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Registered number: 03132362
Woodlands Farm (Aston Clinton) Limited
Unaudited Financial Statements
For the Period 1 May 2022 to 31 October 2023
Martin Nye
Chartered Certified Accountants
186 High Street
Winslow
Buckinghamshire
MK18 3DQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03132362
31 October 2023 30 April 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 517,900 -
517,900 -
CURRENT ASSETS
Cash at bank and in hand - 2
- 2
Creditors: Amounts Falling Due Within One Year 5 (62,763 ) -
NET CURRENT ASSETS (LIABILITIES) (62,763 ) 2
TOTAL ASSETS LESS CURRENT LIABILITIES 455,137 2
PROVISIONS FOR LIABILITIES
Deferred Taxation (100,338 ) -
NET ASSETS 354,799 2
CAPITAL AND RESERVES
Called up share capital 7 2 2
Fair Value Reserve 8 354,322 -
Profit and Loss Account 475 -
SHAREHOLDERS' FUNDS 354,799 2
Page 1
Page 2
For the period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Marie Miller
Director
25th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Woodlands Farm (Aston Clinton) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03132362 . The registered office is 186 High Street, Winslow, Buckinghamshire, MK18 3DQ. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revlauation of certain fixed assets and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
These accounts cover an eighteen month period, the accounting reference date was extended for commercial reasons, the comparative amounts are not entirely comparable in this regard.
2.2. Turnover
Turnover is in respect of rent received.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 3 (2022: 2)
3 2
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost or Valuation
As at 1 May 2022 -
Additions 63,240
Revaluation 454,660
As at 31 October 2023 517,900
Net Book Value
As at 31 October 2023 517,900
As at 1 May 2022 -
Subsequent to the submission of the accounts for the year ended 30th April 2022, it was identified that the company owned a piece of land. The land has been introduced at cost during the current period. During the period ended 31st October 2023 the land with an original cost of £63,240, was revalued to its fair value of £517,900. The revaluation of £454,660 has been taken to a Fair Value Reserve together with the deferred taxation due of £100,338 should the land be sold at its revalued amount.
Comparative figures have not been restated.
Cost or valuation as at 31 October 2023 represented by:
Land & Property
Freehold
£
At cost 63,240
At valuation 454,660
517,900
Land owned by the company was revalued by Fisher German LLP Chartered Surveyors on 29th September 2023.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 63,240
5. Creditors: Amounts Falling Due Within One Year
31 October 2023 30 April 2022
£ £
Other creditors 62,652 -
Taxation and social security 111 -
62,763 -
Page 4
Page 5
6. Provisions for Liabilities
Deferred Tax Total
£ £
Additions 100,338 100,338
Balance at 31 October 2023 100,338 100,338
7. Share Capital
31 October 2023 30 April 2022
£ £
Allotted, Called up and fully paid 2 2
8. Reserves
Fair Value Reserve
£
Transfer to profit and loss 354,322
As at 31 October 2023 354,322
The fair value reserve is in respect of the revaluation of land owned by the company, net of deferred taxation, these profits are not available for distribution as they are unrealised. Full taxation provision has been made with indexation to 31st December 2017, no indexation is available after this date.
Page 5