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Woodridings Limited























Unaudited

Financial statements



for the year ended 31 December 2023



Registered number: 07462930


 
Woodridings Limited - Registered number: 07462930

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
18,571,700
16,817,063

Investment property
 5 
4,480,000
4,480,000

  
23,051,700
21,297,063

Current assets
  

Debtors: amounts falling due after more than one year
 6 
140,790
168,721

Debtors: amounts falling due within one year
 6 
433,088
623,334

Cash at bank and in hand
 7 
317,317
235,078

  
891,195
1,027,133

Creditors: amounts falling due within one year
 8 
(2,865,104)
(3,290,838)

Net current liabilities
  
 
 
(1,973,909)
 
 
(2,263,705)

Total assets less current liabilities
  
21,077,791
19,033,358

Provisions for liabilities
  

Deferred tax
 9 
(925,681)
(772,442)

  
 
 
(925,681)
 
 
(772,442)

Net assets
  
20,152,110
18,260,916


Capital and reserves
  

Called up share capital 
  
500
500

Profit and loss account
  
20,151,610
18,260,416

  
20,152,110
18,260,916


Page 1

 
Woodridings Limited - Registered number: 07462930

Statement of financial position (continued)
As at 31 December 2023

The directors consider 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 directors acknowledge their 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.

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

The company has opted not to file the statement of income and retained earnings in accordance with 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 on 7 August 2024.




John Thomas Kelly-Jones
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Woodridings Limited

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Woodridings Limited is a private company limited by shares and was incorporated in England and Wales, registration number 07462930. The registered office is 130 Wood Street, London, EC2V 6DL and the principal place of business is Flat 5 Harrowby Court, Harrowby Street, London, W1H 5FA.

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 Republic of Ireland, ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The director has assessed the company's ability to continue to adopt the going concern basis of accounting
and consider this an appropriate basis upon which to prepare the financial statements, having considered a
period of at least 12 months from the date of signing the accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'Foreign Exchange Gain/Loss'. All other foreign exchange gains and losses are presented in profit or loss within 'Foreign Exchange Gain/Loss'.

 
2.4

Turnover

Turnover includes realised gains from unlisted investments and income arising from investment property.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
Woodridings Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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, 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.

 
2.8

Investment property

Investment property is carried at fair value determined annually, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings. Where a fair value cannot be obtained, the historic cost method is used.

 
2.9

Valuation of investments

Unlisted investments are investments in unlisted funds whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings. If the investments are held in a different currency to the reporting currency, any foreign exchange gains and losses are recognised in the Statement of income and retained earnings.
Other fixed asset investments are investments in unlisted companies which are measured at fair value. Where there is no observable market price of the shares, the fair value of the shares are measured at each reporting date using the judgement of the director. If the investments are held in a different currency to the reporting currency, any foreign exchange gains and losses are recognised in the Statement of income and retained earnings.

Page 4

 
Woodridings Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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.
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 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.

Page 5

 
Woodridings Limited

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Employees

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


4.


Fixed asset investments





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
16,567,063
250,000
16,817,063


Additions
1,483,561
-
1,483,561


Disposals
(329,953)
-
(329,953)


Revaluations
701,029
(100,000)
601,029



At 31 December 2023
18,421,700
150,000
18,571,700





5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
4,480,000



At 31 December 2023
4,480,000

The 2023 valuations were made by an external qualified surveyor as at 23 March 2023, on an open market value for existing use basis.




Page 6

 
Woodridings Limited

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
140,790
168,721

140,790
168,721


2023
2022
£
£

Due within one year

Trade debtors
92,859
-

Other debtors
329,610
612,272

Prepayments and accrued income
10,619
11,062

433,088
623,334



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
317,317
235,078

317,317
235,078



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
702
2,522

Corporation tax
186,551
132,165

Other creditors
2,585,150
3,144,265

Accruals and deferred income
92,701
11,886

2,865,104
3,290,838


Page 7

 
Woodridings Limited

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Deferred taxation




2023


£






At beginning of year
(772,442)


Charged to profit or loss
(153,239)



At end of year
(925,681)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(232,503)
(229,522)

Capital gains/(losses)
(445,406)
(295,148)

Other
(247,772)
(247,772)

(925,681)
(772,442)


10.


Related party transactions

During the year, the directors advanced funds totalling £607,272 (2022 - £551,017 to the company as a loan.The company repaid funds to be directors during the year totalling £1,196,397 (2022 - £338,377).
As at 31 December 2023, £2,436,816 (2022 - £3,025,941) was due to the directors. The amounts due to the directors are included within Other Creditors.

Page 8