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Registration number: 02772740

Woolhampton Design Centre Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 May 2024

 

Woolhampton Design Centre Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Woolhampton Design Centre Limited

(Registration number: 02772740)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

148,736

153,057

Investment property

5

2,000,000

1,980,000

 

2,148,736

2,133,057

Current assets

 

Debtors

6

28,445

2,896

Cash at bank and in hand

 

174,998

187,845

 

203,443

190,741

Creditors: Amounts falling due within one year

7

(573,652)

(263,283)

Net current liabilities

 

(370,209)

(72,542)

Total assets less current liabilities

 

1,778,527

2,060,515

Creditors: Amounts falling due after more than one year

7

(27,777)

(339,979)

Provisions for liabilities

(223,755)

(239,881)

Net assets

 

1,526,995

1,480,655

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

753,155

956,328

Profit and loss account

773,740

524,227

Shareholders' funds

 

1,526,995

1,480,655

For the financial year ending 31 May 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 year 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

 

Woolhampton Design Centre Limited

(Registration number: 02772740)
Statement of Financial Position as at 31 May 2024

.........................................
Mr M J Bundy
Director

 

Woolhampton Design Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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: Woolhampton Design Centre, Station Road, Woolhampton, Reading, Berkshire, RG7 5SE.

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 financial statements are prepared in sterling, which is the functional currency of the entity.

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 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

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

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.

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.

 

Woolhampton Design Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

50 years straight line

Plant and machinery

3 years straight line

Fixtures and fittings

3 years straight line

Office equipment

3 years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Woolhampton Design Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

172,539

3,500

4,106

2,129

182,274

At 31 May 2024

172,539

3,500

4,106

2,129

182,274

Depreciation

At 1 June 2023

22,679

3,500

1,026

2,012

29,217

Charge for the year

3,451

-

770

100

4,321

At 31 May 2024

26,130

3,500

1,796

2,112

33,538

Carrying amount

At 31 May 2024

146,409

-

2,310

17

148,736

At 31 May 2023

149,860

-

3,080

117

153,057

Included within the net book value of land and buildings above is £146,409 (2023 - £149,860) in respect of freehold land and buildings.
 

 

Woolhampton Design Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Investment properties

2024
£

At 1 June 2023

1,980,000

Fair value adjustments

20,000

At 31 May 2024

2,000,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Trade debtors

4,598

410

Other debtors

21,897

-

Prepayments

1,950

2,486

28,445

2,896

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

169,291

5,556

Trade creditors

 

18,911

15,009

Taxation and social security

 

8,156

16,746

Accruals and deferred income

 

13,740

2,086

Other creditors

 

363,554

223,886

 

573,652

263,283

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

27,777

339,979

 

Woolhampton Design Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,777

215,218

Other borrowings

-

124,761

27,777

339,979

Current loans and borrowings

2024
£

2023
£

Bank borrowings

169,291

5,556