
|
|
|
11.
RELATED PARTY TRANSACTIONS
Related party transactions with group undertakings have not been disclosed in accordance with the exemption conferred by Financial Reporting Standard 102 section 33. The company has previously received loan funding from a company which is under similar control. The loans are interest free and repayable on demand, at the balance sheet date £6,172,629 (2020: £6,172,629) was outstanding. The company has previously received loan funding from a company which is under similar control. The loans are interest free and repayable on demand, at the balance sheet date £5,608,222 (2020: £5,608,222) was outstanding. The company has previously received loan funding from a company which is a shareholder of the parent company. The loans are interest free and repayable on demand, at the balance sheet date £3,562,563 (2020: £3,562,563) was outstanding. Wynyard Park Limited has previously received loan funding from a company which is a shareholder of the parent company. The loans are interest free and repayable on demand, at the balance sheet date £295,276 (2020: £1,745,276) was outstanding. Wynyard Park Limited has previously received loan funding from a company which is a shareholder of the parent company. The loans are interest free and repayable on demand, at the balance sheet date £4,155,382 (2020: £5,605,382) was outstanding. The company has received loan funding from three companies which are under similar control and operate as a collective. The loan is interest free and repayable on demand, at the balance sheet date £275,000 (2020: £275,000) was outstanding.
12.
CONTROLLING PARTY
The immediate and ultimate parent company is Wynyard Park Holdings Limited, a company incorporated in England. The ultimate parent company's registered office is Wynyard Park House, Wynyard Avenue, Wynyard, Billingham, TS22 5TB.