REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
A D WOODLEY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
A D WOODLEY LIMITED |
A D WOODLEY LIMITED (REGISTERED NUMBER: 00262559) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
A D WOODLEY LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
A D Woodley Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A D Woodley Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of A D Woodley Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A D Woodley Limited and state those matters that we have agreed to state to the Board of Directors of A D Woodley Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that A D Woodley Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A D Woodley Limited. You consider that A D Woodley Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of A D Woodley Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
A D WOODLEY LIMITED (REGISTERED NUMBER: 00262559) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 |
Shareholders' funds |
A D WOODLEY LIMITED (REGISTERED NUMBER: 00262559) |
Balance Sheet - continued |
31 December 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
A D WOODLEY LIMITED (REGISTERED NUMBER: 00262559) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
A D Woodley Limited is a |
The financial statements are presented in Sterling, which is the functional currency of the company, rounded to the nearest £1. |
2. | Accounting policies |
Basis of preparing the financial statements |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
Going concern |
The directors have made an assessment of the company's ability to continue as a going concern and have identified no material uncertainties that may cast a significant doubt on the ability of the company to continue as a going concern in the foreseeable future. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
A D WOODLEY LIMITED (REGISTERED NUMBER: 00262559) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other creditors |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £ | 100 | 100 |
A D WOODLEY LIMITED (REGISTERED NUMBER: 00262559) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 |
10. | Ultimate controlling party |
No one has overall control of the company. |
11. | Film partnerships - year ended 31/12/2009 |
HMRC issued an Advance Payment Notice (APN) on 1 December 2017 which showed an amount due of £1,539,942. This does not take into account the sum of £1,000,000 which was paid in October 2014 in respect of the film partnership losses, nor the extra rollover relief due for 2009. |
The rollover relief claim was agreed on 18 May 2020, and this gave rise to an overpayment of £206,550. |
The amount payable under the APN has been covered by the overpayment of £206,550, the payment of £1,000,000 and the sum of £333,392 paid on 9 March 2018. |
Representations have been made against the amount shown on the APN. These have been considered by HMRC. As a result, the amount due under the APN was reduced on 7 February 2022 to £1,256,395. |
A case involving film partnerships was heard before the Upper Tier Tribunal in July 2019; the result of that case, if applied to the company's situation, would be that none of the claimed losses would be allowable. The taxpayers in that case appealed to the Court of Appeal. The Court of Appeal found that the partnerships were trading with a view to a profit, but the losses would be much reduced. The decision is now final. |
However, there are still some unresolved issues, including the treatment of the film production costs for corporation tax purposes. No agreement has been reached with HMRC, and this will need to be considered by the First Tier Tribunal. An initial hearing before the Tribunal is unlikely to be heard before the last quarter of 2024. |
Despite the reduction in the amount of the APN, the directors consider that the whole of the tax paid would not be recoverable, so they have provided for this and the interest due on the payment. |