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COMPANY REGISTRATION NUMBER: 11117642
WOEFAC Holdings Limited
Filleted Unaudited Financial Statements
For the year ending
31 December 2023
WOEFAC Holdings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,583,247
Investments
6
992,513
992,513
------------
---------
3,575,760
992,513
Current assets
Debtors
7
708,026
771,951
Investments
8
472,878
1,189,504
Cash at bank and in hand
523,039
1,658,713
------------
------------
1,703,943
3,620,168
Creditors: amounts falling due within one year
9
95,351
------------
------------
Net current assets
1,608,592
3,620,168
------------
------------
Total assets less current liabilities
5,184,352
4,612,681
------------
------------
Net assets
5,184,352
4,612,681
------------
------------
Capital and reserves
Called up share capital
140
140
Non distributable reserve
139,756
Profit and loss account
5,184,212
4,472,785
------------
------------
Shareholders funds
5,184,352
4,612,681
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WOEFAC Holdings Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr C P H Osborne
Director
Company registration number: 11117642
WOEFAC Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Underwood Hall Farm, Westley Waterless, Newmarket, Suffolk, CB8 0RN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Due to the high residual value of the freehold property the directors opinion is that depreciation is immaterial and therefore has not been charged. Land is not depreciated.
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2022: nil).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
Additions
3,302,469
34,305
2,891
3,339,665
------------
--------
-------
------------
At 31 December 2023
3,302,469
34,305
2,891
3,339,665
------------
--------
-------
------------
Depreciation
At 1 January 2023
Charge for the year
3,578
371
3,949
Impairment losses
752,469
752,469
------------
--------
-------
------------
At 31 December 2023
752,469
3,578
371
756,418
------------
--------
-------
------------
Carrying amount
At 31 December 2023
2,550,000
30,727
2,520
2,583,247
------------
--------
-------
------------
At 31 December 2022
------------
--------
-------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
992,513
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
992,513
---------
At 31 December 2022
992,513
---------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
701,468
771,951
Other debtors
6,558
---------
---------
708,026
771,951
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
543,094
605,991
---------
---------
8. Investments
2023
2022
£
£
Other investments
472,878
1,189,504
---------
------------
The other investments above relate to a portfolio of shares valued at the year end based on the London Stock Exchange. The original cost of the investment was £525,347 (2022: £925,024).
9. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
90,679
Social security and other taxes
3,322
Other creditors
1,350
--------
----
95,351
--------
----