Company Registration No. SC409504 (Scotland)
WINCHBURGH DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
WINCHBURGH DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WINCHBURGH DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
4
77,941
77,941
Current assets
Stocks
5
67,780,886
59,978,076
Debtors
6
6,895,075
10,036,979
Cash at bank and in hand
2,412,752
2,357,075
77,088,713
72,372,130
Creditors: amounts falling due within one year
7
(40,222,031)
(32,788,924)
Net current assets
36,866,682
39,583,206
Total assets less current liabilities
36,944,623
39,661,147
Creditors: amounts falling due after more than one year
8
(13,042,302)
(16,444,505)
Net assets
23,902,321
23,216,642
Capital and reserves
Called up share capital
9
106
106
Other reserves
81,313
Profit and loss reserves
23,902,215
23,135,223
Total equity
23,902,321
23,216,642
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 9 June 2021 and are signed on its behalf by:
J Hamilton
Director
Company Registration No. SC409504
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Winchburgh Developments Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Adam House, 5 Mid New Cultins, EDINBURGH, EH11 4DU.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
. The exemption has been taken on the basis that both the group of which this is the parent and the wider group headed up by the company's ultimate parent undertaking qualify as a small group.
The financial statements
therefore
present information about the company as an individual entity and not about its group
.
1.2
Going concern
These financial statements have been prepared on a going concern basis. The directors have reviewed cash flow projections and have assessed the impact of the Global COVID-19 pandemic on the company’s cashflow requirements. The directors are satisfied the company has appropriate funding in place to meet its financial obligations as they fall due for a minimum period of 12 months from the date authorising the financial statements. Thus the directors continue to adopt the going concern basis in preparing the financial statements.
true
1.3
Reporting period
During the prior year the company's reporting period had been shortened to 31 December 2019 to align the reporting date with that of its parent undertaking. As a result, comparative amounts (for the period 1 April 2019 to 31 December 2019) presented in the financial statements (including the related notes) are not entirely comparable.
1.4
Turnover
Turnover represents proceeds on sales of land and work in progress at invoiced amounts less value added tax. All turnover is generated in the United Kingdom.
Revenue from sale of land is recognised in accordance with underlying contractual obligations. This includes amounts recognised on unconditional exchange, namely when contracts are exchanged or missives concluded, on completion of pre-entry sellers works and on completion of post-entry sellers works.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
the profit and loss account.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Stocks
Stocks
relate to land and development works in progress. The company's work in progress is
stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
the direct cost associated with the purchase of land as well as those costs which have been incurred
in bringing
it to its
present location and condition.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
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
certain
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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial liabilities
Basic financial liabilities, including
certain
creditors,
other
loans
and amounts owed to
fellow group companies, 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons employed by the company during the year was 4
(period ended 31 December 2019 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 and 31 December 2020
2,520
Depreciation and impairment
At 1 January 2020 and 31 December 2020
2,520
Carrying amount
At 31 December 2020
At 31 December 2019
4
Fixed asset investments
2020
2019
£
£
Investments
77,941
77,941
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020 & 31 December 2020
668,241
Impairment
At 1 January 2020 & 31 December 2020
590,300
Carrying amount
At 31 December 2020
77,941
At 31 December 2019
77,941
5
Stocks
2020
2019
£
£
Land and development work in progress
67,780,886
59,978,076
Within the above balance is land with a value of £24m (2019: £24m) on which Standard Security has been granted.
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
111,070
55,825
Amounts owed by group undertakings and undertakings in which the company has a participating interest
58,676
37,076
Other debtors
5,788,788
8,960,781
5,958,534
9,053,682
2020
2019
Amounts falling due after more than one year:
£
£
Deferred tax asset
936,541
983,297
Total debtors
6,895,075
10,036,979
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
2,472,742
600,962
Amounts owed to group undertakings
30,600,210
30,600,210
Taxation and social security
432,012
Other creditors
6,717,067
1,587,752
40,222,031
32,788,924
Included within other creditors is £6,000,000 (2019 - £Nil) relating to other borrowings which are subject to Standard Security over land held within the company.
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other borrowings
13,042,302
16,444,505
Included within other borrowings is £13,042,302 (2019 - £16,444,505) which is subject to Standard Security over land held within the company. Other borrowings include £7,086,969 (2019 - £4,170,478) which is due after 5 years and payable by instalments.
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
106 Ordinary shares of £1 each
106
106
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was James Hamilton.
The auditor was Johnston Carmichael LLP.
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
WINCHBURGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Related party transactions
(Continued)
- 8 -
Fees incurred
2020
2019
£
£
Entities with significant influence over the company
121,917
302,670
The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions or balances with the immediate or ultimate parent entity or any wholly owned subsidiary undertaking of the group.
12
Parent undertaking
As at 31 December 2020, the ultimate parent undertaking is Winchburgh Developments (Holdings) Limited.
2020-12-31
2020-01-01
false
15 June 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
This audit opinion is unqualified
P R Davidson
J Hamilton
D T McGrath
P Cummings
SC409504
2020-01-01
2020-12-31
SC409504
2020-12-31
SC409504
2019-12-31
SC409504
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
SC409504
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
SC409504
core:CurrentFinancialInstruments
2020-12-31
SC409504
core:CurrentFinancialInstruments
2019-12-31
SC409504
core:Non-currentFinancialInstruments
2020-12-31
SC409504
core:Non-currentFinancialInstruments
2019-12-31
SC409504
core:ShareCapital
2020-12-31
SC409504
core:ShareCapital
2019-12-31
SC409504
core:OtherMiscellaneousReserve
2020-12-31
SC409504
core:OtherMiscellaneousReserve
2019-12-31
SC409504
core:RetainedEarningsAccumulatedLosses
2020-12-31
SC409504
core:RetainedEarningsAccumulatedLosses
2019-12-31
SC409504
bus:Director4
2020-01-01
2020-12-31
SC409504
core:OtherPropertyPlantEquipment
2019-12-31
SC409504
core:OtherPropertyPlantEquipment
2020-12-31
SC409504
core:OtherPropertyPlantEquipment
2019-12-31
SC409504
core:WithinOneYear
2020-12-31
SC409504
core:WithinOneYear
2019-12-31
SC409504
core:AfterOneYear
2020-12-31
SC409504
core:AfterOneYear
2019-12-31
SC409504
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
SC409504
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
SC409504
bus:FRS102
2020-01-01
2020-12-31
SC409504
bus:Audited
2020-01-01
2020-12-31
SC409504
bus:Director1
2020-01-01
2020-12-31
SC409504
bus:Director2
2020-01-01
2020-12-31
SC409504
bus:Director3
2020-01-01
2020-12-31
SC409504
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP