REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 May 2023 |
for |
WOOD STREET LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 May 2023 |
for |
WOOD STREET LIMITED |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Contents of the Financial Statements |
for the year ended 30 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WOOD STREET LIMITED |
Company Information |
for the year ended 30 May 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Juniper House |
Warley Hill Business Park |
The Drive |
Brentwood |
Essex |
CM13 3BE |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Balance Sheet |
30 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Balance Sheet - continued |
30 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Notes to the Financial Statements |
for the year ended 30 May 2023 |
1. | Statutory information |
Wood Street Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is carried at fair value determined annually by the directors and / or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. |
No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Notes to the Financial Statements - continued |
for the year ended 30 May 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | Employees and directors |
The average number of employees during the year was |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Notes to the Financial Statements - continued |
for the year ended 30 May 2023 |
4. | Investment property |
Total |
£ |
Cost |
At 31 May 2022 |
and 30 May 2023 |
Net book value |
At 30 May 2023 |
At 30 May 2022 |
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at the historic cost of £2,422,034 (2022: £2,422,034). |
5. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by associates |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Amounts owed to associates | 123,643 | 81,514 |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
Other creditors |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Notes to the Financial Statements - continued |
for the year ended 30 May 2023 |
7. | Creditors: amounts falling due after more than one year - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 1,976,045 | 1,976,063 |
8. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 1,976,045 | 1,976,063 |
Included within bank loan is a Bounce Back Loan Scheme (BBLS). This bank loan was received on 5 June 2020. |
9. | Secured debts |
The Bank loan is guaranteed by the UK Government as part of the Bounce Back Loan Scheme (BBLS). |
Also included within bank loans is Metro Bank loan which is secured over the property known as 4 Marlow Road, London, E17 3HB. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
11. | Post balance sheet events |
The company acquired full shareholding of Wood Street Apartments Ltd on 21 August 2023 |
WOOD STREET LIMITED (REGISTERED NUMBER: 09022610) |
Notes to the Financial Statements - continued |
for the year ended 30 May 2023 |
12. | Related party transactions |
As at the year end, amounts owed by associated undertakings is £1,147,182 (2022: £1,177,296) due from companies related by virtue of common ownership. |
As at the year end, amounts due to companies related by virtue of common ownership is £123,643 (2022: £81,514). All the companies are connected by virtue of having M Smith as a common director. |
13. | Controlling party |
The company is under the control of Michael Smith by virtue of his 100% shareholding. |