Company registration number 10347479 (England and Wales)
WOODRIDGE DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WOODRIDGE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WOODRIDGE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
3,285,020
3,285,020
Current assets
Stocks
5
5,259,582
3,834,233
Debtors
6
136,234
101,045
Cash at bank and in hand
2,393,648
563,677
7,789,464
4,498,955
Creditors: amounts falling due within one year
7
(11,089,229)
(7,890,786)
Net current liabilities
(3,299,765)
(3,391,831)
Net liabilities
(14,745)
(106,811)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(14,845)
(106,911)
Total equity
(14,745)
(106,811)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Mr T J Parsons
Director
Company registration number 10347479 (England and Wales)
WOODRIDGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Woodridge Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Arkwright Road, Reading, Berkshire, England, RG2 0LU.
1.1
Accounting convention
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities of Financial 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and with the Companies Act 2006.
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. The financial statements are prepared in sterling which is the functional currency of the company.
1.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true
The company continues to be reliant on financial support provided by its parent company, the directors have received assurances that this support with continue for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Revenue is recognised as the fair value of the consideration received or receivable on the legal completion of a newly built residential property sale or amounts contractually due under a development agreement at the balance sheet date relating to the stage of completion of the agreement as verified by surveys performed by the relevant customer as this reflects the performance obligations delivered by the company at the balance sheet date.
Revenue includes rental income receivable in relation to the Company's investment property for the year, excluding VAT.
1.4
Investment property
Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is measured at fair value. The directors make an assessment of the market value at the year end informed by their local knowledge and market conditions and, where necessary, seek professional advice. Surpluses and deficits arising from the periodic valuations are taken to the profit and loss account.
1.5
Stocks
Stock comprises Work in Progress and is stated at the lower of cost and fair value less costs to sell. Cost for this purpose comprises the cost to the company of acquiring land, construction and other development costs.
1.6
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 current liabilities.
WOODRIDGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
1.8
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
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.
1.9
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
WOODRIDGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:
The Directors believe that the main significant area of judgement is the valuation of the investment property. The property has been valued by the directors on an open market value for existing use basis. On the date of approval of the financial statements, there are no indications to imply that material changes to fundamental assumptions and estimates are necessary.
The Directors make assessments at each year end as to the fair value of Land and Buildings in the Course of Development, current held in stock. The latest valuation indicates that stock is still held at the lower of cost and fair value less costs to sell.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
3,285,020
5
Stocks
2023
2022
£
£
Land and buildings in the course of development
5,259,582
3,834,233
WOODRIDGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,120
426
Amounts owed by group undertakings
461
Other debtors
90,257
95,745
Prepayments and accrued income
3,396
4,874
136,234
101,045
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,110
116,525
Amounts owed to group undertakings
10,662,047
7,653,883
Corporation tax
28,243
29,035
Other creditors
287,177
8,459
Accruals and deferred income
61,652
82,884
11,089,229
7,890,786
8
Ultimate controlling party
ATW Holdings Limited, registered office 11 Arkwright Road, Reading, Berkshire RG2 0LU, is the ultimate parent company. The parent undertaking of the smallest and largest group in which the results of the Company are consolidated is ATW Holdings Limited. The Consolidated financial statements for ATW Holdings Limited may be obtained from Companies House.
In the opinion of the Directors there is no ultimate controlling party.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Jones
Statutory Auditor:
Henton & Co LLP
Date of audit report:
26 July 2024
WOODRIDGE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
273,333
444,583
11
Related party transactions
During the year, a director of the company contributed towards part of a development being undertaken by the company for £707,000 (2022: £1,400,000) which was transferred at cost. No balance remains outstanding at the year end.