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Registered number: 01442903










WOODCOCK HOLDINGS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WOODCOCK HOLDINGS LIMITED
REGISTERED NUMBER: 01442903

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
44,749
47,696

Investments
 6 
3,500
1,581,156

Investment property
 7 
5,312,803
5,312,803

  
5,361,052
6,941,655

Current assets
  

Stocks
 8 
-
463,940

Debtors: amounts falling due within one year
 9 
4,321,688
4,118,945

Cash at bank and in hand
 10 
715,134
127,157

  
5,036,822
4,710,042

Creditors: amounts falling due within one year
 11 
(7,335,894)
(9,076,682)

Net current liabilities
  
 
 
(2,299,072)
 
 
(4,366,640)

Total assets less current liabilities
  
3,061,980
2,575,015

  

Net assets
  
3,061,980
2,575,015


Capital and reserves
  

Called up share capital 
  
468,278
468,278

Share premium account
  
109,469
109,469

Merger reserve
  
-
4,870,463

Profit and loss account
  
2,484,233
(2,873,195)

  
3,061,980
2,575,015


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 profit and loss account 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 24 September 2024.

Stephen Woodcock
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 14th Floor 33 Cavendish Square, London, W1G 0PW.

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 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is dependent on the bank loan facilities that have been provided to fund business operations. The current bank loan is due for renewal in October 2024 and the directors have confirmed that a 6 month extension was verbally agreed with the bank. The directors strongly believe that the refinance of the existing facilities would be further extended as needed. The company has high value properties held as investments which are currently marketed for sale. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. Revenue from the sale of properties is recognised when all the conditions have been met, as from exchange of contracts. Rent is recognised in the period it relates to.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

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 balance sheet 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 balance sheet 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; 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 balance sheet date.

 
2.8

Exceptional items

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

 
2.9

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:

Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
20%
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 3

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Investment property

Investment properties are included in the Balance sheet at their historic cost. This accounting policy
is not in accordance with the applicable accounting standards, Financial Reporting Standard 102.
Depreciation is not provided on investment properties as in the opinion of the directors, the residual
values (in terms of original cost) is such that any depreciation charge would be immaterial. The
group's policy is to maintain its properties to a high standard through a continual programme of
refurbishment and maintenance.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stock of properties is stated at the lower of cost and net realisable value as follows:
-  Cost incurred in bringing each property to its present condition.
- Development land and property: purchase cost, including incidental expenditure, are included on exchange of contracts.
Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
At the balance sheet date, each property is assessed for impairment. If a property is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.



 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 4

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
80,334
68,008
148,342


Additions
-
4,116
4,116



At 31 December 2023

80,334
72,124
152,458



Depreciation


At 1 January 2023
75,494
25,152
100,646


Charge for the year on owned assets
4,840
2,223
7,063



At 31 December 2023

80,334
27,375
107,709



Net book value



At 31 December 2023
-
44,749
44,749



At 31 December 2022
4,840
42,856
47,696

Page 6

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
5,004,652



At 31 December 2023

5,004,652



Impairment


At 1 January 2023
3,423,496


Charge for the period
1,577,656



At 31 December 2023

5,001,152



Net book value



At 31 December 2023
3,500



At 31 December 2022
1,581,156


7.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
5,312,803



At 31 December 2023
5,312,803








Page 7

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Stocks

2023
2022
£
£

Properties for resale
-
463,940



9.


Debtors

2023
2022
£
£


Trade debtors
205,202
211,838

Amounts owed by group undertakings
3,943,743
3,273,743

Other debtors
52,525
470,445

Prepayments and accrued income
120,218
162,919

4,321,688
4,118,945



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
715,134
127,157

Less: bank overdrafts
-
(127,885)

715,134
(728)



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
127,885

Bank loans
5,496,901
6,814,480

Trade creditors
19,848
22,923

Amounts owed to group undertakings
3,500
1,667,470

Other taxation and social security
210,005
39,422

Other creditors
1,213,327
39,670

Accruals and deferred income
392,313
364,832

7,335,894
9,076,682


Page 8

 
WOODCOCK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,496,901
6,814,480





The bank loans and overdrafts are secured by first legal charges over certain of the company's freehold properties.
The loan facility was extended and increased up to £10,500,000.


13.


Transactions with directors

At the balance sheet date an amount of £263,117 (2022: £91,823 due from) was due to a director. During the period the company charged him £790 (2022: £847) interest at a rate of 2.25% for his loan.


14.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102, whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was qualified and there were no matters required to report on by exception. The basis for qualification was due to the investment properties being stated in the balance sheet at their historical cost, rather than, as required by Financial Reporting Standards FRS 102, at their fair value.

The audit report was signed on 24 September 2024 by Atulya Mehta FCCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 9