WYCHWOOD HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
Company Registration Number: 05195189
WYCHWOOD HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
WYCHWOOD HOMES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
DIRECTOR
N R Blakemore
SECRETARY
The MGroup Secretarial Services Limited
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
05195189 England and Wales
WYCHWOOD HOMES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 - 9
Investments 6 200,085 200,085
200,085 200,094
CURRENT ASSETS
Debtors 7 57,505 27,184
Cash at bank and in hand 107,307 162,206
164,812 189,390
CREDITORS: Amounts falling due within one year 8 159,912 166,139
NET CURRENT ASSETS 4,900 23,251
TOTAL ASSETS LESS CURRENT LIABILITIES 204,985 223,345
CREDITORS: Amounts falling due after more than one year 9 118,746 122,510
Provisions for liabilities and charges 4,706 4,707
NET ASSETS 81,533 96,128
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Distributable profit and loss account 13,641 28,236
Non distributable profit and loss account 66,892 66,892
SHAREHOLDERS' FUNDS 81,533 96,128
WYCHWOOD HOMES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
N R Blakemore
Director
Date approved by the board: 29 October 2024
WYCHWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1 GENERAL INFORMATION
Wychwood Homes Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court Grange Court Studio
Oxford Office Village 15 Oxford Road
Langford Lane Old Marston
Kidlington Oxford
Oxford OX3 0PQ
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover represents the net invoiced sales of goods, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
WYCHWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Computer equipment Straight line basis at 20% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Investments
Investments in subsidiaries are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WYCHWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
WYCHWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The director has made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 1 1
5 TANGIBLE ASSETS
Computer equipment
£
Cost
At 1 February 2023 6,364
At 31 January 2024 6,364
Accumulated depreciation and impairments
At 1 February 2023 6,355
Charge for year 9
At 31 January 2024 6,364
Net book value
At 1 February 2023 9
At 31 January 2024 -
WYCHWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
6 FIXED ASSET INVESTMENTS
Investment in subsidiary Investment property Total
£ £ £
Cost
At 1 February 2023 85 200,000 200,085
At 31 January 2024 85 200,000 200,085
Net book value
At 1 February 2023 85 200,000 200,085
At 31 January 2024 85 200,000 200,085
7 DEBTORS
2024 2023
£ £
Other debtors 57,505 27,184
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,586 11,188
Trade creditors 14,989 14,989
Taxation and social security 14,872 43,255
Accruals and deferred income 2,880 2,880
Other creditors 116,585 93,827
159,912 166,139
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 118,746 122,510
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2024 2023
£ £
Bank loans and overdrafts 86,719 87,121
WYCHWOOD HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
10 SECURED DEBTS
The company has a loan with InterBay Commercial which holds a fixed charge on the property.
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 February 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 January 2024
£ £ £ £ £
N R Blakemore 3,737 72,838 50,031 - 26,544
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
12 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Wychwood Homes (Central) Limited
Connected company 2024 2023
£ £
Amount owed by connected company 5,815 4,747
Ian D'Arcy
Shareholder 2024 2023
£ £
Amount owed to shareholder 1,301 1,301
Anthony Cooper
Shareholder 2024 2023
£ £
Amount owed to shareholder 2,168 2,168
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