Company registration number 07067911 (England and Wales)
WODSKOU PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
WODSKOU PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
WODSKOU PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,048
34,582
Investment properties
4
7,779,339
7,550,000
Investments
5
531,866
350,000
8,334,253
7,934,582
Current assets
Debtors
7
737,261
28,722
Investments
100,000
Cash at bank and in hand
8,618
1
745,879
128,723
Creditors: amounts falling due within one year
8
(1,178,681)
(1,395,591)
Net current liabilities
(432,802)
(1,266,868)
Total assets less current liabilities
7,901,451
6,667,714
Creditors: amounts falling due after more than one year
9
(3,770,884)
(2,501,734)
Provisions for liabilities
(590,652)
(628,146)
Net assets
3,539,915
3,537,834
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
12
1,815,033
1,936,279
Distributable profit and loss reserves
1,724,782
1,601,455
Total equity
3,539,915
3,537,834
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 member has 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.
WODSKOU PROPERTIES LIMITED
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 2 November 2023 and are signed on its behalf by:
M Wodskou
Director
Company Registration No. 07067911
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Wodskou Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gonwin Manor, Gonwin Manor Drive, Carbis Bay, St. Ives, Cornwall, United Kingdom, TR26 3GN.
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 pound.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Not withstanding the net current liabilities of £432,802 (2021: true£1,266,868), at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Rentals receivable under operating leases, excluding value added tax, are recognised in profit or loss on a straight line basis over the lease term.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade debtors, 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.
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade creditors and bank loans 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 assets are recognised when tax paid exceeds the tax payable.
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
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2022 and 31 December 2022
112,464
Depreciation and impairment
At 1 January 2022
77,882
Depreciation charged in the year
11,534
At 31 December 2022
89,416
Carrying amount
At 31 December 2022
23,048
At 31 December 2021
34,582
4
Investment property
2022
£
Fair value
At 1 January 2022
7,550,000
Additions
391,345
Revaluations
(162,006)
At 31 December 2022
7,779,339
The fair value of the investment properties has been arrived at on the basis of valuations carried out at 5 August 2022 by Knight Frank LLP, considering the market value of similar properties.
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
531,866
350,000
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
350,000
Additions
400,000
At 31 December 2022
750,000
Impairment
At 1 January 2022
-
Impairment losses
218,134
At 31 December 2022
218,134
Carrying amount
At 31 December 2022
531,866
At 31 December 2021
350,000
6
Investments
2022
2021
£
£
Instruments measured at fair value through profit or loss
-
100,000
The above investment related to a loan made to a third party. No interest was payable and there was no fixed maturity. The loan was repayable only once a trigger event, that is within the control of the third party, had occurred. The repayment amount may be lower or higher than the amount initially loaned.
During the year the loan was repaid in full without any gain or loss.
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
218
Other debtors
737,261
28,504
737,261
28,722
Other debtors includes related party loans of £723,223 that are interest free and repayable on demand.
WODSKOU PROPERTIES 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
£
£
Bank loans and overdrafts
300,443
Trade creditors
28,782
1,116
Taxation and social security
83,279
78,626
Other creditors
1,066,620
1,015,406
1,178,681
1,395,591
Other creditors includes related party loans of £14,689 that are interest free and repayable on demand.
9
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
10
3,462,667
2,184,956
Government grants
308,217
316,778
3,770,884
2,501,734
Amounts included above which fall due after five years are as follows:
Bank loans payable by instalments
-
1,292,125
10
Loans and overdrafts
2022
2021
£
£
Bank loans
3,462,667
2,384,832
Bank overdrafts
100,567
Other loans
1,040,000
647,874
4,502,667
3,133,273
Payable within one year
1,040,000
948,317
Payable after one year
3,462,667
2,184,956
The loans are secured by fixed and floating charges over certain properties, assets and undertaking of the company.
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
(14,359)
(17,367)
Investment property
605,011
645,513
590,652
628,146
2022
Movements in the year:
£
Liability at 1 January 2022
628,146
Credit to profit or loss
(37,494)
Liability at 31 December 2022
590,652
12
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
1,936,279
1,308,133
Transfer of non-distributable profits relating to prior periods
(121,246)
628,146
At the end of the year
1,815,033
1,936,279
13
Related party disclosures
At the balance sheet date, the company owed £13,351 (2021: £339,413) to M Wodskou.
At the balance sheet date, the company was owed £708,223 by (2021: owed £15,894 to) Gonwin Developments Limited, a subsidiary company.
At the balance sheet date, the company was owed £15,000 (2021: £15,000) by Aqua Advanced Skincare Limited, a company for which M Wodskou and S Wodskou are both directors and shareholders.
At the balance sheet date, the company owed £1,337 to (2021: owed £1,413 by) Sowena and Gonwin Manor, a partnersip for which M Wodskou and S Wodskou are both partners.
These above balances are at call and do not bear interest.
WODSKOU PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
14
Ultimate controlling party
The ultimate controlling party is M Wodskou, who owns 100% of the issued share capital.
On 22 March 2023 50% of the issued share capital was transferred to S Wodskou.
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