Company Registration No. 05618259 (England and Wales)
WOODGATE GROWERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WOODGATE GROWERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WOODGATE GROWERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,988,944
2,070,799
Current assets
Stocks
12,000
12,000
Debtors
5
106,919
118,500
Cash at bank and in hand
-
0
28,394
118,919
158,894
Creditors: amounts falling due within one year
6
(575,915)
(544,070)
Net current liabilities
(456,996)
(385,176)
Total assets less current liabilities
1,531,948
1,685,623
Creditors: amounts falling due after more than one year
7
(1,465,731)
(1,662,425)
Provisions for liabilities
(56,000)
(56,000)
Net assets/(liabilities)
10,217
(32,802)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
10,117
(32,902)
Total equity
10,217
(32,802)

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 March 2023 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.

WOODGATE GROWERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Simon Eckley
Director
Company registration number 05618259 (England and Wales)
WOODGATE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Woodgate Growers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Knights Court, Archers Way, Battlefield Enterpise Park, Shrewsbury, Shropshire, SY1 3GA.

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
Going concern

Atruet 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

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.

1.4
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:

Freehold land & buildings
over 30 years
Plant & machinery
between 8 to 20 years

Freehold land and assets in the course of construction are not depreciated.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

WOODGATE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

.

1.6
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 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.

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 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

WOODGATE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.

2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold land & buildings
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
1,953,799
683,457
2,637,256
Depreciation and impairment
At 1 April 2022
289,242
277,215
566,457
Depreciation charged in the year
45,457
36,398
81,855
At 31 March 2023
334,699
313,613
648,312
Carrying amount
At 31 March 2023
1,619,100
369,844
1,988,944
At 31 March 2022
1,664,557
406,242
2,070,799
4
Intangible fixed assets
Licenses
£
Cost
At 1 April 2022 and 31 March 2023
25,734
Amortisation and impairment
At 1 April 2022 and 31 March 2023
25,734
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
WOODGATE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,416
47,519
Corporation tax recoverable
23,641
51,066
Other debtors
65,862
19,915
106,919
118,500
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
197,987
189,434
Trade creditors
60,168
51,760
Amounts due to group undertakings
284,948
295,000
Other taxation and social security
781
700
Other creditors
32,031
7,176
575,915
544,070
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,465,731
1,662,425

The company's bank borrowings are secured by a fixed and floating charge over the company's assets and the assets of its subsidiaries.

 

The company's assets are also charged to secure the bank overdrafts and loans of the other group undertakings, totalling £6,769,390 as at 31 March 2023.

Amounts included above which fall due after five years are as follows:
Payable by instalments
642,389
835,677
8
Parent company

The whole of the company's share capital is held by Chestnut Growers Limited. The registered office of that company is situated at The Yeld Farm, Lyonshall, Kington, Herefordshire HR5 3LY.

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