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COMPANY REGISTRATION NUMBER: 00593022
Woodlands (Norfolk) Limited
Unaudited financial statements
31 December 2023
Woodlands (Norfolk) Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
519,743
520,515
Investments
6
2
2
---------
---------
519,745
520,517
Current assets
Stocks
35,834
141,880
Debtors
7
19,631
10,744
Cash at bank and in hand
137,251
103,482
---------
---------
192,716
256,106
Creditors: Amounts falling due within one year
8
( 8,968)
( 13,527)
---------
---------
Net current assets
183,748
242,579
---------
---------
Total assets less current liabilities
703,493
763,096
Provisions
Taxation including deferred tax
5,155
( 462)
---------
---------
Net assets
708,648
762,634
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
708,548
762,534
---------
---------
Shareholders funds
708,648
762,634
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Woodlands (Norfolk) Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
T M Baron
E Butler
Director
Secretary
Company registration number: 00593022
Woodlands (Norfolk) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Field Barn, Abbey Road, Old Buckenham, Norwich, Norfolk, NR17 1QA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property improvements
-
10% reducing balance
Plant and machinery
-
25% reducing balance
Included within freehold property improvements is an amount of £516,490 relating to land which is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Valuation
Commodity stocks and cultivations are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations includes an element of deprectiation.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Freehold property and improve- ments
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
519,818
11,605
531,423
---------
-------
---------
Depreciation
At 1 January 2023
1,737
9,171
10,908
Charge for the year
159
613
772
---------
-------
---------
At 31 December 2023
1,896
9,784
11,680
---------
-------
---------
Carrying amount
At 31 December 2023
517,922
1,821
519,743
---------
-------
---------
At 31 December 2022
518,081
2,434
520,515
---------
-------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
2
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
2
----
At 31 December 2022
2
----
7. Debtors
2023
2022
£
£
Trade debtors
9,438
Other debtors
10,193
10,744
-------
-------
19,631
10,744
-------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
3,584
2,536
Social security and other taxes
4,331
Other creditors
5,384
6,660
------
-------
8,968
13,527
------
-------
9. Directors' advances, credits and guarantees
At the balance sheet date, included within creditors is £556 (2022: £2,063 owed to the company) that is owed by the company to the director. The loan is interest free.