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Registration number: 00373503

Woods (Dorchester) Limited

Annual Report and Unaudited Financial Statements

for the Period Ended 24 February 2024

image-name

Chartered Accountants

 

Woods (Dorchester) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Woods (Dorchester) Limited

Company Information

Directors

R J A Edwards

H R McGhee

W R A Edwards

N B E Beale

Company secretary

R J A Edwards

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Solicitors

Battens
Church House
Yeovil
Somerset
BA20 1HB

Bankers

Lloyds Bank plc
1 - 2 High West Street
Dorchester
Dorset
DT1 1UG

Accountants

Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Woods (Dorchester) Limitedfor the Period Ended 24 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Woods (Dorchester) Limited for the period ended 24 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Woods (Dorchester) Limited, as a body, in accordance with the terms of our engagement letter dated 5 July 2024. Our work has been undertaken solely to prepare for your approval the accounts of Woods (Dorchester) Limited and state those matters that we have agreed to state to the Board of Directors of Woods (Dorchester) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woods (Dorchester) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Woods (Dorchester) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Woods (Dorchester) Limited. You consider that Woods (Dorchester) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Woods (Dorchester) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

11 July 2024

 

Woods (Dorchester) Limited

(Registration number: 00373503)
Balance Sheet as at 24 February 2024

Note

24 February 2024
 

25 February 2023
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

1,119,167

 

1,218,102

Investments

5

 

11,861

 

18,967

   

1,131,028

 

1,237,069

Current assets

   

 

Stocks

1,495,692

 

1,700,874

 

Debtors

6

415,636

 

354,781

 

Cash at bank and in hand

 

2,320,376

 

2,615,383

 

 

4,231,704

 

4,671,038

 

Creditors: Amounts falling due within one year

7

(1,097,165)

 

(1,590,419)

 

Net current assets

   

3,134,539

 

3,080,619

Total assets less current liabilities

   

4,265,567

 

4,317,688

Creditors: Amounts falling due after more than one year

7

 

-

 

(1,511)

Provisions for liabilities

 

(144,753)

 

(159,699)

Net assets

   

4,120,814

 

4,156,478

Capital and reserves

   

 

Called up share capital

2,026,920

 

2,026,920

 

Revaluation (fair value) reserve

271,361

 

271,361

 

Profit and loss account

1,822,533

 

1,858,197

 

Total equity

   

4,120,814

 

4,156,478

For the financial period ending 24 February 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 July 2024 and signed on its behalf by:
 



R J A Edwards
Company secretary and director

 

Woods (Dorchester) Limited

Notes to the Unaudited Financial Statements
for the Period ended 24 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
United Kingdom

The principal place of business is:
34/35 High East Street
Dorchester
Dorset
DT1 1HN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The accounting periods are for fifty-two or, when appropriate, fifty-three weeks

Departures from Companies Act requirements

No depreciation is provided in respect of freehold buildings which is a departure from the requirements of the Financial Reporting Standard 102. The directors do not consider it appropriate to provide for depreciation as the company operates a policy of maintaining the freehold properties in good repair and therefore their expected life is indefinite. The directors also consider their current market value to be in excess of the historical cost already shown in the balance sheet. Had depreciation been provided in the financial statements at 2% the charge in respect of freehold non investment properties would not have exceeded £1,679, a figure which the directors consider to be immaterial.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Governments grants are accounted for on the accrual model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognised the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Woods (Dorchester) Limited

Notes to the Unaudited Financial Statements
for the Period ended 24 February 2024

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold improvements

Fire regulations 10% per annum on cost/other improvements nil

Leasehold improvements

Fire regulations 10% per annum on cost/other improvements over the unexpired lease terms

Computer equipment

25% per annum on cost

Furniture, fittings and equipment

12.5% per annum on cost

Motor vehicles

20% per annum on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Woods (Dorchester) Limited

Notes to the Unaudited Financial Statements
for the Period ended 24 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including a director) during the period, was 34 (2023 - 47).

 

Woods (Dorchester) Limited

Notes to the Unaudited Financial Statements
for the Period ended 24 February 2024

4

Tangible assets

Freehold land and buildings
£

Investment properties
£

Short leasehold land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 26 February 2023

96,897

600,000

450,781

308,448

8,000

382,412

1,846,538

Additions

-

-

-

17,971

-

3,046

21,017

Disposals

-

-

-

(7,932)

-

(20,590)

(28,522)

At 24 February 2024

96,897

600,000

450,781

318,487

8,000

364,868

1,839,033

Depreciation

At 26 February 2023

12,937

-

211,672

188,278

4,800

210,749

628,436

Charge for the period

-

-

29,889

22,819

1,600

65,644

119,952

Eliminated on disposal

-

-

-

(7,932)

-

(20,590)

(28,522)

At 24 February 2024

12,937

-

241,561

203,165

6,400

255,803

719,866

Carrying amount

At 24 February 2024

83,960

600,000

209,220

115,322

1,600

109,065

1,119,167

At 25 February 2023

83,960

600,000

239,109

120,170

3,200

171,663

1,218,102

Revaluation

The fair value of the company's investment properties was revalued on 24 February 2024. An independent valuer was not involved.

The basis of this valuation, made by the directors, was open market value.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £283,234 (2023 - £283,234).

 

Woods (Dorchester) Limited

Notes to the Unaudited Financial Statements
for the Period ended 24 February 2024

5

Investments

2024
£

2023
£

Shares in group undertakings and participating interest

1

1

Loans in group undertakings and participating interest

11,860

18,966

11,861

18,967

Shares in group undertakings and participating interests

Subsidiary
£

Cost

At 26 February 2023

1

At 24 February 2024

1

Carrying amount

At 24 February 2024

1

At 25 February 2023

1

Loans to group undertakings and participating interests

Subsidiary
£

Cost

At 26 February 2023

18,966

Repaid

(7,106)

At 24 February 2024

11,860

Carrying amount

At 24 February 2024

11,860

At 25 February 2023

18,966

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held
 

     

2024

2023

Subsidiary undertakings

Friary Lane Garage Development Company Limited

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Ordinary

33.33%

33.33%

         

The principal activity of Friary Lane Garage Development Company Limited is property redevelopment.

The aggregate amount of capital and reserves of Friary Lane Garage Development Company Limited at the end of its most recently reported financial period (31 August 2023) was £290,516.

 

Woods (Dorchester) Limited

Notes to the Unaudited Financial Statements
for the Period ended 24 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

202,647

156,912

Prepayments

112,846

63,033

Other debtors

100,143

134,836

 

415,636

354,781

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

338,283

511,881

Taxation and social security

150,845

237,308

Accruals and deferred income

79,709

87,416

Other creditors

528,328

753,814

1,097,165

1,590,419

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

-

1,511

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Total
£

Fair value gains, net of deferred tax

39,846

39,846

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £323,660 (2023 - £530,145).