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Company No: 02829393 (England and Wales)

WOODPECKER PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

WOODPECKER PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

WOODPECKER PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
WOODPECKER PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTORS Mr D J Newell
Mrs J Newell
SECRETARY Mr D J Newell
REGISTERED OFFICE Leanne House
6 Avon Close
Weymouth
DT4 9UX
United Kingdom
COMPANY NUMBER 02829393 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX
WOODPECKER PROPERTIES LIMITED

BALANCE SHEET

As at 30 June 2023
WOODPECKER PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,203 7,489
Investment property 4 5,050,000 5,000,000
5,056,203 5,007,489
Current assets
Stocks 5 0 647,800
Debtors 6 63,539 37,690
Investments 37 37
Cash at bank and in hand 27,005 18,572
90,581 704,099
Creditors: amounts falling due within one year 7 ( 3,418,957) ( 3,436,194)
Net current liabilities (3,328,376) (2,732,095)
Total assets less current liabilities 1,727,827 2,275,394
Provision for liabilities 8 ( 306,959) ( 273,473)
Net assets 1,420,868 2,001,921
Capital and reserves
Called-up share capital 400 400
Fair value reserve 1,473,203 2,010,921
Profit and loss account ( 52,735 ) ( 9,400 )
Total shareholders' funds 1,420,868 2,001,921

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Woodpecker Properties Limited (registered number: 02829393) were approved and authorised for issue by the Board of Directors on 17 November 2023. They were signed on its behalf by:

Mr D J Newell
Director
WOODPECKER PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
WOODPECKER PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Woodpecker Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

The company is run and administered by one of the directors of the company for whom no formal contract of service is in place.

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 July 2022 104,968 1,165 106,133
At 30 June 2023 104,968 1,165 106,133
Accumulated depreciation
At 01 July 2022 97,945 699 98,644
Charge for the financial year 1,053 233 1,286
At 30 June 2023 98,998 932 99,930
Net book value
At 30 June 2023 5,970 233 6,203
At 30 June 2022 7,023 466 7,489

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 5,000,000
Additions 4,500
Fair value movement (602,300)
Transfers to and from inventories 647,800
As at 30 June 2023 5,050,000

Valuation

A full market valuation of investment property was completed by the director at the statement of financial position date. The basis of valuation was open market value.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 3,367,906 2,715,606

5. Stocks

2023 2022
£ £
Work in progress 0 647,800

6. Debtors

2023 2022
£ £
Trade debtors 30,823 23,482
Other debtors 32,716 14,208
63,539 37,690

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 3,214,602 3,213,508
Trade creditors 42,954 51,843
Taxation and social security 38,523 55,318
Other creditors 122,878 115,525
3,418,957 3,436,194

The bank loans are secured against the investment properties.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 306,959 273,473

9. Related party transactions

Transactions with the entity's directors

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2022 the balance owed to the directors was £895. During the year, £157,864 was advanced to the directors, and £194,773 was repaid by the directors. At 30 June 2022, the balance owed to the directors was £37,804.

At 1 July 2021 the balance owed by the directors was £67,976. During the year, £171,729 was advanced to the directors, and £240,600 was repaid by the directors. At 30 June 2022, the balance owed to the directors was £895.