Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseThe development of building projects2falsetrue 08264947 2023-01-01 2023-12-31 08264947 2022-01-01 2022-12-31 08264947 2023-12-31 08264947 2022-12-31 08264947 c:CompanySecretary1 2023-01-01 2023-12-31 08264947 c:Director1 2023-01-01 2023-12-31 08264947 c:RegisteredOffice 2023-01-01 2023-12-31 08264947 d:CurrentFinancialInstruments 2023-12-31 08264947 d:CurrentFinancialInstruments 2022-12-31 08264947 d:Non-currentFinancialInstruments 2023-12-31 08264947 d:Non-currentFinancialInstruments 2022-12-31 08264947 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08264947 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08264947 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08264947 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08264947 d:UKTax 2023-01-01 2023-12-31 08264947 d:UKTax 2022-01-01 2022-12-31 08264947 d:ShareCapital 2023-12-31 08264947 d:ShareCapital 2022-12-31 08264947 d:RetainedEarningsAccumulatedLosses 2023-12-31 08264947 d:RetainedEarningsAccumulatedLosses 2022-12-31 08264947 c:FRS102 2023-01-01 2023-12-31 08264947 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08264947 c:FullAccounts 2023-01-01 2023-12-31 08264947 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08264947 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 08264947









WOOD HALL (CLAREMONT) LTD







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WOOD HALL (CLAREMONT) LTD
 
 
COMPANY INFORMATION


Director
A L Cohen 




Company secretary
S Shaikh-Kiayani



Registered number
08264947



Registered office
Wood Hall Farm Office, Woodhall Lane

Shenley

Hertfordshire

WD7 9AA




Accountants
Evelyn Partners (East) LLP
Accountants

Stonecross

Trumpington High Street

Cambridge

CB2 9SU





 
WOOD HALL (CLAREMONT) LTD
 

CONTENTS



Page
Director's Report
 
 
1
Statement of Income and Retained Earnings
 
 
2
Statement of Financial Position
 
 
3 - 4
Notes to the Financial Statements
 
 
5 - 9


 
WOOD HALL (CLAREMONT) LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director

The director who served during the year was:

A L Cohen 

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




................................................
A L Cohen
Director
Date: 24 July 2024

Page 1

 
WOOD HALL (CLAREMONT) LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Cost of sales
  
(65,804)
(3,413,924)

Gross loss
  
(65,804)
(3,413,924)

Administrative expenses
  
(45,174)
(43,422)

Other operating income
  
97,965
74,407

Operating loss
  
(13,013)
(3,382,939)

Interest payable and similar expenses
  
(587,469)
(330,321)

Loss before tax
  
(600,482)
(3,713,260)

Tax on loss
 4 
141,237
(40,441)

Loss after tax
  
(459,245)
(3,753,701)

  

  

Retained earnings at the beginning of the year
  
(3,926,104)
(172,403)

  
(3,926,104)
(172,403)

Loss for the year
  
(459,245)
(3,753,701)

Retained earnings at the end of the year
  
(4,385,349)
(3,926,104)
The notes on pages 5 to 9 form part of these financial statements.

Page 2

 
WOOD HALL (CLAREMONT) LTD
REGISTERED NUMBER: 08264947

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 5 
5,050,000
5,050,000

Debtors: amounts falling due within one year
 6 
53,814
84,990

Cash at bank and in hand
  
75,296
18,768

  
5,179,110
5,153,758

Creditors: amounts falling due within one year
 7 
(41,135)
(22,772)

Net current assets
  
 
 
5,137,975
 
 
5,130,986

Total assets less current liabilities
  
5,137,975
5,130,986

Creditors: amounts falling due after more than one year
 8 
(9,523,224)
(9,056,990)

  

Net liabilities
  
(4,385,249)
(3,926,004)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(4,385,349)
(3,926,104)

  
(4,385,249)
(3,926,004)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
 
Page 3

 
WOOD HALL (CLAREMONT) LTD
REGISTERED NUMBER: 08264947
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A L Cohen
Director
Date: 24 July 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
WOOD HALL (CLAREMONT) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wood Hall (Claremont) Ltd is a private company limited by shares incorporated in England and Wales.
The registered office is Wood Hall Farm Office, Wood Hall Lane, Shenley, Hertfordshire, WD7 9AA.
The principal activity continues to be that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the director has reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future.
Although the company shows a net liability position on the balance sheet, the net realisable value of the property held is expected to be more than sufficient to repay the external lenders. Additional lending and support is provided in the form of loans from a company under common control and ultimately by the shareholder. Repayment of these loans or the interest charged on them will not be sought if it would impair the continued operation of any of the group companies and external lenders will be given priority.
Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of properties is recognised when the significant risks and rewards of
ownership of the property has passed to the buyer (usually on completion), the amount of revenue
can be measured reliably, it is probable that the economic benefits will flow to the group, usually on
completion, and the costs incurred or to be incurred in respect of the transaction can be measured
reliably.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised on a straight line basis over the lease term.

Page 5

 
WOOD HALL (CLAREMONT) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Stocks

Stocks of properties are stated at the lower of cost and estimated selling price less costs to complete
and sell. Cost comprises of direct costs that have been incurred in bringing the stocks to their present
condition. Borrowing costs are not capitalised and are expensed in the profit and loss in the period in
which they are incurred.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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
Page 6

 
WOOD HALL (CLAREMONT) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
-  at fair value with changes recognised in the Statement of Income and Retained Earnings if the     shares are publicly traded or their fair value can otherwise be measured reliably;
-  at cost less impairment for all other investments.
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 Statement of Income and Retained Earnings.
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 best estimate of the recoverable amount, 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 Statement of Financial Position 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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 2).

Page 7

 
WOOD HALL (CLAREMONT) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Group relief
(141,237)
-


(141,237)
-


Deferred tax


Origination and reversal of timing differences
-
40,441


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(600,482)
(3,713,261)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(141,237)
(720,887)

Effects of:


Deferred tax not recognised
-
761,328

Total tax charge for the year
(141,237)
40,441


Factors that may affect future tax charges

The company has accumulated tax losses of £3.9M (2022: £3.9M) which are available to offset against future profits. The directors have chosen not to recognise a deferred tax asset in respect of these losses due to the uncertainty regarding amount and timing of future profitability.


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
5,050,000
5,050,000


There is a fixed charge over the property stock in relation to bank debt owed a group company.

Page 8

 
WOOD HALL (CLAREMONT) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
9,578
16,176

Amounts owed by group undertakings
17,317
3,357

Other debtors
5,486
4,236

Prepayments and accrued income
21,433
61,221

53,814
84,990



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
37,635
13,227

Amounts owed to group undertakings
-
295

Accruals and deferred income
3,500
9,250

41,135
22,772



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
9,523,224
9,056,990



9.


Related party transactions

There are no transactions to report with related parties not wholly owned within the Group.


10.


Controlling party

The immediate parent undertaking is Wood Hall (Pentonville) Ltd, a company incorporated in the United Kingdom.
The ultimate parent undertaking is Wood Hall Securities Limited, a company incorporated in the United Kingdom, the registered address is: Wood Hall Farm Office, Wood Hall Lane, Shenley, Hertfordshire, WD7 9AA.
The entity is consolidated in the group accounts of Wood Hall (Pentonville) Ltd. 

 
Page 9