REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whiteheads Development Company Limited |
|
Audited Financial Statements for the Year Ended 31 March 2022 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whiteheads Development Company Limited |
|
Audited Financial Statements for the Year Ended 31 March 2022 |
|
|
|
|
|
Whiteheads Development Company Limited (Registered number: 08741542) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
Whiteheads Development Company Limited |
|
Company Information |
for the Year Ended 31 March 2022 |
|
|
|
|
|
|
|
Directors: |
|
|
|
|
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Auditors: |
|
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Whiteheads Development Company Limited (Registered number: 08741542) |
|
Balance Sheet |
31 March 2022 |
|
2022 | 2021 |
Notes | £ | £ |
Current assets |
Stocks |
|
|
Debtors | 4 |
|
|
Cash at bank |
|
|
|
|
Creditors |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
Net current assets |
|
|
Total assets less current liabilities |
|
|
|
Creditors |
Amounts falling due after more than one
year |
6 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
|
Capital and reserves |
Called up share capital | 8 |
|
|
Retained earnings | 9 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Whiteheads Development Company Limited (Registered number: 08741542) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
|
1. | Statutory information |
|
Whiteheads Development Company Limited is a
|
|
2. | Accounting policies |
|
Basis of preparing the financial statements |
|
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Turnover represents amounts chargeable, net of value added tax, in respect of the provision of construction and property services to customers. |
|
Stocks |
Work in progress is valued at the lower of cost and net realisable value. Impairment of work in progress is considered at each year end and cost reduced if required. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, 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 timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Whiteheads Development Company Limited (Registered number: 08741542) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
2. | Accounting policies - continued |
|
Going concern |
The Board is aware that due to the nature of the development project where a significantly large amount of cost is expended ahead of earning any revenue income, the company will report significant accounting losses until revenue income is generated. The long-term projections monitored via regular review of the development tracker, shows that the scheme will generate a surplus when completed based upon the latest cost estimates. The Board is looking at a number of options to deliver further savings and/or additional income which will improve the financial viability. |
|
All of the payments to date are in accordance with the Welsh Government (WG) loan agreement and has been certified as qualifying expenditure by the WG officers. |
|
In the unlikely event that the Board considers the scheme to be undeliverable, then the company has the option to serve an acquisition termination notice in accordance with the Conditional Loan Sale Agreement and the current loan, together with accrued interest, will be written off. |
|
As with any such project, there is some level of material uncertainty, but the directors are confident that should the project fail to go ahead, the Company will be able to meet its liabilities as they fall due. |
|
Based on the above, the Directors consider that the Company is financially viable and can meet its liabilities as they fall due and therefore these financial statements have been prepared on a going concern basis. |
|
3. | Employees and directors |
|
The average number of employees during the year was
|
|
4. | Debtors |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
|
|
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Trade debtors |
|
|
|
Aggregate amounts |
|
|
|
5. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
VAT | 63,125 | - |
Accrued expenses |
|
|
|
|
|
6. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Other loans - 2-5 years |
|
|
Whiteheads Development Company Limited (Registered number: 08741542) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
7. | Secured debts |
|
The following secured debts are included within creditors: |
|
2022 | 2021 |
£ | £ |
Other loans | 8,128,528 | 8,025,053 |
|
The loan is from the Welsh Government and is dated 29 April 2021, this loan supersedes the revised loan agreements dated 3 July 2020 and 30 March 2017 and the original loan agreement dated 30 March 2013. The interest is calculated on a compound basis with reference to the European Reference rates together with a 1% margin. The interest rate together with the 1% margin totalled 1.66% at 31 March 2022 (2021: 1.13%). |
|
The loan of £7 million plus accrued interest is due for repayment based on the earlier of several different key events but no later 31 December 2025 and therefore the loan has been classified as falling due for repayment within 2-5 years. |
|
The loan is secured on the Whiteheads site and the cash balances within the company. |
|
8. | Called up share capital |
|
|
Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary shares | £1 | 100 | 100 |
|
9. | Reserves |
Retained |
earnings |
£ |
|
At 1 April 2021 | ( |
) |
Profit for the year |
|
At 31 March 2022 | ( |
) |
|
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
Material uncertainty related to going concern |
We draw attention to note 2, 'Going concern', in the financial statements. As at 31 March 2022, the company's total liabilities exceeded its total assets by £931,934. As stated in note 2, these events or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
|
11. | Contingent liabilities |
|
The company received a pre-action letter of claim on behalf of Coilcolor for flooding events that occurred during late 2016. The Company has taken appropriate expert advice and legal representations and is confident that it is not responsible for the alleged damages and has sent a substantive response defending its position. As the value is unable to be reliably measured as at the year end, the liability has been treated as contingent. |
|
The Company has entered into a development agreement dated 29 April 2021 for the development of 264 residential units at the Whiteheads site. Payment for these units will fall due upon the Developer meeting certain milestones. First payment is not due until 17 October 2023. Welsh Ministers are also a party to this agreement. Welsh Ministers have provided a guarantee that it will make the payments due in the event that the Company is unable to make the payment due to the Developer. |
Whiteheads Development Company Limited (Registered number: 08741542) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
|
12. | Ultimate parent company |
|
The ultimate parent company and controlling party is Tirion Group Limited, which prepares group financial statements incorporating the financial statements of the company. A copy of these can be obtained from the registered society's registered office at 7 Neptune Court, Vanguard Way, Cardiff, Wales, CF24 5PJ. |