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Registrar

Registration number: 10850090

Woosell Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Woosell Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Woosell Limited

Company Information

Directors

S Sweeney

E G Sweeney

Registered office

35 Rothschild Street
London
SE27 0JN

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Woosell Limited

(Registration number: 10850090)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,600,000

1,308,000

Current assets

 

Cash at bank and in hand

 

40,866

34,675

Creditors: Amounts falling due within one year

5

(645,813)

(628,256)

Net current liabilities

 

(604,947)

(593,581)

Total assets less current liabilities

 

995,053

714,419

Creditors: Amounts falling due after more than one year

5

(483,801)

(531,260)

Provisions for liabilities

(73,000)

-

Net assets

 

438,252

183,159

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

438,152

183,059

Shareholders' funds

 

438,252

183,159

For the financial year ending 30 June 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

E G Sweeney
Director

 

Woosell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 35 Rothschild Street, London, SE27 0JN.

These financial statements were authorised for issue by the Board on 28 March 2025.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment property 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.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

 

Woosell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 Profit and Loss Account 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.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 July

1,308,000

Fair value adjustments

292,000

At 30 June

1,600,000

Investment property valued by Directors on 7 March 2025

 

Woosell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

43,751

30,104

Taxation and social security

 

10,462

9,916

Accruals and deferred income

 

1,661

1,380

Other creditors

 

589,939

586,856

 

645,813

628,256

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

483,801

531,260

6

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

43,751

30,104

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

483,801

531,260

7

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £527,552 (2023 - £559,449). The company has a bank loan, which is secured over the investment properties of 35 Rothschild Street and 109 Sydenham Road.

 

Woosell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

Summary of transactions with other related parties

During the year, rental income was received from a company under common control. Transactions are considered to be at arms length.
 

Income and receivables from related parties

2024

Other related parties
£

Rental income

113,103

2023

Other related parties
£

Rental income

98,190

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

586,856

586,856

Advanced

3,083

3,083

At end of period

589,939

589,939

2023

Other related parties
£

Total
£

At start of period

563,857

563,857

Advanced

22,999

22,999

At end of period

586,856

586,856