REGISTERED NUMBER: |
Financial Statements |
for the Year Ended |
31 December 2021 |
for |
Willowdene Resources Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended |
31 December 2021 |
for |
Willowdene Resources Ltd |
Willowdene Resources Ltd (Registered number: 05774529) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Willowdene Resources Ltd |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Hales Court |
Stourbridge Road |
Halesowen |
West Midlands |
B63 3TT |
Willowdene Resources Ltd (Registered number: 05774529) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | 10 |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Willowdene Resources Ltd (Registered number: 05774529) |
Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Willowdene Resources Ltd (Registered number: 05774529) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Willowdene Resources Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Buildings: Straight line over 25 years |
Plant & Machinery: @15% reducing balance |
Motor Vehicles: @25% reducing balance |
Fixtures: @25% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
Willowdene Resources Ltd (Registered number: 05774529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Expression | Plant and |
Land | Centre | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Willowdene Resources Ltd (Registered number: 05774529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st December 2021 is as follows: |
Freehold land & Buildings | TrainingCentre | Expression Centre |
£ | £ | £ |
At cost | 35,114 | - | - |
At valuation |
31 December 2021 | 537,140 | - | 240,000 |
31 December 2021 | 572,254 | - | 240,000 |
The Training Centre has been reclassified as part of the agricultural buildings with it's changed use. |
If the freehold land had not been included at valuation, it would have been included under the historical cost convention as follows: |
2021 | 2020 |
£ | £ |
Cost | 146,706 | 146,706 |
accumulated depreciation | - | - |
Net book value | 146,706 | 146,706 |
If the Training Centre had not been included at valuation, it would have been included under the historical | cost convention as follows: |
2021 | 2020 |
Cost | 130,441 | 130,441 |
accumulated depreciation | (114,537) | (109,570) |
Net book value | 15,904 | 20,871 |
If the Expression Centre had not been included at valuation it would have been included under the historical cost convention as follows |
2021 | 2020 |
£ | £ |
Cost | 581,838 | 581,838 |
accumulated depreciation | (515,306) | (488,744) |
Net book value | 66,532 | 93,094 |
The Net book value of assets held under finance leases or HP contracts above are as follows:- |
2021 | 2020 |
£ | £ |
Motor vehicles | - | 6,415 |
Plant & Machinery | 76,225 | 29,335 |
Net book value | 76,225 | 35,750 |
Willowdene Resources Ltd (Registered number: 05774529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS - continued |
Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the profit and loss account. |
During August 2020 a valuation of all the land and property was obtained from Halls, a qualified valuer. The valuation has been restated in the accounts to 31st December 2019 to better reflect the activities of the business. The directors had also obtained a current valuation of the plant and machinery in use and this was restated in the accounts to 31st December 2019. |
A full valuation is usually obtained from a qualified valuer every five years, with an interim valuation every year after the previous full valuation. |
5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
VAT | - | 7,349 |
Other Creditors | 88,809 | 90,406 |
Accruals and deferred income |
The bank loans and overdraft of £152,320 (2020: £172,696) are secured under a fixed and floating charge over the assets of the company. The Hire Purchase agreement of £12,527 (2020: £7,450) are secured over the assets to which they relate. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
Hire purchase contracts |
The bank loans of £32,910 (2020: £4,445) are secured under a fixed and floating charge over the assets of the company. The Hire Purchase agreement of £21,667 (2020: £nil) is secured over the assets to which they relate |
9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 33,200 | 33,200 |
Willowdene Resources Ltd (Registered number: 05774529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2021 |
Balance at 31 December 2021 |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | 733,873 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2021 | 729,040 |
11. | RELATED PARTY DISCLOSURES |
The Company charged £1,597 (2020:£nil) to Willowdene Rehabilitation Ltd, a company which Mr J A C Home and Dr M C W Home are directors. At the year end an amount of £53,661 (2020: £55,258) was due to Willowdene Rehabilitation Ltd. |
The company was paid £nil (2020: £25,355) by Stanley Farm Enterprises LLP and at the year end an amount of £49,976 (2020: £49,976) was due from Stanley Farm Enterprises LLP. |
The company was paid £10,247 by Rite Social Enterprises, a company in which Dr M C W Home is a director. At the year end an amount of £10,247 was due from Rites Social Enterprises. |
At the year end the balance due to Mr J.A.C. Home was £nil (2020: £nil) and to Dr. M.C.W. Home was £35,148 (2020: £35,148). |
Dividends of £21,550 were paid to Dr. M C W Home and Mrs S.L. Home during the year. |
12. | POST BALANCE SHEET EVENTS |
On the 1st January 2022 the assets and liabilities of Stanley Farm Enterprises LLP were transferred to Willowdene Resources Ltd |
13. | ULTIMATE CONTROLLING PARTY |
The company was under the control of Dr M C W Home along with the other director Mrs S.L. Home |