Company registration number 11769253 (England and Wales)
WOODEND & FLYFORD HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
WOODEND & FLYFORD HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M Kay
Mrs C G Turner
Mrs J C Wood
Mr P C Wood
Company number
11769253
Registered office
382 Charminster Road
Bournemouth
Dorset
BH8 9SA
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
382 Charminster Road
Bournemouth
Dorset
BH8 9SA
WOODEND & FLYFORD HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 26
WOODEND & FLYFORD HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and it's position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

 

The principal activity of the company remains as a property investment company. It's trading subsidiary, Bransford Lodge Limited operates a hotel, SPA and golf club.

Principal risks and uncertainties

The business environment in which the company's tenants operate continues to be challenging and the directors are monitoring their progress.

 

With the risks and uncertainties in mind, we are aware that any plans for future development of the business may be subject to unforeseen future events outside of our control.

Development and performance

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover and operating profit.

 

The directors are satisfied with the results which are in line with expectations.

 

Turnover for the 12-month period 31 March 2024 from rental income was £3.1m (2023 £3.0m) as shown in note 3 to the accounts.

 

Administration expenses were £1,689K in 2024 a slight decrease compared to 2023.

 

Operating profit for the year was £2.0m and represented a return on total income of 29% (2023 41%).

 

No dividends were paid in the period resulting in £1.516m being retained and added to shareholders' funds which stood at £40.8m (2023 £39.3m).

 

We have considered the market value of the investment properties and have reflected the fair value in the balance sheet. The valuation considers market conditions, current interest rates, economic conditions, the covenant of the tenants and the trades in which the tenants operate.

 

Other information and explanations

Financial instruments and financial risk management

 

The company's principal financial instruments comprise bank balances, trade debtors, group and directors loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the group's operations.

 

Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts for both time and credit limits. Trade creditors liquidated risk is managed by ensuring sufficient funds are available to meet amounts due.

WOODEND & FLYFORD HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

Mr P C Wood
Director
5 November 2024
WOODEND & FLYFORD HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the subsidiary company, Westover Holdings Limited, is that of property rental. The principal activity of the subsidiary company Bransford Lodge Limited, is that of a hotel and golf club.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Kay
Mrs C G Turner
Mrs J C Wood
Mr P C Wood
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

WOODEND & FLYFORD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr P C Wood
Director
5 November 2024
WOODEND & FLYFORD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOODEND & FLYFORD HOLDINGS LIMITED
- 5 -

Qualified opinion on financial statements

We have audited the financial statements of Woodend & Flyford Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

An external valuation on investment properties has not been obtained as the directors do not feel that this provides value for money nor have we been able to obtain other external evidence to support the valuation. We therefore cannot determine whether the value of investment properties in the financial statements is materially misstated.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WOODEND & FLYFORD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODEND & FLYFORD HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to investment properties, described above:

 

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

WOODEND & FLYFORD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOODEND & FLYFORD HOLDINGS LIMITED
- 7 -

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the hospitality and leisure industry and investment property market.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators

Audit response to risks identified

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nicholls (Senior Statutory Auditor)
For and on behalf of CK Audit
5 November 2024
Chartered Accountants
Statutory Auditor
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
WOODEND & FLYFORD HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
6,900,458
6,851,356
Cost of sales
(3,201,596)
(2,898,641)
Gross profit
3,698,862
3,952,715
Administrative expenses
(1,689,016)
(1,739,886)
Operating profit
4
2,009,846
2,212,829
Interest receivable and similar income
6
25,199
-
0
Interest payable and similar expenses
7
(12,600)
-
0
Fair value gains and losses on investment properties
10
-
0
569,743
Profit before taxation
2,022,445
2,782,572
Tax on profit
8
(505,786)
(752,364)
Profit for the financial year
21
1,516,659
2,030,208
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WOODEND & FLYFORD HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,633,021
3,651,331
Investment property
10
38,124,206
38,124,207
41,757,227
41,775,538
Current assets
Stocks
13
36,421
42,873
Debtors
14
992,455
882,800
Cash at bank and in hand
1,775,068
3,070,516
2,803,944
3,996,189
Creditors: amounts falling due within one year
15
(2,326,741)
(4,557,323)
Net current assets/(liabilities)
477,203
(561,134)
Total assets less current liabilities
42,234,430
41,214,404
Creditors: amounts falling due after more than one year
16
(12,600)
(561,250)
Provisions for liabilities
Deferred tax liability
17
1,378,969
1,326,952
(1,378,969)
(1,326,952)
Net assets
40,842,861
39,326,202
Capital and reserves
Called up share capital
19
111,812
111,812
Other reserves
32,281,444
32,281,444
Profit and loss reserves
21
8,449,605
6,932,946
Total equity
40,842,861
39,326,202

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
05 November 2024
Mr P C Wood
Director
Company registration number 11769253 (England and Wales)
WOODEND & FLYFORD HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
111,812
111,812
Capital and reserves
Called up share capital
19
111,812
111,812

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
05 November 2024
Mr P C Wood
Director
Company registration number 11769253 (England and Wales)
WOODEND & FLYFORD HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
111,812
32,281,444
4,902,738
37,295,994
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
2,030,208
2,030,208
Balance at 31 March 2023
111,812
32,281,444
6,932,946
39,326,202
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,516,659
1,516,659
Balance at 31 March 2024
111,812
32,281,444
8,449,605
40,842,861
WOODEND & FLYFORD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
£
Balance at 1 April 2022
111,812
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
Balance at 31 March 2023
111,812
Year ended 31 March 2024:
Profit and total comprehensive income
-
Balance at 31 March 2024
111,812
WOODEND & FLYFORD HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(728,789)
(1,306,230)
Interest paid
(12,600)
-
0
Income taxes paid
(470,000)
(301,740)
Net cash outflow from operating activities
(1,211,389)
(1,607,970)
Investing activities
Purchase of tangible fixed assets
(116,758)
(208,888)
Proceeds from disposal of tangible fixed assets
7,500
-
Interest received
25,199
-
0
Net cash used in investing activities
(84,059)
(208,888)
Net decrease in cash and cash equivalents
(1,295,448)
(1,816,858)
Cash and cash equivalents at beginning of year
3,070,516
4,887,374
Cash and cash equivalents at end of year
1,775,068
3,070,516
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Woodend & Flyford Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 382 Charminster Road, Bournemouth, Dorset, BH8 9SA.

 

The group consists of Woodend & Flyford Holdings Limited and all of its subsidiaries.

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.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Woodend & Flyford Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover

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.

 

Revenue form rental income is recognised at the fair value of the consideration received or receivable as earned under the tenants' occupancy.

 

 

Revenue from hotel accommodation is time apportioned over the period of room occupancy. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Deposits received in advance are treated as liabilities until the service is delivered, at which point they are recognised as income.

 

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not provided
Plant and equipment
10% on cost and at varying rates on cost
Fixtures and fittings
10% on cost and at varying rates on cost
Computers
33% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The directors consider that in most cases the freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

 

Properties in the group that are occupied by the company or its trading subsidiary are not treated as investment properties in these accounts on the basis that they are used as a trading asset of the group.

 

Properties with external tenants have been treated as investment properties.

1.7
Investment property

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.

 

WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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 group 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.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.15
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.

1.16
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties at market value

The Directors assess the fair value of investment property each year and where they consider there to be a material change a fair value gain or loss is recognised in the profit and loss account.

Fixed asset depreciation

Depreciation is calculated based on the estimate of the useful economic life of each category of fixed asset, taking in to account any estimated residual value where necessary. The depreciation rates applied are stated in the fixed asset depreciation note below. In respect of freehold property which is recognised at historic cost, the directors are of the opinion that there is no loss of value and therefore no need to depreciate. No depreciation is therefore charged on the company's freehold property.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Property rental income
3,085,659
3,045,571
Hotel and golf income
3,814,799
3,666,306
Development income
-
139,479
6,900,458
6,851,356
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
25,199
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
135,070
158,090
Profit on disposal of tangible fixed assets
(7,500)
-
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Hotel
143
109
-
-
Office and management
11
11
-
-
Total
154
120
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,412,052
1,768,746
-
0
-
0
Social security costs
187,366
133,502
-
-
Pension costs
63,622
28,902
-
0
-
0
2,663,040
1,931,150
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
25,199
-
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
12,600
-
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
453,769
366,653
Deferred tax
Origination and reversal of timing differences
52,017
67,242
Changes in tax rates
-
0
318,469
Total deferred tax
52,017
385,711
Total tax charge
505,786
752,364

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,022,445
2,782,572
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
505,611
528,689
Tax effect of expenses that are not deductible in determining taxable profit
-
0
39
Tax effect of income not taxable in determining taxable profit
-
0
(86,881)
Effect of change in corporation tax rate
-
318,469
Permanent capital allowances in excess of depreciation
-
0
(7,882)
Depreciation on assets not qualifying for tax allowances
-
0
1,781
Other permanent differences
175
(1,851)
Taxation charge
505,786
752,364
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
9
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
3,106,491
145,631
1,942,281
133,581
41,491
5,369,475
Additions
-
0
18,096
74,453
24,211
-
0
116,760
At 31 March 2024
3,106,491
163,727
2,016,734
157,792
41,491
5,486,235
Depreciation and impairment
At 1 April 2023
-
0
112,427
1,458,442
119,072
28,203
1,718,144
Depreciation charged in the year
-
0
19,761
94,450
10,975
9,884
135,070
At 31 March 2024
-
0
132,188
1,552,892
130,047
38,087
1,853,214
Carrying amount
At 31 March 2024
3,106,491
31,539
463,842
27,745
3,404
3,633,021
At 31 March 2023
3,106,491
33,204
483,839
14,509
13,288
3,651,331
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
10
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
38,124,206
-

Investment property are carried at fair value which is reviewed annually by the directors who consider that there has been no material change in the fair value of the properties during the year.

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
111,812
111,812
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
111,812
Carrying amount
At 31 March 2024
111,812
At 31 March 2023
111,812
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Westover Holdings Limited
Property Rental
Ordinary
100.00
-
Bransford Lodge Limited
Hotel and golf club
Ordinary
0
100.00
GG06125 Limited
Dormant
Ordinary
0
100.00
GG06126 Limited
Dormant
Ordinary
0
100.00
GG06127 Limited
Dormant
Ordinary
0
100.00
Otton Brothers Limited
Dormant
Ordinary
0
100.00

The registered office address of all of the companies listed above is 382 Charminster Road, Bournemouth, Dorset, BH8 9SA

13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
36,421
42,873
-
-
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
342,693
323,685
-
0
-
0
Other debtors
533,745
443,192
-
0
-
0
Prepayments and accrued income
116,017
93,423
-
0
-
0
992,455
860,300
-
-
Amounts falling due after more than one year:
Other debtors
-
0
22,500
-
0
-
0
Total debtors
992,455
882,800
-
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
409,648
544,883
-
0
-
0
Corporation tax payable
174,618
190,849
-
0
-
0
Other taxation and social security
293,670
209,243
-
-
Other creditors
979,247
3,151,491
-
0
-
0
Accruals and deferred income
469,558
460,857
-
0
-
0
2,326,741
4,557,323
-
0
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
12,600
561,250
-
0
-
0
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,142,450
1,090,433
Investment property
236,519
236,519
1,378,969
1,326,952
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
1,326,952
-
Charge to profit or loss
52,017
-
Liability at 31 March 2024
1,378,969
-

 

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,622
28,902

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
111,812
111,812
111,812
111,812
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
20
Other reserves
2024
2023
Group
£
£
At the beginning and end of the year
32,281,444
32,281,444
2024
2023
Company
£
£
At the beginning and end of the year
-
-
21
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
6,932,946
4,902,738
-
-
Profit for the year
1,516,659
2,030,208
-
0
-
0
At the end of the year
8,449,605
6,932,946
-
0
-
Group
Company
2024
2023
2024
2023
£
£
£
£
Non-distributable profits included above
At the beginning of the year
2,006,212
1,514,603
-
-
Non distributable profits in the year
-
491,609
-
-
At the end of the year
2,006,212
2,006,212
-
-
Distributable profits
6,443,393
4,926,734
-
-
22
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
329,013
342,797
WOODEND & FLYFORD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
23
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
1,516,659
2,030,208
Adjustments for:
Taxation charged
505,786
752,364
Finance costs
12,600
-
0
Investment income
(25,199)
-
0
Gain on disposal of tangible fixed assets
(7,500)
-
Fair value gain on investment properties
-
0
(569,743)
Depreciation and impairment of tangible fixed assets
135,070
158,090
Movements in working capital:
Decrease/(increase) in stocks
6,452
(7,683)
(Increase)/decrease in debtors
(109,655)
24,749
Decrease in creditors
(2,763,002)
(3,694,215)
Cash absorbed by operations
(728,789)
(1,306,230)
24
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,070,516
(1,295,448)
1,775,068
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