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Registration number: 00609777

Victor Wood (Cornwall) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Victor Wood (Cornwall) Limited

Contents

Company Information

1

Abridged Statement of Financial Position

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Victor Wood (Cornwall) Limited

Company Information

Directors

Ms V J Akpinar

Mr Andrew Victor Martin

Company secretary

Ms V J Akpinar

Registered office

Ground Floor, Unit 3 Southview House St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

Accountants

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

 

Victor Wood (Cornwall) Limited

(Registration number: 00609777)
Abridged Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

155,000

155,000

Current assets

 

Debtors

1,050

3,150

Cash at bank and in hand

 

23,998

11,967

 

25,048

15,117

Creditors: Amounts falling due within one year

(4,152)

(2,239)

Net current assets

 

20,896

12,878

Total assets less current liabilities

 

175,896

167,878

Accruals and deferred income

 

(1,368)

(3,031)

Net assets

 

174,528

164,847

Capital and reserves

 

Called up share capital

5

4,999

4,999

Other reserves

91,245

91,245

Retained earnings

78,284

68,603

Shareholders' funds

 

174,528

164,847

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

 

Victor Wood (Cornwall) Limited

(Registration number: 00609777)
Abridged Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

.........................................

Ms V J Akpinar

Company secretary and director

 

Victor Wood (Cornwall) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor, Unit 3 Southview House St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

These financial statements were authorised for issue by the Board on 31 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Victor Wood (Cornwall) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% on cost

Office Equipment

33.3% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Victor Wood (Cornwall) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

1,078

1,078

At 31 March 2023

1,078

1,078

Depreciation

At 1 April 2022

1,078

1,078

At 31 March 2023

1,078

1,078

Carrying amount

At 31 March 2023

-

-

 

Victor Wood (Cornwall) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Investment properties

2023
£

At 1 April

155,000

An independent valuation was undertaken by Jefferys, a local Estate Agents and Surveyors on the 23 August 2023.

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

4,999

4,999

4,999

4,999

         

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Non-distributable reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(231,245)

-

-

(231,245)

Transfer of reserves

-

91,245

140,000

231,245

(231,245)

91,245

140,000

-