Caddington

Caddington ward covers the six parishes of Hyde, Slip End, Caddington, Kensworth, Whipsnade & Studham
Individual parish council websites (where available) can be reached by clicking on the names aboves.

Wednesday 5 October 2016

Bushwood - still alive with a very weak pulse

It is interesting to note that the grandiosely titled "Luton & Central Beds Economic Development Partnership" have finally got around to filing their Sep-15 accounts at Companies House (originally due 30-Jun-16, finally submitted 30-Sep-16).

Recent activity includes changing the company name, changing it again and then changing it once more back to what it was at the beginning.  Productive endeavours indeed.



What is interesting reading is the value of stock (or work-in-progress) on the balance sheet at over a million pounds; the accounting rationale here is that costs incurred thus far in exploring, developing and promoting the site are not so much 'spent' as 'invested' against a future sale at a profit.  The associated accounting policies also include the telling phrase "provision is made for any foreseeable losses where appropriate"; this is fairly normal accounting practise but underlines the point that if the sole remaining director accepted that Bushwood was a dead duck, then he wouldn't still be representing over a million pounds in spend as an investment that will be sold on at a profit in future.  Implicitly, he stands by that declaration not just at 30 September 2015 which the accounts reflect but also at 19 September 2016 when the accounts were legally signed.  I shall leave it to you to decide whether Mr Boyle knows something we don't or is simply delusional.

The Bushwood proposals were inappropriate and unsustainable when first introduced and they remain inappropriate and unsustainable now.

The more eagle-eyed may also notice that the valuation of stock has risen by only £6,450 during the year from Oct-14 to Sep-15, and the deficit on reserves rose by a meagre £721 in the same period.  Those that suspect this company is no longer the primary vehicle for Bushwood (although they stand by their £1M+ stock valuation) might wish to keep an eye on Abbey Land Developments Ltd [08853726], due to file their 31-Jan-16 accounts no later than the end of this month.

We will have to wait a while for the 2016/17 results to be made public but they will also be fun reading.  Common consensus is that Peter Village QC, currently arguing to convince an inspector of the merits of tacking the Bushwood proposals onto Luton's local plan, does not come cheap.

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