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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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WADDETON PARK LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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WADDETON PARK LIMITED |
WADDETON PARK LIMITED (REGISTERED NUMBER: 05827399) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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WADDETON PARK LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
2 Barnfield Crescent |
Exeter |
Devon |
EX1 1QT |
WADDETON PARK LIMITED (REGISTERED NUMBER: 05827399) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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WADDETON PARK LIMITED (REGISTERED NUMBER: 05827399) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Waddeton Park Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of |
service contracts where turnover is recognised when the company obtains the right to consideration. |
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Tangible fixed assets |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in |
non-convertible preference and non-puttable ordinary shares which are measured at fair value, with |
changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and |
thereafter at fair value with changes recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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WADDETON PARK LIMITED (REGISTERED NUMBER: 05827399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Income from investments |
Income from Pinhoe Quarry LLP represents the company's share of profit/(losses) from the LLP's |
accounting period ending in the company's current accounting period. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
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At 31 March 2017 |
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DEPRECIATION |
Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 April 2016 |
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Additions |
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Share of profit/(loss) | (66,646 | ) |
At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The company's investments as at the Balance Sheet date include a 99% share of Pinhoe Quarry LLP. |
WADDETON PARK LIMITED (REGISTERED NUMBER: 05827399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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7. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
TC Adams | 23,000,000 | - |
Adams Business Finance LLP | - | 23,000,000 |
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The loan, which is interest free, is secured by way of a debenture and is repayable in full no later than |
31 December 2030. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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WADDETON PARK LIMITED (REGISTERED NUMBER: 05827399) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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12. | RELATED PARTY DISCLOSURES |
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As at the year end the company owed the directors £5,584,167 (2016: £3,385,267). There are no set |
terms for repayment and no interest has been charged. |
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13. | TRUE AND FAIR OVERRIDE |
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Management have departed from the requirements under FRS 102 Section 1A regarding the |
discounting of long term liabilities to entities or persons that are not director shareholders. |
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As at 31 March 2016 there was a loan of £23m outstanding to Adams Business Finance LLP, an entity |
controlled by Terence Adams who is a director shareholder of Waddeton Park Ltd. With effect from 31 |
March 2017, Terence Adams repaid Adams Business Finance LLP the loan facilities of £23m made |
available to Waddeton Park Ltd, and replaced those facilities with his own funds. |
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If FRS 102 were followed, there would be an opening balance adjustment to discount the loan to its |
present value as at 1 April 2016 (a restatement of the comparative would not be required in relation to |
financing transactions with related parties). The loan would then be unwound for a year to bring the |
loan to its present value as at 31 March 2017. The loan would then repaid on that date, and unwound |
fully to £23m. |
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The true and fair override is being applied in order to remove all discounting, as in substance the loan |
has always been from the director shareholder, and it is only the legal status that has changed. |
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14. | FIRST YEAR ADOPTION |
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The date of transition to FRS 102 was 1 April 2015. In applying the accounting policies required by |
FRS 102, no restatement of comparative items was required. |