Company No:
Contents
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
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619,500 | ||
Current assets | ||
Cash at bank and in hand |
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|
83,836 | ||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (622,581) | |
Total assets less current liabilities | (3,081) | |
Net liabilities | (
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Capital and reserves | ||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Woodlands Manor Property Limited (registered number:
Neil David Cresswell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Woodlands Manor Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woodlands Manor, Hillside Lane, Liss, GU33 7PU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £3,081. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period length covered is 13 months from 24 March 2023 to 31 March 2024, as this is the first period of trading.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Period from 24.03.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period |
|
Investment property | |
£ | |
Valuation | |
As at 24 March 2023 |
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Additions | 619,500 |
As at 31 March 2024 |
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Valuation
The valuation of the properties at the balance sheet date were made by the directors based on open market value for existing use basis.
31.03.2024 | |
£ | |
Amounts owed to directors |
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Accruals |
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Taxation and social security |
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31.03.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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8 |
Transactions with the entity's directors
31.03.2024 | |
£ | |
Amounts owed to directors | 701,092 |
The amounts owed to the directors have no fixed date for repayment and interest is not being charged.
An amount of £700,000 included in the directors loan account is secured by way of a legal charge against the property held by the company 32 Bellevue Road, London.