Woodlands Park Estate Company Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 00141137 (England and Wales)
Woodlands Park Estate Company Limited
Company Information
Directors
C.F. Walker
J.M. MacWilliam
E.J. Welford
H.F. Welford
R.G. Welford
M.P. Welford
Company number
00141137
Registered office
Salisbury House
London Wall
London EC2M 5PS
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Woodlands Park Estate Company Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Woodlands Park Estate Company Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
5,199,165
4,925,132
Investments
4
6,408,220
6,446,315
11,607,385
11,371,447
Current assets
Debtors
5
1,344
1,356
Cash at bank and in hand
104,487
301,375
105,831
302,731
Creditors: amounts falling due within one year
6
(72,892)
(55,409)
Net current assets
32,939
247,322
Total assets less current liabilities
11,640,324
11,618,769
Provisions for liabilities
7
(814,255)
(818,336)
Net assets
10,826,069
10,800,433
Capital and reserves
Called up share capital
8
32,094
32,094
Revaluation reserve
2,917,507
3,014,528
Profit and loss reserves
7,876,468
7,753,811
Total equity
10,826,069
10,800,433

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Woodlands Park Estate Company Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
J.M. MacWilliam
Director
Company Registration No. 00141137
Woodlands Park Estate Company Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
32,094
3,281,777
7,724,211
11,038,082
Period ended 31 December 2022:
Total comprehensive income for the year
-
-
79,408
79,408
Dividends
-
-
(317,057)
(317,057)
Transfer of other fair value adjustments to / (from) revaluation reserve
-
(326,865)
326,865
-
Transfer of deferred tax on unrealised gains on fair value adjustments to / (from) revaluation reserve
-
59,616
(59,616)
-
Balance at 31 December 2022
32,094
3,014,528
7,753,811
10,800,433
Period ended 31 December 2023:
Total comprehensive income for the year
-
-
346,546
346,546
Dividends
-
-
(320,910)
(320,910)
Transfer of other fair value adjustments to / (from) revaluation reserve
-
(101,102)
101,102
-
Transfer of deferred tax on unrealised gains on fair value adjustments to / (from) revaluation reserve
-
4,081
(4,081)
-
Balance at 31 December 2023
32,094
2,917,507
7,876,468
10,826,069
Woodlands Park Estate Company Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 4
1
Accounting policies
Company information

Woodlands Park Estate Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Salisbury House, London Wall, London, EC2M 5PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income and investment income. Investment income comprises both interest and dividend income. Rental income is recognised on an accruals basis. Investment income is recognised on a receipts basis.

1.3
Investment properties

Investment properties are included in the balance sheet at their open market value.

1.4
Fixed asset investments

Investments comprise equity interests in listed securities and are valued by reference to quoted market prices at the balance sheet date

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Woodlands Park Estate Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2022 - nil).

Woodlands Park Estate Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Investment Properties
£
Cost or valuation
At 1 January 2023
4,925,132
Additions
294,700
Revaluation
(20,667)
At 31 December 2023
5,199,165
Carrying amount
At 31 December 2023
5,199,165
At 31 December 2022
4,925,132

The historical cost of investment properties was £5,001,653 (2022: £4,706,953).

 

The Harman Lane, units 2-7 syndicate valuation of £146,500 and 24 St Stephens Street syndicate valuation of £83,333 were carried out on an open market basis by Alex Buchanan & Co as at April 2023 and Ratcliffes Chartered Surveyors as at June 2022 respectively.

 

The remainder of investment properties are held at the directors' estimation of their fair value on an open market basis as at 31 December 2023.

 

 

Woodlands Park Estate Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Investment Properties
(Continued)
Page 7

Investment Properties comprise the following:

 

Wholly owned:

10 High Street, Mildenhall

71 High Street, Stamford

 

Units held in syndicated properties:

Barberry Court, Burton on Trent

6/10 Strait Bargate, Boston

69 Hamilton Road, Felixstowe

131 High Street, Southend on Sea

5/5A Silver Street, Bedford

26 Salisbury Street, Blandford Forum

6 The Traverse, Bury St. Edmunds

43 Hamilton Road, Felixstowe

Unit 4, 1-8 The Chauntry, Haverhill

23/25/25A Bank Street, Braintree

57/61 High Street, Rayleigh

Units 1 & 2 Union Street, Burton Upon Trent

123 High Street, Southend-on-Sea

Units 2-7, Harriman Lane, Nottingham

11 Abbeygate Street, Bury St Edmunds

55/57 High Street, Deal

35 High Street, St Neots

Kempston, 6-8 Singer way, Woburn Industrial estate

8 Buttermarket, Bury St Edmunds

45 Market Street, Wymondham

18 The Throughfare, Woodbridge

24 St Stephen Street, Norwich

74 St Thomas Street, Weymouth

1 South Parade, Melton Mowbray

11 Abbeygate Street, Bury St. Edmunds, Suffolk

26 Penny Street, Lancaster

Henley on Thames & Wells

50 Coney Street, York

32/36 South Road, Haywards Heath

24 Cambridge Street, Harrogate

54-56 The Parade, Leamington Spa

105 & 107/109 London Road North, Lowestoft

 

Disposals during the year: None

 

Additions during the year:

2 new shares in 55/57 High Street, Deal

1 share in Deal & East Dereham

1 share in 14 Cornhill, Bury St. Edmunds

 

Capital calls during the year

 

1 South Parade, Melton Mowbray

6/10 Strait Bargate, Boston

Unit 4 The Chauntry, Haverhill

 

 

 

 

Woodlands Park Estate Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
4
Fixed asset investments
2023
2022
£
£
Listed investments
6,408,220
6,446,315
Listed investments carrying amount
6,408,220
6,446,315

The cost of listed investments was £2,874,230 (2022: £2,831,630).

Top 10 holdings:
Holding
Valuation
£
Spirax Sarco
7,750
Ordinary 26 12/13p shares
814,138
AstraZeneca Group
4,990
Ordinary $0.25 shares
528,940
Rio Tinto
7,714
Ordinary 10p shares
450,652
Diageo PLC
13,682
Ordinary 28 101/108p shares
390,758
Royal Dutch Shell Plc
13,043
Ordinary 25p (B) shares
335,401
Unilever Plc
7,320
Ordinary 3 1/9p shares
278,160
Bunzl plc
7,500
Ordinary  32.1p shares
239,250
National Grid
18,975
Ordinary 12 204/473p shares
200,756
Invesco Select Trust Plc
112,410
Ordinary 1p shares
189,973
InchCape
26,500
Ordinary 10p shares
189,608

Investments comprise equity interests in listed securities and are valued by reference to quoted market prices at the balance sheet date.

Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2023
6,446,315
Additions
47,809
Valuation changes
(36,545)
Disposals
(49,359)
At 31 December 2023
6,408,220
Carrying amount
At 31 December 2023
6,408,220
At 31 December 2022
6,446,315
Woodlands Park Estate Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,344
1,356
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
48,524
35,571
Accruals and deferred income
24,368
19,838
72,892
55,409
7
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Investments
814,255
818,336

An increase in the UK corporation rate from 19% to 25% was effective from 1 April 2023 and accordingly, deferred tax is calculated based on a future tax rate of 25%.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
32,094
32,094
32,094
32,094
Woodlands Park Estate Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
8
Related party transactions
Dividends to Directors
The following dividends were paid to directors during the year:
2023
2022
£
£
J.M MacWilliam
29,230
29,230
C.F. Walker
27,260
27,260
R.G. Welford
24,270
24,270
M.P. Welford
16,970
11,970
E.J. Welford
36,610
36,610
H.F. Welford
40,490
40,490
174,830
169,830
During the year the company made payments to directors for reimbursement of expenses as follows.
2023
2022
£
£
J.M MacWilliam
600
600
C.F. Walker
600
600
R.G. Welford
600
600
M.P. Welford
100
100
1,900
1,900
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