Company Registration No. 10089137 (England and Wales)
WOODCOCK BROTHERS INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
WOODCOCK BROTHERS INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WOODCOCK BROTHERS INVESTMENTS LTD
Company Registration No. 10089137
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,413
8,417
Investment properties
5
19,000,000
18,125,000
Investments
6
52,157
-
0
19,059,570
18,133,417
Current assets
Debtors
7
891,360
389,009
Cash at bank and in hand
170,684
133,521
1,062,044
522,530
Creditors: amounts falling due within one year
8
(11,779,509)
(17,266,746)
Net current liabilities
(10,717,465)
(16,744,216)
Total assets less current liabilities
8,342,105
1,389,201
Creditors: amounts falling due after more than one year
9
(6,151,000)
(18,000)
Provisions for liabilities
10
(870,784)
(215,705)
Net assets
1,320,321
1,155,496
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
1,320,320
1,155,495
Total equity
1,320,321
1,155,496

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 INVESTMENTS LTD
Company Registration No. 10089137
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 INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Woodcock Brothers Investments Ltd 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable 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.

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:

Office equipment
20% 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.

1.4
Investment properties

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.

1.5
Fixed asset investments

Investments where market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

WOODCOCK BROTHERS INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

1.7
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.

1.8
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.

1.9
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.

WOODCOCK BROTHERS INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
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
£
£
Change in fair value of investment property
(875,000)
1,250,000
Amounts written off connected companies
-
(2,000,000)
(875,000)
(750,000)
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2022
15,404
Additions
1,662
At 31 December 2022
17,066
Depreciation and impairment
At 1 January 2022
6,987
Depreciation charged in the year
2,666
At 31 December 2022
9,653
Carrying amount
At 31 December 2022
7,413
At 31 December 2021
8,417
WOODCOCK BROTHERS INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Investment property
2022
£
Fair value
At 1 January 2022
18,125,000
Revaluations
875,000
At 31 December 2022
19,000,000

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
18,200,000
18,200,000
Accumulated depreciation
(1,152,667)
(970,667)
Carrying amount
17,047,333
17,229,333
6
Fixed asset investments
2022
2021
£
£
Other investments other than loans
52,157
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
-
Additions
52,157
At 31 December 2022
52,157
Carrying amount
At 31 December 2022
52,157
At 31 December 2021
-
WOODCOCK BROTHERS INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
80,115
156,411
Amounts owed by group undertakings
1
1
Other debtors
811,244
232,597
891,360
389,009
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
-
0
4,955,000
Trade creditors
14,187
6,548
Amounts owed to group undertakings
10,938,622
11,742,771
Taxation and social security
88,177
46,405
Other creditors
738,523
516,022
11,779,509
17,266,746

Included within creditors falling due within one year are bank borrowings of £nil (2021 - £4,955,000) that are secured by a fixed charge over the freehold properties held by the company and fellow subsidiary and by a fixed and floating charge over all the assets of the company and fellow subsidiary.

 

The fellow subsidiary, Woodcock Brothers (Wimbledon) Limited, has provided a cross guarantee for the bank borrowings held by the company.

9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
6,133,000
-
0
Other creditors
18,000
18,000
6,151,000
18,000

Included within creditors falling due after one year are bank borrowings of £6,133,000 (2021 - £nil) that are secured by a fixed charge over the freehold properties held by the company and fellow subsidiary and by a fixed and floating charge over all the assets of the company and fellow subsidiary.

 

The fellow subsidiary, Woodcock Brothers (Wimbledon) Limited, has provided a cross guarantee for the bank borrowings held by the company.

WOODCOCK BROTHERS INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
11
Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments. It includes the cumulative effect of revaluations of investment properties and deferred taxation thereon totalling £11,563,401 which is not available for distribution as dividends until the properties are sold.

12
Related party transactions

At the year end, £34,935 was owed to Woodcock Holdings Limited, a company controlled by a close family member of the directors and shareholders of the parent company Woodcock Brothers (Holdings) Limited. Included within the accruals at the year end, is a management fee receivable of £34,935. During the year ended 31 December 2022, the company recharged expenses of £2,065, received income of £30,000 and received advances of £7,000.

 

At the year end, £280,509 was owed from Wimbledon Plant Hire Limited, a company jointly controlled by a close family member of the directors and the shareholders of the parent company Woodcock Brothers (Holdings) Limited. Included within the accruals at the year end, is a management charge of £280,509. During the year ended 31 December 2022, the company recharged expenses of £8,785 and made advances of £289,294.

 

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.

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.

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