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Registration number: 11394024

Woodrow Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Woodrow Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Woodrow Estates Limited

Company Information

Directors

Mr S Bains

Mrs A Kaur

Registered office

66 Breamore Road
Ilford
IG3 9ND

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Woodrow Estates Limited

(Registration number: 11394024)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

101

101

Current assets

 

Debtors

5

1,039,919

1,130,640

Cash at bank and in hand

 

4,011

2,093

 

1,043,930

1,132,733

Creditors: Amounts falling due within one year

6

(326,661)

(402,006)

Net current assets

 

717,269

730,727

Total assets less current liabilities

 

717,370

730,828

Creditors: Amounts falling due after more than one year

6

(762,292)

(760,602)

Net liabilities

 

(44,922)

(29,774)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(45,022)

(29,874)

Shareholders' deficit

 

(44,922)

(29,774)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Woodrow Estates Limited

(Registration number: 11394024)
Balance Sheet as at 30 June 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr S Bains
Director

   
     
 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66 Breamore Road
Ilford
IG3 9ND
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments 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 and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, 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 creditors or debtors, 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 transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
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 if recognised in the Profit and loss account.

For financial assets measured as 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 discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2022: 2).

 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Investments

2023
£

2022
£

Investments in subsidiaries

101

101

Subsidiaries

£

Cost or valuation

At 1 July 2022

101

Carrying amount

At 30 June 2023

101

At 30 June 2022

101

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Bains Kang Developments Ltd

66 Breamore Road,
Ilford, IG3 9ND.
England.

Ordinary shares

50%

50%

Knoll Estates Limited

66 Breamore Road,
Ilford, IG3 9ND.
England.

Ordinary shares

100%

100%

Subsidiary undertakings

Bains Kang Developments Ltd

The principal activity of Bains Kang Developments Ltd is property development.

Knoll Estates Limited

The principal activity of Knoll Estates Limited is property trading.

 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertaking

9

1,039,919

1,130,640

 

1,039,919

1,130,640

The amount owed by group undertaking is recoverable after more than one year.

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans

7

10,649

10,648

Trade creditors

 

-

1,200

Other creditors

9

56,000

231,100

Accrued expenses

 

5,200

2,100

Directors current account

9

254,812

156,958

 

326,661

402,006

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

32,118

34,628

Amounts owed to related parties

9

730,174

725,974

 

762,292

760,602

 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,649

10,648

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

32,118

34,628

Bank borrowings

The Bounce Back Loan is denominated in Britsh Pound Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2026. The carrying amount at year end is £42,767 (2022 - £45,276).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Share Capital of £50 each

2

100

2

100

       
 

Woodrow Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

9

Related party transactions

Transactions with directors

2022

At 1 July 2021
£

Repayments by director
£

At 30 June 2022
£

Mr S Bains

466,572

(309,614)

156,958

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Mr S Bains

156,958

97,853

254,811

Bains Kang Developments Ltd
The company has provided funding to Bains Kang Developments Ltd, a company incorporated in England and Wales. Mr S Bains is also company director of Bains Kang Developments Ltd. At the balance sheet date the amount owed to the company by Bains Kang Developments Ltd was £1,039,918 (2022: £1,130,640). The loan is interest free, unsecured and with no fixed terms of repayment.

Knoll Estates Limited
The company received funding from Knoll Estates Limited, a company incorporated in England and Wales. Mr S Bains is also company director of Knoll Estates Limited. At the balance sheet date the company owed Knoll Estates Limited £630,392 (2022: £630,392).The loan is interest free, unsecured and with no fixed terms of repayment.

S Bains & Sons Ltd
The company received funding from S Bains & Sons Ltd, a company incorporated in England and Wales. Mr S Bains is also company director of S Bains & Sons Ltd. At the balance sheet date the company owed S Bains & Sons Ltd £99,782 (2022: £95,582). The loan is interest free, unsecured and with no fixed terms of repayment.

Other related parties
The company received funding from family members of the director of £56,000 (2022 :£231,100) These loans are interest free, unsecured and with no fixed terms of repayment.

 

10

Ultimate controlling party

The ultimate controlling party is the company directors.