Company Registration No. 00481173 (England and Wales)
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
Company Registration No. 00481173
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
202,298
103,309
Investment properties
5
870,002
820,002
1,072,300
923,311
Current assets
Stocks
6
545,851
720,483
Debtors
7
11,085,047
11,799,608
Cash at bank and in hand
15,622
81,324
11,646,520
12,601,415
Creditors: amounts falling due within one year
8
(167,299)
(719,186)
Net current assets
11,479,221
11,882,229
Total assets less current liabilities
12,551,521
12,805,540
Provisions for liabilities
9
(205,599)
(193,099)
Net assets
12,345,922
12,612,441
Capital and reserves
Called up share capital
12,500
12,500
Profit and loss reserves
12,333,422
12,599,941
Total equity
12,345,922
12,612,441
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
Company Registration No. 00481173
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
G Woodcock
Director
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Woodcock Brothers (Wimbledon) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of rental and property development income receivable and during the year, exclusive of Value Added Tax and trade discounts.
Rental Income is recognised based on occupancy and adjustment is made for any amounts received in advance or arrears.
Operating profit on property development activities comprises the amounts attributable to developments completed during the year and developments in progress where a profitable outcome can be foreseen after deducting any amounts recognised in earlier periods and provisions for foreseeable losses.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
The company are the registered owners of five investment properties as at year end.
Investment property is carried at fair value determined annually by either the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value and deferred taxation thereon are recognised in the Statement of Comprehensive Income and included within profit and loss reserve as undistributable reserves thereafter.
The balance sheet includes two of the investment properties at their historical costs and three of the investment properties at fair value as denoted above. The accounting policy to hold three of the investment properties at historical costs is not in accordance with the applicable accounting standards, Financial Reporting Standard 102.
The directors are not able to provide a valuation for the three investment properties held at historical costs, due to the niche nature of the properties. The directors believe the cost of obtaining the annual valuations for these properties would far exceed the benefits of showing the properties at fair value in the financial statements.
1.5
Stocks
Stocks represent direct property development expenditure and are valued at the lower of cost and net realisable value after making due allowance for impairment.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Other operating (income)/charges
2022
2021
£
£
Amounts written off connected companies
-
2,000,000
Change in fair value of investment property
(50,000)
-
(50,000)
2,000,000
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
7
7
4
Tangible fixed assets
Total
£
Cost
At 1 January 2022
192,806
Additions
160,684
Disposals
(45,464)
At 31 December 2022
308,026
Depreciation and impairment
At 1 January 2022
89,497
Depreciation charged in the year
56,325
Eliminated in respect of disposals
(40,094)
At 31 December 2022
105,728
Carrying amount
At 31 December 2022
202,298
At 31 December 2021
103,309
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
5
Investment property
2022
£
Fair value
At 1 January 2022
820,002
Revaluations
50,000
At 31 December 2022
870,002
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2022 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2022
2021
£
£
Cost
41,125
41,125
Accumulated depreciation
(2,958)
(2,747)
Carrying amount
38,167
38,378
6
Stocks
2022
2021
£
£
Work in progress
545,851
720,483
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
15,558
27,276
Corporation tax recoverable
92,116
Amounts owed by group undertakings
10,938,622
11,742,771
Other debtors
38,751
29,561
11,085,047
11,799,608
WOODCOCK BROTHERS (WIMBLEDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,876
1,603
Taxation and social security
126,317
Other creditors
163,423
591,266
167,299
719,186
The company, has provided a cross guarantee for the bank borrowings held by the fellow subsidiary, Woodcock Brothers Investments Limited.
9
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends. It includes the cumulative effect of revaluations of investment properties and deferred taxation thereon totalling £623,278 which is not available for distribution as dividends until the properties are sold.
10
Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,572 (2021 - £14,136). No contributions (2021 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.
11
Related party transactions
The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS102 and therefore transactions with group companies have not been disclosed.
12
Directors' transactions
At the beginning of the year the company owed a total of £445,034 to all three directors. During the year advances totalling £459,785 were made to the directors and total repayments of £118,536 received from the directors. No interest is charged on the outstanding loan. At the end of the year the balance due to all three directors was £103,785 and is included within other creditors.
13
Controlling party
The company is a wholly owned subsidiary of Woodcock Brothers (Holdings) Limited, a company incorporated in England and Wales. There is no ultimate controlling party.