Registered number
08822923
Wood Farm Property Limited
Filleted Accounts
31 December 2023
Wood Farm Property Limited
Registered number: 08822923
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors and work in progress 3 26,884 24,968
Cash at bank and in hand - 342
26,884 25,310
Creditors: amounts falling due within one year 4 (1,906) (1,155)
Net current assets 24,978 24,155
Net assets 24,978 24,155
Capital and reserves
Called up share capital 100 100
Profit and loss account 24,878 24,055
Shareholders' funds 24,978 24,155
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms T Rickett
Director
Approved by the board on 4 September 2024
Wood Farm Property Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Other debtors 26,884 24,968
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 47 -
Accruals 1,590 1,000
Other creditors 269 155
1,906 1,155
5 Events after the reporting date
There are no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
6 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Ms T Rickett and Mr R Wilson
Directors Loan 24,968 11,125 (9,209) 26,884
24,968 11,125 (9,209) 26,884
8 Related party transactions
As at the year end the Director's owed the company a sum of £26,884. The loan is subject to interest at 2% with no fixed date for repayment.
9 Controlling party
The company is under the control of Ms T Rickett and Mr R Wilson, both being director and shareholders of the company.
10 Other information
Wood Farm Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Dairy Farm Craft Centre
Upper Stowe
Weedon
Northamptonshire
NN7 4SH
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