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Registered number: 12403948










WOODCOTE GROVE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024


 
WOODCOTE GROVE LIMITED
REGISTERED NUMBER: 12403948

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
-
7,096,785

Debtors
 5 
11,537,023
8,977,530

Cash at bank and in hand
 6 
395
448,728

  
11,537,418
16,523,043

Creditors: amounts falling due within one year
 7 
(59,164)
(5,969,666)

Net current assets
  
 
 
11,478,254
 
 
10,553,377

Total assets less current liabilities
  
11,478,254
10,553,377

  

Net assets
  
11,478,254
10,553,377


Capital and reserves
  

Called up share capital 
 9 
7,501,000
7,501,000

Profit and loss account
  
3,977,254
3,052,377

  
11,478,254
10,553,377


The  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  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  were approved and authorised for issue by the board and were signed on its behalf by: 




Nicholas Mason
Director

Date: 7 March 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 1

 
WOODCOTE GROVE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
7,501,000
3,052,377
10,553,377


Comprehensive income for the year

Profit for the year
-
924,877
924,877
Total comprehensive income for the year
-
924,877
924,877


At 30 June 2024
7,501,000
3,977,254
11,478,254


The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
WOODCOTE GROVE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
7,501,000
(476,094)
7,024,906


Comprehensive income for the year

Profit for the year
-
3,528,471
3,528,471
Total comprehensive income for the year
-
3,528,471
3,528,471


At 30 June 2023
7,501,000
3,052,377
10,553,377


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
WOODCOTE GROVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Woodcote Grove Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered office is Manderley, South Park, South Godstone, Godstone, RH9 8LF and registered number is 12403948.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.
The following principal accounting policies have been applied:

 
2.2

Going concern

The construction project is complete and all properties have been sold. All external debt has also been settled. As such, the company has ceased trading and the directors intend to liquidate the company. Consequently, the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements and accordingly, the directors have prepared these financial statements on a basis other than going concern. The financial statements do not include any provision for the future cost of terminating the business of the Company except to the extent that such costs were committed at the balance sheet date. 
The directors do not consider there are any material differences to the reported results of the Company if the going concern basis of preparation had been applied to these financial statements. 

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
WOODCOTE GROVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

 
2.6

Borrowing costs

All borrowing costs directly attributable to the construction of a qualifying asset are capitalised as part of the cost of the asset.

General borrowings are subject to a capitalisation rate to the expenditure on the qualifying asset. Remaining borrowing costs are expensed in the profit and loss in the period incurred.

 
2.7

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of the freehold development site as well as the direct osts of construction of the building project.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

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.

 
2.10

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.

Page 5

 
WOODCOTE GROVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 6

 
WOODCOTE GROVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


4.


Stocks

2024
2023
£
£

Work in progress (properties fully constructed for sale)
-
7,096,785


Borrowing costs incurred in the period of £NIL (2023: £1,109,078) were capitalised as directly attributable to the properties as a qualifying asset. All borrowing costs previously incurred have subsequently been unwound to the profit and loss account in proportion to the sale of the properties.
As at 30 June 2024, all residential units have been sold and as such all related expenses have been expensed to the profit and loss in the year so no stock is held at the reporting date.

Page 7

 
WOODCOTE GROVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£

Amounts owed by related parties
11,530,435
8,927,305

Other debtors
6,588
50,225

11,537,023
8,977,530



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
395
448,728



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (see note 8)
-
4,602,781

Trade creditors
21,630
16,950

Corporation tax
8,292
808,168

Other creditors
8,692
524,517

Accruals and deferred income
20,550
17,250

59,164
5,969,666



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
4,602,781


The bank loan facility was provided by OakNorth Bank PLC and was secured on particular units that were unsold at the time of entering into the agreement on 31 March 2023. Interest was charged on amounts utilised at a rate of 4.32% plus a base rate, subject to a minimum of 4%. This loan was fully settled ahead of the year end date following the final sale of all the units in the development.

Page 8

 
WOODCOTE GROVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary A shares of £0.01 each
1,000
1,000
7,500,000 (2023 - 7,500,000) Ordinary B shares of £1.00 each
7,500,000
7,500,000

7,501,000

7,501,000

The A Ordinary shares have voting rights. The B Ordinary shares have no voting rights but have rights to participate in certain dividend and capital projects.



10.


Related party transactions

During the year, £687,957 (2023: £1,476,255) of shareholder loans were made to Blueleaf Developments Limited. As at 30 June 2024, the amount owed by Blueleaf Developments Limited was £2,224,212 (2023: £1,536,255).

During the year, £687,957 (2023: £1,476,255) of shareholder loans were made to Leapastute Limited. As at 30 June 2024, the amount owed by Leapastute Limited was £2,224,212 (2023: £1,536,255).

During the year, £1,204,086 (2023: 5,854,795) of shareholder loans were made to GHB Ltd. As at 30 June 2024, the amount owed by GHB Ltd was £7,058,881 (2023: 5,854,795).

As at 30 June 2024, the amount owed by Dominus Advisory Limited, a company under common control, was £23,130 (2023:Nil).
These amounts are all interest free and repayable on demand. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
Financial statements prepared on a basis other than going concern. Refer to note 2.2 which explains that the company has ceased trading following the sale of the final property in the development and as such,  it is the intention of the directors to liquidate the company. The directors have therefore concluded that the going concern basis of accounting is no longer appropriate and accordingly, these financial statements have been prepared on a basis other than that of a going concern as described in note 2.2. The auditor's opinion is not modified in respect of this matter.

The audit report was signed on 7 March 2025 by John Coverdale BSc FCA (Senior statutory auditor) on behalf of MHA.

 
Page 9