Sunningdale House Developments (Larkey Wood Farm) Limited Filleted accounts for Companies House (small and micro)

Sunningdale House Developments (Larkey Wood Farm) Limited Filleted accounts for Companies House (small and micro)

SUNNINGDALE HOUSE DEVELOPMENTS (LARKEY WOOD FARM) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11505554
Sunningdale House Developments (Larkey Wood Farm) Limited
Filleted Financial Statements
31 December 2019
Sunningdale House Developments (Larkey Wood Farm) Limited
Financial Statements
Period from 1 September 2019 to 31 December 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Sunningdale House Developments (Larkey Wood Farm) Limited
Statement of Financial Position
31 December 2019
31 Dec 19
31 Aug 19
(restated)
Note
£
£
Fixed assets
Investments
6
1,864,650
1,864,650
Current assets
Debtors
7
907,967
495,619
Creditors: amounts falling due within one year
8
2,773,694
2,361,346
------------
------------
Net current liabilities
1,865,727
1,865,727
------------
------------
Total assets less current liabilities
( 1,077)
( 1,077)
-------
-------
Net liabilities
( 1,077)
( 1,077)
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,078)
( 1,078)
-------
-------
Shareholders deficit
( 1,077)
( 1,077)
-------
-------
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 comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 20 May 2021 , and are signed on behalf of the board by:
Mr D R Pownceby
Director
Company registration number: 11505554
Sunningdale House Developments (Larkey Wood Farm) Limited
Notes to the Financial Statements
Period from 1 September 2019 to 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.
Going concern
In assessing the going concern basis for the company the directors have considered their ability to repay loans as they fall due. There is currently a loan with the parent company for £1,147,944 and a loan containing a charge over the assets of the company of £1,625,000. The directors have received confirmation from the parent company that the group loans will not be recalled until a time where the company has the funds to repay without causing financial difficulty for the entity. The parent company will also assist in future financing where required, however the parent is also financed via loans with associated entities and has other subsidiary entities with their own third party loans which it helps manage and support. The third party loan, however, becomes payable in February 2022 (having been extended in the year ended 31 December 2020) but the directors expect that refinancing will be obtained as the company has a fully owned subsidiary company that holds £957,782 of WIP, in relation to property under construction, against which security will be given. Although the WIP is held at £957,782 it has been independently valued at £2,500,000. If the loans are not renewed then there would be material uncertainty in respect of going concern. There is also material uncertainty at a group level if the associated funding is not continued. The directors believe that loans will be renewed on a company level and that there is continued support to the parent, based on confirmation received, and therefore they continue to adopt the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Auditor's remuneration
The audit fee has been borne by the parent company within the group.
5. Employee numbers
The average number of persons employed by the company during the period, including the directors, amounted to 2 (August 2019: 2).
6. Investments
Shares in group undertakings
£
Cost
At 1 September 2019 as restated and 31 December 2019
1,864,650
------------
Impairment
At 1 September 2019 as restated and 31 December 2019
–
------------
Carrying amount
At 31 December 2019
1,864,650
------------
At 31 August 2019
1,864,650
------------
7. Debtors
31 Dec 19
31 Aug 19
(restated)
£
£
Other debtors
907,967
495,619
---------
---------
8. Creditors: amounts falling due within one year
31 Dec 19
31 Aug 19
(restated)
£
£
Bank loans and overdrafts
1,625,000
1,625,000
Other creditors
1,148,694
736,346
------------
------------
2,773,694
2,361,346
------------
------------
Octopus Real Estate Sarl hold fixed and floating charges over all the land, property and undertaking of the company. The land and property is held in work in progress in the subsidiary company.
9. Prior period adjustments
There have been the following adjustments to the prior period which have no effect on profit: 1. The investment figure has decreased by £430,670; 2. The intercompany loan with the subsidiary has increased by £301,596; and 3. The loan from the parent company has increased by £129,074.
10. Summary audit opinion
The auditor's report for the period dated 24 May 2021 was unqualified, however, the auditor drew attention to the following by way of emphasis.
The prior period financial statements were not audited.
The senior statutory auditor was Andrew Collyer , for and on behalf of Burgess Hodgson LLP .
11. Related party transactions
At the period end the company owed £1,147,944 (August 2019: £735,596) to a group company and was owed £907,967 (August 2019: £495,619) by a group company.
12. Controlling party
The parent company is Sunningdale House Developments Limited , a company incorporated in England and Wales, who own 100% of the share capital. The address of Sunningdale House Developments Limited is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN . There is no single controlling party of Sunningdale House Developments Limited.