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Registered number: 00240284









G. A. WOOD & CO. LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
G. A. WOOD & CO. LIMITED
REGISTERED NUMBER: 00240284

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Investment property
 5 
3,500,000
3,500,000

  
3,500,000
3,500,000

Current assets
  

Debtors: amounts falling due within one year
 6 
4,546,865
4,533,782

Cash at bank and in hand
 7 
668,475
289,526

  
5,215,340
4,823,308

Creditors: amounts falling due within one year
 8 
(1,498,692)
(1,193,891)

Net current assets
  
 
 
3,716,648
 
 
3,629,417

Total assets less current liabilities
  
7,216,648
7,129,417

Creditors: amounts falling due after more than one year
 9 
(2,738,892)
(2,738,892)

  

Net assets
  
4,477,756
4,390,525


Capital and reserves
  

Called up share capital 
 11 
975
975

Investment property reserve
  
3,483,013
3,483,013

Profit and loss account
  
993,768
906,537

  
4,477,756
4,390,525


Page 1

 
G. A. WOOD & CO. LIMITED
REGISTERED NUMBER: 00240284
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.




J J F O'Hara
Director


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
G. A. WOOD & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

G. A. Wood & Co. Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 101 Rowlands Avenue, Hatch End, Pinner, Middlesex, HA5 4AW.
The company specialises in letting property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the reporting date can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Turnover represents rent receivable. Turnover is recognised in equal monthly instalments over the rental period.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 3

 
G. A. WOOD & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.6

Investment property

Investment properties are properties held to earn rent and 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 the investment properties are included in the Statement of comprehensive income in the year in which they arise.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 4

 
G. A. WOOD & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.



3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 July 2023
1,155



At 30 June 2024

1,155



Depreciation


At 1 July 2023
1,155



At 30 June 2024

1,155



Net book value



At 30 June 2024
-



At 30 June 2023
-

Page 5

 
G. A. WOOD & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
3,500,000



At 30 June 2024
3,500,000

The 2024 valuations were made by the director, on an open market value for existing use basis.






6.


Debtors

2024
2023
£
£


Trade debtors
1,031
70,014

Amounts owed by group undertakings
341,329
341,329

Amounts owed by related undertakings
4,204,505
4,122,439

4,546,865
4,533,782



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
668,475
289,526

668,475
289,526


Page 6

 
G. A. WOOD & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
912,962
912,962

Trade creditors
3,906
4,333

Amounts owed to realated undertakings
395,772
130,182

Corporation tax
29,074
66,410

Accruals and deferred income
156,978
80,004

1,498,692
1,193,891


Bank loans are secured by a legal charge over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,738,892
2,738,892

2,738,892
2,738,892


Bank loans are secured by a legal charge over the assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
912,962
912,962

Amounts falling due 1-2 years

Bank loans
1,825,925
1,825,925

Amounts falling due 2-5 years

Bank loans
912,967
912,967


3,651,854
3,651,854


Page 7

 
G. A. WOOD & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



975 Ordinary shares of £1 each
975
975



12.


Related party transactions

The company has taken advantage of the exemption provided by FRS102 from the requirement to disclose transactions with wholly owned group companies.
 
Included within amounts owed to related undertakings is an amount of £225,030 (2023 - £34,956), owed to a company with a common director.
 
Included within amounts owed to related undertakings is an amount of £170,742 (2023 - £95,226), owed to a company controlled by a close family member of the director.
 
Included within amounts owed by related undertakings is an amount of £3,884,505 (2023 - £3,882,439), owed by a company with a common director.
 
Included within amounts owed by related undertakings is an amount of £320,000 (2023 - £240,000), owed by a company controlled by a close family member of the director.


13.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Pearse Property Investments Limited, a company incorporated in England and Wales.
The ultimate controlling parties are the shareholders of the parent undertaking by virtue of their shareholding in the parent company.

 
Page 8