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Registration number: 09051390

Woodbury Farm Holiday Cottages Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Woodbury Farm Holiday Cottages Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Woodbury Farm Holiday Cottages Ltd

Company Information

Directors

Ms C Parkes

Mr D C Hiscocks

Registered office

Woodbury Farm,
Norton,
Dartmouth
Devon
TQ6 0NF

Accountants

Neil Wilson & Co
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Woodbury Farm Holiday Cottages Ltd

(Registration number: 09051390)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,881

21,041

Investment property

5

295,798

295,798

 

314,679

316,839

Current assets

 

Cash at bank and in hand

 

3,025

2,091

Creditors: Amounts falling due within one year

6

(316,492)

(318,878)

Net current liabilities

 

(313,467)

(316,787)

Net assets

 

1,212

52

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

1,210

50

Shareholders' funds

 

1,212

52

For the financial year ending 31 May 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
Mr D C Hiscocks
Director

 

Woodbury Farm Holiday Cottages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Woodbury Farm,
Norton,
Dartmouth
Devon
TQ6 0NF
England

These financial statements were authorised for issue by the Board on 14 February 2024.

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 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 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Woodbury Farm Holiday Cottages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Nil whilst under construction

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 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 1 (2022 - 1).

 

Woodbury Farm Holiday Cottages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

12,399

18,855

8,084

39,338

At 31 May 2023

12,399

18,855

8,084

39,338

Depreciation

At 1 June 2022

-

12,054

6,243

18,297

Charge for the year

-

1,700

460

2,160

At 31 May 2023

-

13,754

6,703

20,457

Carrying amount

At 31 May 2023

12,399

5,101

1,381

18,881

At 31 May 2022

12,399

6,801

1,841

21,041

Included within the net book value of land and buildings above is £12,399 (2022 - £12,399) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 June

295,798

At 31 May

295,798

There has been no valuation of investment property by an independent valuer.

 

Woodbury Farm Holiday Cottages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,654

1,821

Accruals and deferred income

598

545

Other creditors

314,240

316,512

316,492

318,878

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

Mr D C Hiscocks

Loan from Director

(152,408)

-

(152,408)

-

-

-

 

(152,408)

-

(152,408)

     

Ms C Parkes

loan from director

(164,104)

2,272

(161,832)

-

-

-

 

(164,104)

2,272

(161,832)

     

 

 

Woodbury Farm Holiday Cottages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2022

At 1 June 2021
£

Repayments by director
£

At 31 May 2022
£

Mr D C Hiscocks

Loan from Director

(152,408)

-

(152,408)

-

-

-

 

(152,408)

-

(152,408)

     

Ms C Parkes

loan from director

(130,748)

(33,356)

(164,104)

-

-

-

 

(130,748)

(33,356)

(164,104)

     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

10,095