Company registration number 03540829 (England and Wales)
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
181,230
181,230
Investments
4
2,900,955
2,795,465
3,082,185
2,976,695
Current assets
Debtors
5
111
96
Cash at bank and in hand
41,485
91,962
41,596
92,058
Creditors: amounts falling due within one year
6
(1,165,116)
(1,160,903)
Net current liabilities
(1,123,520)
(1,068,845)
Net assets
1,958,665
1,907,850
Capital and reserves
Called up share capital
7
2
2
Revaluation reserve
984,967
933,989
Profit and loss reserves
973,696
973,859
Total equity
1,958,665
1,907,850

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

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 24 September 2024 and are signed on its behalf by:
Mrs J Wood
Director
Company Registration No. 03540829
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
2
1,310,890
937,144
2,248,036
Year ended 31 December 2022:
Profit for the year
-
-
36,715
36,715
Other comprehensive income net of taxation:
Revaluation of listed investments
-
(376,901)
-
(376,901)
Total comprehensive income for the year
-
0
(376,901)
36,715
(340,186)
Balance at 31 December 2022
2
933,989
973,859
1,907,850
Year ended 31 December 2023:
Profit for the year
-
-
20,837
20,837
Other comprehensive income net of taxation:
Revaluation of listed investments
-
50,978
-
50,978
Total comprehensive income for the year
-
0
50,978
20,837
71,815
Dividends
-
-
(21,000)
(21,000)
Balance at 31 December 2023
2
984,967
973,696
1,958,665
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Wood Ventures Limited (formerly known as Tees Components Property Company Limited) is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Wynyard Park House, Wynyard Avenue, Billingham, TS22 5TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 from the letting of properties.

 

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

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.

WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
1
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
181,230

The investment properties have been valued by the Directors, based on the advertised price of similar properties in the area.

 

The comparable historic cost of the investment properties at 31 December 2023 is £73,662 (2022: £73,662).

4
Fixed asset investments
2023
2022
£
£
Investments
2,900,955
2,795,465
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023
2,795,465
Additions
79,603
Valuation changes
50,860
Disposals
(24,973)
At 31 December 2023
2,900,955
Carrying amount
At 31 December 2023
2,900,955
At 31 December 2022
2,795,465
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
111
96
WOOD VENTURES LIMITED (FORMERLY KNOWN AS TEES COMPONENTS PROPERTY COMPANY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
288
100
Amounts owed to group undertakings
1,157,917
1,157,917
Taxation and social security
1,038
332
Other creditors
5,873
2,554
1,165,116
1,160,903
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2
2
2
8
Related party transactions

The balance brought forward at 1 January 2023 of £1,157,917 (2022: £1,157,917) owed to Jeave 4 Limited, the parent company, was still outstanding at the year end.

9
Parent company

The company's immediate parent undertaking is Jeave 4 Limited whose registered office is Bolckow Street, North Skelton, Saltburn-by-the-Sea, TS12 2AP.

 

Jeave 4 Limited is controlled by Mrs J Wood.

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