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Logo On Report
Registered Number: 09573911
England and Wales

 

 

 

WOOD ROAD PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors S W Hough
M J R Hough
Registered Number 09573911
Registered Office No 4 The Coach House
Halsteads
Thornton-in-Lonsdale
LA6 3PD
Accountants Numerics Accounting Limited
No 4 The Coach House, Halsteads
Thornton In Lonsdale
CARNFORTH
LA6 3PD
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,317,648    1,317,648 
1,317,648    1,317,648 
Current assets      
Debtors 4 8,374    6,857 
Cash at bank and in hand 9,181    32,862 
17,555    39,719 
Creditors: amount falling due within one year 5 (3,038)   (10,169)
Net current assets 14,517    29,550 
 
Total assets less current liabilities 1,332,165    1,347,198 
Creditors: amount falling due after more than one year 6 (1,131,337)   (1,156,369)
Net assets 200,828    190,829 
 

Capital and reserves
     
Called up share capital 7 200,000    200,000 
Profit and loss account 828    (9,171)
Shareholders' funds 200,828    190,829 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 21 August 2024 and were signed on its behalf by:


-------------------------------
M J R Hough
Director
2
General Information
Wood Road Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 09573911, registration address No 4 The Coach House, Halsteads, Thornton-in-Lonsdale, LA6 3PD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The company meets its day to day working capital requirements through a loan facility provided by a director which is repayable on demand.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have considered the expected cash flows for the period ending 12 months from the date of their approval of these financial statements. On the basis of this, the directors consider that the company will continue to operate within the facility currently agreed.
At the time of approving the financial statements, the directors have a reasonable expectation that the company will have 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.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services (primarily rental income) provided in the normal course of business. The fair value of consideration takes into account discounts and rebates.
Taxation
Taxation represents the sum of tax currently payable. 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 capital and reserves.
The company's liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 33%
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

The average number of employees, including unpaid directors, is: 

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Investment properties   Plant and machinery etc   Total
  £   £   £
At 01 April 2023 1,317,648    29,109    1,346,757 
Additions    
Disposals    
At 31 March 2024 1,317,648    29,109    1,346,757 
Depreciation
At 01 April 2023   29,109    29,109 
Charge for year    
On disposals    
At 31 March 2024   29,109    29,109 
Net book values
Closing balance as at 31 March 2024 1,317,648      1,317,648 
Opening balance as at 01 April 2023 1,317,648      1,317,648 

Investment property comprises residential property. The fair value of investment property has been arrived at on the basis original purchase price plus redevelopment costs incurred. Discussions with local estate agents indicate that the property values are similar to the current carrying value and hence no valuation adjustment has been considered necessary.

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 4,827    37 
Prepayments & Accrued Income 3,547    6,820 
8,374    6,857 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 167    146 
Corporation Tax 2,371    3,120 
Income in advance   6,403 
Other Creditors 500    500 
3,038    10,169 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 750,050    750,050 
Directors Loan: M Hough & family 381,287    406,319 
1,131,337    1,156,369 
The bank loan noted above is secured on the investment property owned by the company. This is an interest only loan with an interest rate of 3.75% fixed until January 2025, following which the interest will revert to a standard variable rate. The loan has a term of 15 year ending in January 2035.

Other creditors above consists of a long-term loans provided by a related party. The borrowing terms are discussed further in the Related Parties note below.

7.

Share Capital

Authorised
1,000,000 Ordinary A shares of £1.00 each
1,000,000 Ordinary B shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100,000 Ordinary A shares of £1.00 each 100,000    100,000 
100,000 Ordinary B shares of £1.00 each 100,000    100,000 
200,000    200,000 
The company has two classes of ordinary shares, Ordinary A shares and Ordinary B shares, which carry no right to fixed income. Each share class (both Ordinary A and Ordinary B shares) has full rights in the company with respect to voting, dividends and distributions.

8.

Related parties

During the period the company entered into the following transactions with related parties: 
 
  • Numerics Accounting Limited, a company with a common shareholder and director, was paid fees of £500 (prior year: £500).
At the period end the company owed money to the following related parties: 
  • M Hough (director and shareholder)  £381,287 (prior period end £406,319)
The above named director has provided the company with a loan for the purpose of funding the acquisition of Investment Property and redevelopment thereof. The loan does not have a fixed repayment profile, but is repayable on demand. The director has agreed that no demand for payment will be made within 12 months of the year end, hence the loan has been classified as a long-term loan. The director has waived his right to interest in full in the current and previous financial year.
3