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Registered number: 09954988
















WOODSTOCK HOMES (GROUP) LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































img25a0.png


WOODSTOCK HOMES (GROUP) LIMITED

 
COMPANY INFORMATION


DIRECTORS
M Newman 
L Newman 




REGISTERED NUMBER
09954988



REGISTERED OFFICE
Suite 5b, Westbury Court
Church Road

Westbury-On-Trym

Bristol

BS9 3EF




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






WOODSTOCK HOMES (GROUP) LIMITED


CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 35



WOODSTOCK HOMES (GROUP) LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The Directors present their strategic report for the year ended 31st December 2023.

BUSINESS REVIEW
 
Woodstock Homes (Group) Limited is the parent company of various subsidiary companies including Woodstock Homes (Construction) Limited. The Group trades under the brand names of Woodstock Homes, Woodstock Partnerships and Woodstock Strategic.

We are a privately owned house builder based in Bristol. The principal activity of the Group is the promotion and construction of residential housing focused around the southwest of England.

The directors consider the key financial performance indicators (KPI’s) are Legal Completions, Turnover, Gross Profit, Gross Profit Margin, Profit Before Tax and Net Assets. Together these demonstrate the financial performance and strength of the business. An overview of both the current and previous year is below.


2023
2022
Legal Completions:
31
47
Turnover:
£21,571,338
£17,935,914
Gross Profit:
£4,344,488
£5,538,411
Gross Profit Margin:
20.1%
30.9%
Profit Before Tax;
£2,368,030
£3,488,067
Net Assets:
£12,978,089
£11,408,635

The Group delivered a record Turnover this year, however, profitability reduced slightly from last year’s outstanding levels due to the downturn in the housing market as a result rising interest rates plus some inflationary cost increases.

The Group has improved its balance sheet with Net Assets of £12.9m (2022: £11.4m).

The Group has also improved its forward pipeline of immediate and strategic land across the southwest. In total we now have circa 350 plots owned or under control.

Overall, the Directors are pleased with Groups 2023 results and remain on course to deliver upon its growth strategy having already trebled turnover since 2021.

Finally, the Board recognises that the success of the Group is because of the hard work, skill and enthusiasm shown by the team including our own staff, external consultants and sub-contractors. We are very grateful to them for their continued support and valued contributions.

Page 1


WOODSTOCK HOMES (GROUP) LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
Economic Risk

The Group's principal risk is the housing market in which it operates. The housing market is driven by many factors including interest rates, availability of mortgages, tax legislation, unemployment and political uncertainty which all affect the demand for new houses and are all outside of the Company’s control. The housing market has been more challenging this year due to a lot of the aforementioned factors.

To counteract this risk, the Group decided to launch a new brand, Woodstock Partnerships, this year whereby we build fully affordable housing developments on behalf of Housing Associates for a fixed price contract. These homes are pre-sold, therefore, reduces the Group’s sole reliance on the housing market and helps spread the risk across the Group.

Planning Risk

Planning has become more difficult over the course of this year due to the Government removing mandatory housing targets. The lack of resources within local authorities planning teams has also meant that the time and cost associated with achieving a detailed planning consent has increased. 

Political Risk

The Directors regularly discuss the impact of central and local government politic changes on the Group particularly in relation to planning policy and government backed buyer incentive schemes such as the former Help to Buy scheme.

Financial Risk

The Group ended 2023 with a strong balance sheet of £12.9m with £9.6m cash at the bank.

Due to the careful management of the business over the years our credit rating remains excellent, and we have no problems accessing new products and services.

All land is purchased with internal cash reserves with development finance generally required from the bank in relation to Woodstock Homes open market developments. Woodstock Partnership developments which consist of fully affordable housing are forward funded by the Housing Association so require no bank finance.

We are confident that we have the financial strength, longevity and reputation to continue to purchase attractive land in order to facilitate the Group's continued growth.


FINANCIAL KEY PERFORMANCE INDICATORS
 
The Group's Financial KPI's are turnover, gross profit, gross profit margin and profit before tax. The results relating to these KPI's and their prior year comparatives are summarised above within the business review. 

OTHER KEY PERFORMANCE INDICATORS
 
The Group's Non-Financial KPI is legal completions. The results relating to this KPI and its prior year comparative is summarised above within the business review. 


This report was approved by the board on 16 September 2024 and signed on its behalf.



M Newman
Director

Page 2


WOODSTOCK HOMES (GROUP) LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

PRINCIPAL ACTIVITY

The principal activity of the Group for the period was that of land promotion and construction of residential housing.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,573,454 (2022 unaudited: £3,488,067).

DIRECTORS

The directors who served during the year were:

M Newman 
L Newman 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






M Newman
Director

Date: 16 September 2024

Suite 5b, Westbury Court
Church Road
Westbury-On-Trym
Bristol
BS9 3EF

Page 3


WOODSTOCK HOMES (GROUP) LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


WOODSTOCK HOMES (GROUP) LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODSTOCK HOMES (GROUP) LIMITED
OPINION


We have audited the financial statements of Woodstock Homes (Group) Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


WOODSTOCK HOMES (GROUP) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODSTOCK HOMES (GROUP) LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6


WOODSTOCK HOMES (GROUP) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODSTOCK HOMES (GROUP) LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
We have considered the nature of the industry and sector, control environment, and business performance.
We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively, in line with documentation.
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations, including Duty, and whether they were aware of any instances of non-compliance; 
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included health and safety regulations and employment law.

Our procedures to respond to risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management in relation to actual and potential claims or litigation;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Page 7


WOODSTOCK HOMES (GROUP) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODSTOCK HOMES (GROUP) LIMITED (CONTINUED)

Performing detailed testing in relation to the recognition of revenue with a particular focus around the year-end cut off; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


OTHER MATTERS
 

The corresponding figures within these financial statements have not been audited.


USE OF OUR REPORT
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Simon Morrison FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

20 September 2024
Page 8


WOODSTOCK HOMES (GROUP) LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022 (unaudited)
£
£

  

Turnover
 4 
21,571,338
17,935,914

Cost of sales
  
(17,226,850)
(12,397,503)

Gross profit
  
4,344,488
5,538,411

Administrative expenses
  
(1,557,407)
(1,569,275)

Exceptional administrative expenses
  
(621,315)
-

Operating profit
 5 
2,165,766
3,969,136

Share of loss of associates
  
(352)
-

Total operating profit
  
2,165,414
3,969,136

Amounts written off investments
  
(48)
-

Interest receivable and similar income
 9 
203,626
608

Interest payable and similar expenses
 10 
(962)
-

Profit before tax
  
2,368,030
3,969,744

Tax on profit
  
(794,576)
(481,677)

Profit for the financial year
  
1,573,454
3,488,067

Profit for the year attributable to:
  

Owners of the parent company
  
(1,573,454)
(3,488,067)

  
(1,573,454)
(3,488,067)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 35 form part of these financial statements.

Page 9


WOODSTOCK HOMES (GROUP) LIMITED
REGISTERED NUMBER:09954988

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
(unaudited)
Note
£
£

Fixed assets
  

Tangible assets
  
72,847
7,557

Current assets
  

Stocks
  
9,402,688
13,547,875

Debtors: amounts falling due within one year
 18 
1,090,859
936,103

Cash at bank and in hand
 19 
9,670,967
4,371,418

  
20,164,514
18,855,396

Creditors: amounts falling due within one year
  
(7,245,738)
(7,454,318)

Net current assets
  
 
 
12,918,776
 
 
11,401,078

Provisions for liabilities
  

Deferred tax
  
(13,182)
-

Other provisions
  
(352)
-

  
 
 
(13,534)
 
 
-

Net assets
  
12,978,089
11,408,635


Capital and reserves
  

Called up share capital 
 24 
378
378

Profit and loss account
  
12,977,711
11,408,257

  
12,978,089
11,408,635


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Newman
Director

Date: 16 September 2024

The notes on pages 16 to 35 form part of these financial statements.

Page 10


WOODSTOCK HOMES (GROUP) LIMITED
REGISTERED NUMBER:09954988

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
(unaudited)
Note
£
£

Fixed assets
  

Investments
 16 
279,290
134,807

  
279,290
134,807

Current assets
  

Debtors: amounts falling due within one year
 18 
9,144,340
11,660,054

Cash at bank and in hand
 19 
9,074,273
4,062,689

  
18,218,613
15,722,743

Creditors: amounts falling due within one year
 20 
(6,103,041)
(5,678,399)

Net current assets
  
 
 
12,115,572
 
 
10,044,344

Total assets less current liabilities
  
12,394,862
10,179,151

  

  

Net assets excluding pension asset
  
12,394,862
10,179,151

Net assets
  
12,394,862
10,179,151


Capital and reserves
  

Called up share capital 
 24 
378
378

Profit and loss account
  
12,394,484
10,178,773

  
12,394,862
10,179,151


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Newman
Director

Date: 16 September 2024

The notes on pages 16 to 35 form part of these financial statements.

Page 11


WOODSTOCK HOMES (GROUP) LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£


At 1 January 2022 (unaudited)
378
7,924,190
7,924,568
7,924,568



Profit for the year
-
3,488,067
3,488,067
3,488,067

Dividends: Equity capital
-
(4,000)
(4,000)
(4,000)



At 1 January 2023 (unaudited)
378
11,408,257
11,408,635
11,408,635



Profit for the year
-
1,573,454
1,573,454
1,573,454

Dividends: Equity capital
-
(4,000)
(4,000)
(4,000)


At 31 December 2023
378
12,977,711
12,978,089
12,978,089


The notes on pages 16 to 35 form part of these financial statements.

Page 12


WOODSTOCK HOMES (GROUP) LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022 (unaudited)
378
8,830,646
8,831,024


Comprehensive income for the year

Profit for the year
-
1,352,127
1,352,127


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,000)
(4,000)


Total transactions with owners
-
(4,000)
(4,000)



At 1 January 2023 (unaudited)
378
10,178,773
10,179,151


Comprehensive income for the year

Profit for the year
-
2,215,711
2,215,711


At 31 December 2023
378
12,394,484
12,394,862


The notes on pages 16 to 35 form part of these financial statements.

Page 13


WOODSTOCK HOMES (GROUP) LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
(unaudited)
£
£

Cash flows from operating activities

Profit for the financial year
1,573,454
3,488,067

Adjustments for:

Amortisation of intangible assets
-
330,215

Depreciation of tangible assets
10,209
3,015

Interest paid
962
-

Interest received
(203,626)
(608)

Taxation charge
794,576
481,677

Decrease/(increase) in stocks
4,145,187
(1,880,564)

(Increase) in debtors
(118,591)
(456,365)

(Decrease)/increase in creditors
(208,850)
2,446,230

Increase in provisions
13,534
-

Corporation tax (paid)
(794,576)
(313,672)

Net cash generated from operating activities

5,212,279
4,097,995


Cash flows from investing activities

Purchase of tangible fixed assets
(75,499)
(4,845)

Interest received
163,731
608

Net cash from investing activities

88,232
(4,237)

Cash flows from financing activities

Repayment of loans
-
(455,856)

Interest paid
(962)
-

Net cash used in financing activities
(962)
(455,856)

Net increase in cash and cash equivalents
5,299,549
3,637,902

Cash and cash equivalents at beginning of year
4,371,418
733,516

Cash and cash equivalents at the end of year
9,670,967
4,371,418


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,670,967
4,371,418

9,670,967
4,371,418


The notes on pages 16 to 35 form part of these financial statements.

Page 14


WOODSTOCK HOMES (GROUP) LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023  (unaudited)
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

4,371,418

5,299,550

9,670,968

Debt due within 1 year

(4,414,902)

(126,264)

(4,541,166)



(43,484)
5,173,286
5,129,802

The notes on pages 16 to 35 form part of these financial statements.

Page 15


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Woodstock Homes (Group) Limited is a company limited by shares incorporated in England and Wales. The registered office is Suite 5b, Westbury Court, Church Road, Westbury on Trym, Bristol, BS9 3EF.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

The directors consider whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the debt is recoverable from group undertakings, so it is reasonable to adopt the going concern policy.

On this basis, the directors have concluded it is appropriate that the financial statements have been prepared on a going concern basis.

Page 16


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 17


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.7

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. 

 
2.9

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.

 
2.10

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of
Page 18


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.11
FINANCIAL INSTRUMENTS (CONTINUED)

financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 19


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
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

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.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

INTEREST INCOME

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

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.19

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.20

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There were no significant judgments applied or key sources of estimation uncertainty in the preparation of the financial statements. 

Page 21


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2023
2022
(unaudited)
£
£

Property Development
21,571,338
17,935,914

21,571,338
17,935,914


Analysis of turnover by country of destination:

2023
2022 (unaudited)
£
£

United Kingdom
21,571,338
17,935,914

21,571,338
17,935,914



5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022 (unaudited)
£
£

Other operating lease rentals
43,357
25,625


6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the company's auditors:


2023
2022 (unaudited)
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
28,000
10,650

Page 22


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022 (unaudited)
2023
2022 (unaudited)
£
£
£
£


Wages and salaries
531,363
421,611
-
-

Social security costs
89,579
104,460
-
-

Cost of defined contribution scheme
402,410
146,046
-
-

1,023,352
672,117
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
  2022 (unaudited)
            No.
            No.







Employees
15
10

The company has no employees other than the directors, who did not receive any remuneration (2022: £NIL)

8.


DIRECTORS' REMUNERATION

2023
2022 (unaudited)
£
£

Directors' emoluments
10,500
10,500

10,500
10,500


During the year retirement benefits were accruing to no directors (2022: NIL) in respect of defined contribution pension schemes.


9.


INTEREST RECEIVABLE

2023
2022
(unaudited)
£
£


Other interest receivable
203,626
608

203,626
608

Page 23


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
(unaudited)
£
£


Other loan interest payable
962
-

962
-


11.


TAXATION


2023
2022
(unaudited)
£
£

CORPORATION TAX


Current tax on profits for the year
780,741
481,024


780,741
481,024


TOTAL CURRENT TAX
780,741
481,024

DEFERRED TAX


Origination and reversal of timing differences
13,835
653

TOTAL DEFERRED TAX
13,835
653


TAX ON PROFIT
794,576
481,677

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 25% (2022: 19%). The differences are explained below:

2023
2022
(unaudited)
£
£


Profit on ordinary activities before tax
2,368,030
3,969,744


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022: 19%)
592,008
754,251

EFFECTS OF:


Other differences leading to an increase (decrease) in the tax charge
202,568
(272,574)

TOTAL TAX CHARGE FOR THE YEAR
794,576
481,677

Page 24


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.




12.


DIVIDENDS

2023
2022
(unaudited)
£
£


Dividends Received
4,000
4,000


13.


EXCEPTIONAL ITEMS

2023
2022
(unaudited)
£
£


Goodwill impairment
621,315
-

621,315
-

Page 25


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


INTANGIBLE ASSETS

Group and Company





Goodwill

£



COST


Additions
621,315



At 31 December 2023

621,315



AMORTISATION


Impairment charge
621,315



At 31 December 2023

621,315



NET BOOK VALUE



At 31 December 2023
-



At 31 December 2022 (unaudited)
-



Page 26


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


TANGIBLE FIXED ASSETS

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2023 (unaudited)
33,322
-
4,660
15,377
53,359


Additions
10,100
50,660
-
14,739
75,499



At 31 December 2023

43,422
50,660
4,660
30,116
128,858



DEPRECIATION


At 1 January 2023 (unaudited)
31,816
-
4,660
9,326
45,802


Charge for the year on owned assets
2,464
4,221
-
3,524
10,209



At 31 December 2023

34,280
4,221
4,660
12,850
56,011



NET BOOK VALUE



At 31 December 2023
9,142
46,439
-
17,266
72,847



At 31 December 2022 (unaudited)
1,506
-
-
6,051
7,557

Page 27


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


FIXED ASSET INVESTMENTS

Group





Investments in associates

£



COST OR VALUATION


Additions
423



At 31 December 2023

423



IMPAIRMENT


Charge for the period
423



At 31 December 2023

423



NET BOOK VALUE



At 31 December 2023
-



At 31 December 2022 (unaudited)
-

Page 28


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



COST OR VALUATION


At 1 January 2023 (unaudited)
1,657,703
-
1,657,703


Additions
813,588
423
814,011


Disposals
(861,355)
-
(861,355)



At 31 December 2023

1,609,936
423
1,610,359



IMPAIRMENT


At 1 January 2023 (unaudited)
1,522,896
-
1,522,896


Charge for the period
669,310
423
669,733


Impairment on disposals
(861,560)
-
(861,560)



At 31 December 2023

1,330,646
423
1,331,069



NET BOOK VALUE



At 31 December 2023
279,290
-
279,290



At 31 December 2022 (unaudited)
134,807
-
134,807

Page 29


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the company:

Name

Registered office and company number

Principal activity

Holding

Keynsham Build Limited (1)
UK - Company number 10244736
Property construction
88%
Yatton Developments Limited (1)
UK - Company number 10536984
Property construction
100%
Tickenham Properties Limited (1)
UK - Company number 10772396
Property construction
100%
Emery Road Build Limited (1)
UK - Company number 12666836
Property construction
100%
Woodstock Homes (Construction) Limited
UK - Company number 04019224
Property construction
100%
Woodstock Homes Warmley Limited (1)
UK - Company number 10907259
Property construction
100%
Woodstock Homes (Charlton Mead) Limited (1)
UK - Company number 13299605
Property construction
89%
Woodstock Homes (Churchill) Limited (1)
UK - Company number 13500116
Property construction
100%
Woodstock Homes (Winscombe) Limited (1)
UK - Company number 13620810
Property construction
100%
Woodstock Homes (The Perrings) Limited (1)
UK - Company number 13620739
Property construction
100%
Polzeath Sun Cove Limited (1)
UK - Company number 13510839
Property construction
100%
Woodstock Homes (Bradley Stoke) Limited (1)
UK - Company number 14383034
Property construction
100%
Woodstock Homes (St George) Limited (1)
UK - Company number 13881521
Property construction
100%
Woodstock Homes (Staple Hill) Limited (1)
UK - Company number 14232005
Property construction
100%
Woodstock Homes (Partnership) Limited (1)
UK - Company number 13935293
Holding company
100%
Woodstock Homes (Strategic) Limited (1)
UK - Company number 13937631
Property construction
100%
Phase Two Build Limited (1)
UK - Company number 10666914
Property Construction
100%
Woodstock Homes (Brentry) Limited (1)
UK - Company number 14712053
Property Construction
100%
Winscombe Developments Limited (1)
UK - Company number 09952956
Property Construction
100%
 Rubix Strategic Limited (1)
UK - Company number 14793377
Property Construction
75%

(1) UK registered subsidiary exempt from audit
All the entities marked with (1) above have taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 December 2023. The companies are subsidiary undertakings of Woodstock Homes (Group) Limited. The Company will guarantee the debts and liabilities of the subsidiaries listed above at the balance sheet date in accordance with section 479C of the Companies Act 2006. The Company has assessed the probability of loss under the guarantee as remote.

Page 30


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SUBSIDIARY UNDERTAKINGS (CONTINUED)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Keynsham Build Limited (1)
300
686,705

Yatton Developments Limited (1)
350
-

Tickenham Properties Limited (1)
177,622
(1,000,101)

Emery Road Build Limited (1)
(1,049)
(1,398)

Woodstock Homes (Construction) Limited
698,052
10,677

Woodstock Homes Warmley Limited (1)
301
(1)

Woodstock Homes (Charlton Mead) Limited (1)
13,511
1,073,245

Woodstock Homes (Churchill) Limited (1)
301
-

Woodstock Homes (Winscombe) Limited (1)
301
-

Woodstock Homes (The Perrings) Limited (1)
19,331
659,030

Polzeath Sun Cove Limited (1)
-
-

Woodstock Homes (Bradley Stoke) Limited (1)
298
(3)

Woodstock Homes (St George) Limited (1)
301
-

Woodstock Homes (Staple Hill) Limited (1)
293
(8)

Woodstock Homes (Partnership) Limited (1)
100
-

Woodstock Homes (Strategic) Limited (1)
100
-

Phase Two Build Limited (1)
360
-

Woodstock Homes (Brentry) Limited (1)
299
(2)

Winscombe Developments Limited (1)
100
-

 Rubix Strategic Limited (1)
(105)
205


17.


STOCKS

Group
Group
2023
2022
(unaudited)
£
£

Work in progress
9,402,688
13,547,875

9,402,688
13,547,875


Page 31


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


DEBTORS

Group
Group
Company
Company
2023
2022
(unaudited)
2023
2022
(unaudited)
£
£
£
£


Trade debtors
580,982
538,741
20,000
-

Amounts owed by group undertakings
-
-
8,736,823
11,651,237

Other debtors
495,847
386,750
387,517
8,817

Prepayments and accrued income
14,030
10,612
-
-

1,090,859
936,103
9,144,340
11,660,054



19.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
(unaudited)
2023
2022
(unaudited)
£
£
£
£

Cash at bank and in hand
9,670,967
4,371,418
9,074,273
4,062,689

9,670,967
4,371,418
9,074,273
4,062,689



20.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2023
2022
(unaudited)
2023
2022
(unaudited)
£
£
£
£

Trade creditors
822,492
2,445,186
180
2,400

Amounts owed to group undertakings
-
-
1,630,282
1,555,163

Corporation tax
646,998
168,005
48,919
1,710

Other taxation and social security
97,006
60,571
10,529
-

Other creditors
4,961,628
4,617,443
4,391,131
4,116,426

Accruals and deferred income
717,614
163,113
22,000
2,700

7,245,738
7,454,318
6,103,041
5,678,399


Page 32


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2023
2022
(unaudited)
2023
2022
(unaudited)
£
£
£
£

FINANCIAL ASSETS

Financial assets measured at amortised cost
1,076,829
925,491
9,144,340
11,660,054


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
(6,676,552)
(7,454,318)
(6,103,041)
(5,678,399)


Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and tax recoverable.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, corporation tax, other taxation and social security, other creditors and accruals.


22.


DEFERRED TAXATION


Group



2023


£






Charged to profit or loss
(13,182)



AT END OF YEAR
(13,182)

Group
2023
£

Tax losses carried forward
(13,182)

(13,182)

Page 33


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


PROVISIONS


Group



Share of loss of associates

£





Charged to profit or loss
352



AT 31 DECEMBER 2023
352


24.


SHARE CAPITAL

2023
2022
(unaudited)
£
£
ALLOTTED, CALLED UP AND FULLY PAID



303 (2022: 303) A Ordinary shares of £1.00 each
303
303
75 (2022: 75) B Ordinary shares of £1.00 each
75
75

378

378



25.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
(unaudited)
£
£

Not later than 1 year
21,530
21,530

Later than 1 year and not later than 5 years
75,355
86,120

Later than 5 years
-
10,765

96,885
118,415
Page 34


WOODSTOCK HOMES (GROUP) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption contained in FRS 102 (section 33.1A) from disclosing balances with wholly owned group companies.

Included in amounts owed by group undertakings is a balance of £8,774,378 (2022 (unaudited): £5,490,000) owed by companies under the common control of directors. The balance is unsecured, interest free and repayable on demand.

Included in other other creditors is a balance of £11,389,925 (2022 (unaudited): £4,116,426) owed to its directors. The balance is unsecured, interest free and repayable on demand.


27.


CONTROLLING PARTY

The ultimate controlling party is Mr M Newman.

Page 35