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REGISTERED NUMBER: 08093201 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 27 December 2023

for

Woodville Consultants Limited

Woodville Consultants Limited (Registered number: 08093201)






Contents of the Consolidated Financial Statements
for the Year Ended 27 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Woodville Consultants Limited

Company Information
for the Year Ended 27 December 2023







DIRECTORS: Mr P J Legge
Mrs A M Bell





REGISTERED OFFICE: 5 Gelliwastad Road
Pontypridd
CF37 2BP





REGISTERED NUMBER: 08093201 (England and Wales)





AUDITORS: Xeinadin Audit Limited
116 Duke Street
Liverpool
Merseyside
L1 5JW

Woodville Consultants Limited (Registered number: 08093201)

Group Strategic Report
for the Year Ended 27 December 2023

The directors present their strategic report of the company and the group for the year ended 27 December 2023.

The Directors present their Strategic Report for Woodville Consultants Limited ("the Company") and its subsidiaries (together the "Group") together with the financial statements for the year ended 27 December 2023.

REVIEW OF BUSINESS
Woodville Consultants Limited ('the Group') is a specialist provider to law firms, providing cost-effective loans to reputable SRA regulated law firms.

The provision of those loans provide the law firms with the necessary funds to pursue litigation claims, primarily in the Personal Contract Purchase (PCP) market.

The primary source of income for the Group is interest charged on the loans receivable from the portfolio of law firms.

In the year ended 27 December 2023 the Group continued to experience excellent growth in revenue due to increase in loans issued to law firms and associated interest. Revenue increased by 8% to £39,401,330 (2022: £36,453,510).

Profit before tax was reduced to £4,799,083 (2022: £6,517,594) however, it is worth noting that the comparative period was an 18-month period wheres as the 2023 financial statements are for 12 months. If the 2023 financial results were extrapolated to 18-months, the Group would likely have seen profit growth when compared to the prior period.

Nevertheless, the Group still delivered profit before tax margins of 12% (2022: 18%) maintaining the success of the current strategies being deployed.

Along with the direct loan note investments Woodville has, since 2019, issued 8 series of Bonds all repaid in full and on time, 6 live Bonds currently available. All Bonds are for a term of approximately 2 years, paying an 11% per coupon paid quarterly in arrears. The purpose of the company is to utilise any capital raise for the onward lending to our panel of UK law firms.

Strategy
The objective of the Group is to build on its successful historic performance in the litigation funding sector. The Group aims to achieve this by increasing its capital raising efforts to deploy higher levels of capital into our panel of UK law firms.

The Group enjoys well positioned strategic relationships with many of the key market providers in this sector. Contracts are held with some of the largest Claims Management Companies (CMC's), medical, surveyor and financial experts providing evidential reports to underwrite claims we loan on.

Woodville Consultants Limited anticipates continued growth in the litigation finance sector. 2023 has seen the Group move aggressively into the Personal Contract Purchase (PCP) arena following numerous reports coupled with independent documentary evidence of the systemic mis-selling of car finance agreements dating back to 2007, as evidenced by the FCA investigation and subsequent report in March 2019.

Woodville Consultants Limited continuously reviews all markets into which it funds, such as Housing Disrepair and Road Traffic Accidents. However, the commercial decision based upon extensive research and the FCA published report, referenced above, PCP was the main focus for 2023 and will continue into 2024.


Woodville Consultants Limited (Registered number: 08093201)

Group Strategic Report
for the Year Ended 27 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity Risk
The Directors consider the principal risk and uncertainty facing the Group to be its ability to service the capital and interest payments which is dependent on the performance of the Group.

As the Group is owed a significant amount in loans receivable from law firms, the Directors have considered and taken steps to mitigate the risk of defaulting on loans. There are After The Event (ATE) insurance premiums in place should any of the law firms be unable to repay the loans and cover repayment of those loans.

The Directors have considered the liquidity of the Woodville Consultants Limited Group to ensure that the Group is able to make interest and capital repayments at the appropriate times, and as the Woodville Consultants Limited Group is solvent, they are satisfied that it will be in a position to do so.

Foreign Currency Risk
In addition to the principal risk noted above, the Directors also consider foreign exchange rate fluctuation to be a risk to the Group due the potential volatility in rates. During the year, the Group made a gain on foreign currency due to an increase in the USD rate.

In the 2023 financial year, the Group did not have any hedging measures in place to reduce the risk of fluctuation in foreign currency rates but in the current year the Directors are exploring options to implement hedging in order to manage risks moving forward.

Interest Rate Risk
The issue of bonds with a fixed coupon minimises any financial risk to the Woodville Consultants Limited Group as a result of interest rate fluctuations.

The terms of the loan notes and bonds require that as long as they remain outstanding, Woodville Consultants Limited Group is required to ensure that at each reporting date, the Woodville Consultants Limited Group had sufficient funds to meet its capital and interest payments, this condition was met.

ON BEHALF OF THE BOARD:





Mr P J Legge - Director


20 May 2025

Woodville Consultants Limited (Registered number: 08093201)

Report of the Directors
for the Year Ended 27 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 27 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 27 December 2023.

FUTURE DEVELOPMENTS
Information regarding future developments is included in the Strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 28 December 2022 to the date of this report.

Mr P J Legge
Mrs A M Bell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs A M Bell - Director


20 May 2025

Report of the Independent Auditors to the Members of
Woodville Consultants Limited

Opinion
We have audited the financial statements of Woodville Consultants Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 27 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 27 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Woodville Consultants Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Woodville Consultants Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and Assessing Potential Risks Related to Irregularities
Enquiring of management, including obtaining and reviewing supporting documentation concerning the group's
policies and procedures relating to:

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance.

Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

Discussing among the engagement team including relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws
and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group.

The key laws and regulations we considered in this context included the Companies Act 2006, Pension
legislation, Tax legislation, and Health and Safety requirements.

Audit Response to Risks Identified
In addition to the above, our procedures to respond to risks identified included the following:

Reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with
relevant laws and regulations discussed above.

Enquiring of management concerning actual and potential litigation and claims.

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.

Assessing whether the judgements made in making accounting estimates are indicative of potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the
normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and
remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters
The comparative year, 27th December 2022, has not been audited. Sufficient evidence has been obtained to ensure that the opening balances do not contain misstatements that materially affect the current year's financial statements.

Report of the Independent Auditors to the Members of
Woodville Consultants Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Phillip Harrison (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
116 Duke Street
Liverpool
Merseyside
L1 5JW

20 May 2025

Woodville Consultants Limited (Registered number: 08093201)

Consolidated
Income Statement
for the Year Ended 27 December 2023

Period
29.6.21
Year Ended to
27.12.23 27.12.22
Notes £    £   

TURNOVER 3 39,401,330 36,453,510

Cost of sales 35,504,707 24,750,325
GROSS PROFIT 3,896,623 11,703,185

Administrative expenses 1,574,925 5,180,991
2,321,698 6,522,194

Other operating income 2,477,312 -
OPERATING PROFIT 5 4,799,010 6,522,194

Interest receivable and similar income 695 -
4,799,705 6,522,194

Interest payable and similar expenses 6 622 4,600
PROFIT BEFORE TAXATION 4,799,083 6,517,594

Tax on profit 7 1,121,829 1,258,581
PROFIT FOR THE FINANCIAL YEAR 3,677,254 5,259,013
Profit attributable to:
Owners of the parent 3,677,254 5,259,013

Woodville Consultants Limited (Registered number: 08093201)

Consolidated
Other Comprehensive Income
for the Year Ended 27 December 2023

Period
29.6.21
Year Ended to
27.12.23 27.12.22
Notes £    £   

PROFIT FOR THE YEAR 3,677,254 5,259,013


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,677,254

5,259,013

Total comprehensive income attributable to:
Owners of the parent 3,677,254 5,259,013

Woodville Consultants Limited (Registered number: 08093201)

Consolidated Balance Sheet
27 December 2023

27.12.23 27.12.22
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 10,772 5,404
Tangible assets 11 42,814 38,522
Investments 12 - -
53,586 43,926

CURRENT ASSETS
Debtors 13 190,715,548 133,831,258
Cash at bank 14 11,548,772 3,657,815
202,264,320 137,489,073
CREDITORS
Amounts falling due within one year 15 107,759,891 71,818,697
NET CURRENT ASSETS 94,504,429 65,670,376
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,558,015

65,714,302

CREDITORS
Amounts falling due after more than one
year

16

(85,085,801

)

(59,930,046

)

PROVISIONS FOR LIABILITIES 19 (10,704 ) -
NET ASSETS 9,461,510 5,784,256

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 21 9,460,510 5,783,256
SHAREHOLDERS' FUNDS 9,461,510 5,784,256

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:




Mr P J Legge - Director



Mrs A M Bell - Director


Woodville Consultants Limited (Registered number: 08093201)

Company Balance Sheet
27 December 2023

27.12.23 27.12.22
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 10,772 5,404
Tangible assets 11 42,814 38,522
Investments 12 2,462,809 716,219
2,516,395 760,145

CURRENT ASSETS
Debtors 13 171,823,953 107,376,754
Cash at bank 14 8,866,076 2,182,012
180,690,029 109,558,766
CREDITORS
Amounts falling due within one year 15 89,726,153 46,757,546
NET CURRENT ASSETS 90,963,876 62,801,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,480,271

63,561,365

CREDITORS
Amounts falling due after more than one
year

16

(85,085,801

)

(59,930,046

)

PROVISIONS FOR LIABILITIES 19 (10,704 ) -
NET ASSETS 8,383,766 3,631,319

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Revaluation reserve 21 2,145,910 -
Retained earnings 21 6,236,856 3,630,319
SHAREHOLDERS' FUNDS 8,383,766 3,631,319

Company's profit for the financial year 2,606,537 3,126,718

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:




Mr P J Legge - Director



Mrs A M Bell - Director


Woodville Consultants Limited (Registered number: 08093201)

Consolidated Statement of Changes in Equity
for the Year Ended 27 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 29 June 2021 1,000 650,743 651,743

Changes in equity
Dividends - (126,500 ) (126,500 )
Total comprehensive income - 5,259,013 5,259,013
Balance at 27 December 2022 1,000 5,783,256 5,784,256

Changes in equity
Total comprehensive income - 3,677,254 3,677,254
Balance at 27 December 2023 1,000 9,460,510 9,461,510

Woodville Consultants Limited (Registered number: 08093201)

Company Statement of Changes in Equity
for the Year Ended 27 December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 29 June 2021 1,000 630,101 - 631,101

Changes in equity
Dividends - (126,500 ) - (126,500 )
Total comprehensive income - 3,126,718 - 3,126,718
Balance at 27 December 2022 1,000 3,630,319 - 3,631,319

Changes in equity
Total comprehensive income - 2,606,537 2,145,910 4,752,447
Balance at 27 December 2023 1,000 6,236,856 2,145,910 8,383,766

Woodville Consultants Limited (Registered number: 08093201)

Consolidated Cash Flow Statement
for the Year Ended 27 December 2023

Period
29.6.21
Year Ended to
27.12.23 27.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (53,433,325 ) (80,960,835 )
Interest paid (622 ) (4,600 )
Tax paid (965,496 ) (211,847 )
Net cash from operating activities (54,399,443 ) (81,177,282 )

Cash flows from investing activities
Purchase of intangible fixed assets (12,000 ) (8,034 )
Purchase of tangible fixed assets (10,626 ) (48,407 )
Interest received 695 -
Net cash from investing activities (21,931 ) (56,441 )

Cash flows from financing activities
Increase in loan notes issued 58,827,013 39,871,046
Loan repayments in year (8,029 ) (11,725 )
Increase in bonds issued 6,642,641 21,458,136
Amount introduced by directors - 6,580
Amount withdrawn by directors (62,995 ) -
Loans received in year - 19,655,067
Loan repayments in year (3,086,299 ) -
Equity dividends paid - (126,500 )
Net cash from financing activities 62,312,331 80,852,604

Increase/(decrease) in cash and cash equivalents 7,890,957 (381,119 )
Cash and cash equivalents at beginning of
year

2

3,657,815

4,038,934

Cash and cash equivalents at end of year 2 11,548,772 3,657,815

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 27 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Profit before taxation 4,799,083 6,517,594
Depreciation charges 12,967 17,109
Prior year consolidation adjustment - 20,643
Finance costs 622 4,600
Finance income (695 ) -
4,811,977 6,559,946
Increase in trade and other debtors (56,694,719 ) (96,587,581 )
(Decrease)/increase in trade and other creditors (1,550,583 ) 9,066,800
Cash generated from operations (53,433,325 ) (80,960,835 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 27 December 2023
27.12.23 28.12.22
£    £   
Cash and cash equivalents 11,548,772 3,657,815
Period ended 27 December 2022
27.12.22 29.6.21
£    £   
Cash and cash equivalents 3,657,815 4,038,934


3. ANALYSIS OF CHANGES IN NET DEBT

At 28.12.22 Cash flow At 27.12.23
£    £    £   
Net cash
Cash at bank 3,657,815 7,890,957 11,548,772
3,657,815 7,890,957 11,548,772
Debt
Debts falling due within 1 year (61,065,692 ) (37,182,072 ) (98,247,764 )
Debts falling due after 1 year (59,892,546 ) (25,193,255 ) (85,085,801 )
(120,958,238 ) (62,375,327 ) (183,333,565 )
Total (117,300,423 ) (54,484,370 ) (171,784,793 )

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements
for the Year Ended 27 December 2023

1. STATUTORY INFORMATION

Woodville Consultants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

Basis of consolidation
The consolidated financial statements are prepared by combining the results of the parent company and its subsidiaries and eliminating any intra group balances and transactions. The year to 27 December 2023 was the first year that consolidated accounts were required. All subsidiaries have been incorporated by the parent company and there are no subsidiaries that have been acquired as part of a business combination therefore there is no goodwill recognised in respect of the consolidation.

The parent company's accounting policies align with its subsidiaries and no adjustments are required.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Provisions
Provisions are made where there are indicators of default of repayment. These provisions are an estimate of the actual costs and the timing of future cash flows is dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

Valuation of Fixed Asset Investments
Investments in the parent company balance sheet have been revalued during the year. The year end valuation at 27 December 2023 is based on the net asset basis for investment companies and the earning basis for trading companies.

Revenue
Revenue is derived from ordinary activities and 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.

For loans, interest income consists of amounts earned on loans and receivables once approved and paid out to customers.

Interest income is recognised across the period of the loan using the effective interest method and on a daily rate basis.

Cost of sales
Cost of sales represent commissions paid to consultants for the sourcing of investment, interest payable on bonds and loan notes and expenses for the administration of bonds issued.

These costs are recognised in line with the income that they relate to.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Tangible fixed assets are initially recognised at cost and subsequently recognised at cost less depreciation and impairment where necessary.

Financial instruments
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Trade Debtors consist of loans receivable and represent the future capital repayments of loans provided to customers, less any impairment. Interest is recognised in the income statement as it becomes due and is calculated daily or monthly in accordance with loan agreements.

Trade Creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid.

Other loans consist of loan notes owed to investors and represent the future capital repayments of loans payable to investors. Repayment terms are generally 12, 24 or 36 months. Interest payable is recognised in the income statement and is payable quarterly in arrears in accordance with loan note agreements.

A series of Fixed Rate bonds are held by the group, that have redemption dates varying from within one year to more than one year. Interest payable is recognised in the income statement and is paid quarterly in arrears in accordance with agreements. The bonds are stated at amortised using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currency translation
Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Interest on loans receivable 39,401,330 27,206,554
Commissions received - 9,246,956
39,401,330 36,453,510

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

4. EMPLOYEES AND DIRECTORS
Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Wages and salaries 485,827 640,083
Other pension costs 4,283 4,313
490,110 644,396

The average number of employees during the year was as follows:
Period
29.6.21
Year Ended to
27.12.23 27.12.22

Staff 10 8
Directors 2 2
12 10

The average number of employees by undertakings that were proportionately consolidated during the year was 12 (2022 - 10 ) .

The company operates a defined contribution pension scheme that all employees in that company are entitled to join. The cost for the year amounted to £4,283 (2022 - £4,313). Included in other creditors is £1,031 (2022 - £890) relating to pension contributions that were paid after the year end.

Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Directors' remuneration 180,000 259,820

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Other operating leases 30,102 5,780
Depreciation - owned assets 6,334 14,479
Computer software amortisation 6,632 2,630
Foreign exchange differences (2,476,947 ) 3,094,997
Auditors' remuneration 48,000 -

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Bank loan interest 622 1,252
Interest on overdue tax - 3,348
622 4,600

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Current tax:
UK corporation tax 1,111,125 1,258,581

Deferred tax 10,704 -
Tax on profit 1,121,829 1,258,581

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Profit before tax 4,799,083 6,517,594
Profit multiplied by the standard rate of corporation tax in the UK of
23.471 % (2022 - 19 %)

1,126,393

1,238,343

Effects of:
Expenses not deductible for tax purposes 150 301
Capital allowances in excess of depreciation (2,265 ) (7,891 )
Utilisation of tax losses - (76,034 )
Late entry interest (13,130 ) 10,606
Deferred Tax 10,704 -
Rounding on rate of tax (23 ) -
Adjustments to tax charge in respect to previous years - 93,256
Total tax charge 1,121,829 1,258,581

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
Period
29.6.21
Year Ended to
27.12.23 27.12.22
£    £   
Ordinary shares of £1 each
Final - 126,500

10. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 28 December 2022 8,034
Additions 12,000
At 27 December 2023 20,034
AMORTISATION
At 28 December 2022 2,630
Amortisation for year 6,632
At 27 December 2023 9,262
NET BOOK VALUE
At 27 December 2023 10,772
At 27 December 2022 5,404

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

10. INTANGIBLE FIXED ASSETS - continued

Company
Computer
software
£   
COST
At 28 December 2022 8,034
Additions 12,000
At 27 December 2023 20,034
AMORTISATION
At 28 December 2022 2,630
Amortisation for year 6,632
At 27 December 2023 9,262
NET BOOK VALUE
At 27 December 2023 10,772
At 27 December 2022 5,404

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 28 December 2022 41,079 - 14,757 55,836
Additions - 5,266 5,360 10,626
At 27 December 2023 41,079 5,266 20,117 66,462
DEPRECIATION
At 28 December 2022 11,375 - 5,939 17,314
Charge for year 3,413 1,053 1,868 6,334
At 27 December 2023 14,788 1,053 7,807 23,648
NET BOOK VALUE
At 27 December 2023 26,291 4,213 12,310 42,814
At 27 December 2022 29,704 - 8,818 38,522

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 28 December 2022 41,079 - 14,757 55,836
Additions - 5,266 5,360 10,626
At 27 December 2023 41,079 5,266 20,117 66,462
DEPRECIATION
At 28 December 2022 11,375 - 5,939 17,314
Charge for year 3,413 1,053 1,868 6,334
At 27 December 2023 14,788 1,053 7,807 23,648
NET BOOK VALUE
At 27 December 2023 26,291 4,213 12,310 42,814
At 27 December 2022 29,704 - 8,818 38,522

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST OR VALUATION
At 28 December 2022 716,219
Revaluations 1,746,590
At 27 December 2023 2,462,809
NET BOOK VALUE
At 27 December 2023 2,462,809
At 27 December 2022 716,219

Cost or valuation at 27 December 2023 is represented by:

Shares in
group
undertakings
£   
Valuation in 2023 1,746,590
Cost 716,219
2,462,809

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

12. FIXED ASSET INVESTMENTS - continued

Company

Fixed Asset Investments consist of Investment in the subsidiary.

The directors value the investment in the subsidiary based on market conditions, trading results and ratios applicable to the business nature and size. The carrying value of the subsidiary is compared to the underlying value value of its net assets and expected future profitability.

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Horizon Legal Limited
Registered office: 5 Gelliwasted Road, Pontypridd, Wales, CF37 2BP
Nature of business: Provision of litigation funding to law firms
%
Class of shares: holding
Ordinary 100.00
27.12.23 27.12.22
£    £   
Aggregate capital and reserves 3,610,555 3,117,798
Profit for the year/period 1,149,259 3,403,671


13. DEBTORS

Group Company
27.12.23 27.12.22 27.12.23 27.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 22,835,988 93,780,397 - 64,039,854
Amounts owed by group undertakings - - 4,107,242 2,635,822
Other debtors 38,331 24,863,048 17,298 24,863,048
Directors' loan accounts 62,754 - 62,754 -
Tax 126,817 - - -
Prepayments 23,780,117 15,187,813 23,765,118 13,742,307
46,844,007 133,831,258 27,952,412 105,281,031

Amounts falling due after more than one year:
Trade debtors 143,871,541 - 143,871,541 -
Amounts owed by group undertakings - - - 2,095,723
143,871,541 - 143,871,541 2,095,723

Aggregate amounts 190,715,548 133,831,258 171,823,953 107,376,754

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

14. CASH AT BANK

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.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
27.12.23 27.12.22 27.12.23 27.12.22
£    £    £    £   
Debentures (see note 17) 10,766,051 9,122,658 10,766,051 9,122,658
Bank loans and overdrafts (see note 17) 8,232 8,651 8,232 8,651
Other loans (see note 17) 87,473,481 51,934,383 70,904,713 32,279,315
Trade creditors 1,721,657 1,407,095 1,432,208 961,921
Tax 1,531,027 1,258,581 1,531,027 677,311
Social security and other taxes 15,953 13,649 15,953 13,649
Other creditors 70,751 890 70,751 890
Directors' loan accounts - 241 - 241
Accruals and deferred income 6,172,739 8,072,549 4,997,218 3,692,910
107,759,891 71,818,697 89,726,153 46,757,546

Fixed Rate Bonds and Loan Notes are held by the company, and have redemption dates ranging between 12 and 36 months. The bonds are measured at amortised cost. Interest of between 10-12% is payable quarterly in arrears and is recognised through the income statement as it becomes due.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
27.12.23 27.12.22 27.12.23 27.12.22
£    £    £    £   
Debentures (see note 17) 17,334,728 12,335,478 17,334,728 12,335,478
Bank loans (see note 17) 12,634 20,245 12,634 20,245
Other loans (see note 17) 67,738,439 47,536,823 67,738,439 47,536,823
Accruals and deferred income - 37,500 - 37,500
85,085,801 59,930,046 85,085,801 59,930,046

Fixed Rate Bonds and Loan Notes are held by the company, and have redemption dates ranging between 12 and 36 months. The bonds are measured at amortised cost. Interest of between 10-12% is payable quarterly in arrears and is recognised through the income statement as it becomes due.

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
27.12.23 27.12.22 27.12.23 27.12.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bonds 10,766,051 9,122,658 10,766,051 9,122,658
Bank loans 8,232 8,651 8,232 8,651
Other loans 87,473,481 51,934,383 70,904,713 32,279,315
98,247,764 61,065,692 81,678,996 41,410,624
Amounts falling due between one and two years:
Bonds 17,334,728 12,335,478 17,334,728 12,335,478
Bank loans - 1-2 years 8,440 20,245 8,440 20,245
Other loans - 1-2 years 67,738,439 47,536,823 67,738,439 47,536,823
85,081,607 59,892,546 85,081,607 59,892,546
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,194 - 4,194 -

Fixed Rate Bonds and Loan Notes are held by the company, and have redemption dates ranging between 12 and 36 months. The bonds are measured at amortised cost. Interest of between 10-12% is payable quarterly in arrears and is recognised through the income statement as it becomes due.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
27.12.23 27.12.22
£    £   
Within one year 58,759 60,237
Between one and five years 198,497 219,376
In more than five years 37,880 37,880
295,136 317,493

Company
Non-cancellable operating leases
27.12.23 27.12.22
£    £   
Within one year 58,759 60,237
Between one and five years 198,497 219,376
In more than five years 37,880 37,880
295,136 317,493

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

19. PROVISIONS FOR LIABILITIES

Group Company
27.12.23 27.12.22 27.12.23 27.12.22
£    £    £    £   
Deferred tax 10,704 - 10,704 -

Group
Deferred
tax
£   
Provided during year 10,704
Balance at 27 December 2023 10,704

Company
Deferred
tax
£   
Provided during year 10,704
Balance at 27 December 2023 10,704

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 27.12.23 27.12.22
value: £    £   
200 Ordinary £1 200 200
400 B Non Voting £1 400 400
200 C Non Voting £1 200 200
200 D Non Voting £1 200 200
1,000 1,000

Ordinary shares carry the right to one vote and to receive dividends.

Non-voting B, C and D shares do not carry the right to vote, but do carry the right to receive dividends.

21. RESERVES

Group
Retained
earnings
£   

At 28 December 2022 5,783,256
Profit for the year 3,677,254
At 27 December 2023 9,460,510

Woodville Consultants Limited (Registered number: 08093201)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 27 December 2023

21. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 28 December 2022 3,630,319 - 3,630,319
Profit for the year 2,606,537 2,606,537
Revaluation in year - 2,145,910 2,145,910
At 27 December 2023 6,236,856 2,145,910 8,382,766


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 27 December 2023 and the period ended 27 December 2022:

27.12.23 27.12.22
£    £   
Mrs A M Bell and P J Legge
Balance outstanding at start of year (241 ) 6,098
Amounts advanced 62,995 120,161
Amounts repaid - (126,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62,754 (241 )

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are Mrs A M Bell and Mr P J Legge, who are directors, by virtue of their equal shareholding in Woodville Consultants Limited.