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COMPANY REGISTRATION NUMBER: 00597023
WOODLEY HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
WOODLEY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
6,826,992
6,828,677
Investments
6
99
99
------------
------------
6,827,091
6,828,776
CURRENT ASSETS
Debtors
7
250,440
212,457
Cash at bank and in hand
215,291
207,792
---------
---------
465,731
420,249
CREDITORS: amounts falling due within one year
8
598,979
577,500
---------
---------
NET CURRENT LIABILITIES
133,248
157,251
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
6,693,843
6,671,525
CREDITORS: amounts falling due after more than one year
9
305,217
356,409
PROVISIONS
258,257
258,257
------------
------------
NET ASSETS
6,130,369
6,056,859
------------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
498,750
498,750
Capital redemption reserve
370,309
370,309
Non distributable reserve
3,117,586
3,117,586
Profit and loss account
2,143,724
2,070,214
------------
------------
SHAREHOLDERS FUNDS
6,130,369
6,056,859
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WOODLEY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 5 September 2023 , and are signed on behalf of the board by:
Mr S W Woodley
Director
Company registration number: 00597023
WOODLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newton Road, Higham Ferrers, Northants, NN9 8HR.
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.
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 represents the amount derived from rents receivable after deduction of value added tax.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance and 33.3% straight line
Office equipment
-
12.5% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
6,817,440
509,741
7,327,181
------------
---------
------------
Depreciation
At 1 April 2022
498,504
498,504
Charge for the year
1,685
1,685
------------
---------
------------
At 31 March 2023
500,189
500,189
------------
---------
------------
Carrying amount
At 31 March 2023
6,817,440
9,552
6,826,992
------------
---------
------------
At 31 March 2022
6,817,440
11,237
6,828,677
------------
---------
------------
The directors believe the freehold land and buildings value represents a fair indication of the market value at the year end.
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
99
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
99
----
At 31 March 2022
99
----
7. DEBTORS
2023
2022
£
£
Trade debtors
217,042
181,338
Other debtors
33,398
31,119
---------
---------
250,440
212,457
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
53,079
50,162
Trade creditors
39,282
41,636
Corporation tax
97,230
85,333
Social security and other taxes
72,790
64,707
Other creditors
336,598
335,662
---------
---------
598,979
577,500
---------
---------
The bank loan is secured against the assets of the company.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
305,217
356,409
---------
---------
The bank loan is secured against the assets of the company.
10. RELATED PARTY TRANSACTIONS
The company has participated in transactions with related parties and has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group.