Company registration number 03630182 (England and Wales)
WESTWOOD FARM PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WESTWOOD FARM PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WESTWOOD FARM PROPERTY LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
37,503
17,750
Investment properties
5
4,977,700
3,477,700
5,015,203
3,495,450
Current assets
Stocks
8,000
18,657
Debtors
6
133,004
143,546
Cash at bank and in hand
1,747,100
1,644,635
1,888,104
1,806,838
Creditors: amounts falling due within one year
7
(242,627)
(222,839)
Net current assets
1,645,477
1,583,999
Total assets less current liabilities
6,660,680
5,079,449
Provisions for liabilities
8
(683,217)
(312,654)
Net assets
5,977,463
4,766,795
Capital and reserves
Called up share capital
8
245
245
Share premium account
1,796,283
1,796,283
Profit and loss reserves
4,180,935
2,970,267
Total equity
5,977,463
4,766,795

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WESTWOOD FARM PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
M G Horrell
Director
Company Registration No. 03630182
WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Westwood Farm Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Westwood Farm, Bretton Gate, Peterborough, PE3 9UW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable and amounts receivable for goods and services net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum of cost
Fixtures, fittings & equipment
20% per annum of cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure less any capital contributions towards these costs. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost or net realisable value.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses.

1.9
Equity instruments

Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
32,311
5,789
Deferred tax
Potential UK corporation tax liability on sale of revalued investment property
370,563
-
0
Total tax charge
402,874
5,789
WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2023
153,122
70,953
224,075
Additions
35,500
-
0
35,500
At 30 September 2024
188,622
70,953
259,575
Depreciation and impairment
At 1 October 2023
138,371
67,954
206,325
Depreciation charged in the year
14,179
1,568
15,747
At 30 September 2024
152,550
69,522
222,072
Carrying amount
At 30 September 2024
36,072
1,431
37,503
At 30 September 2023
14,751
2,999
17,750
5
Investment property
Residential
Commercial
Total
Fair value
£
£
£
At 1 October 2023
827,700
2,650,000
3,477,700
Revaluations
-
1,500,000
1,500,000
At 30 September 2024
827,700
4,150,000
4,977,700

The company's investment properties have been included within the financial statements at a valuation provided by the company directors which is based on a report prepared in April 2020 by RICS Registered professional valuers Barker Storey Matthews now part of Eddisons, adjusted to reflect current market conditions and ongoing leases with tenants.

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,254
63,063
Other debtors
49,625
32,396
Prepayments and accrued income
24,529
17,066
96,408
112,525
WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
36,596
31,021
Total debtors
133,004
143,546
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
701
7,602
Corporation tax
38,126
15,410
Other taxation and social security
8,216
3,626
Other creditors
841
735
Accruals and deferred income
194,743
195,466
242,627
222,839
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
18,432 Ordinary 'A' shares of 1p each
184
184
4,416 Ordinary 'B' shares of 1p each
44
44
1,694 Ordinary 'C' shares of 1p each
17
17
245
245
WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Key management personnel
47,154
29,925

Total amounts of £156,620 and £139,391 were advanced and repaid during the year, the maximum outstanding balance due to the company during the year was £145,982. Interest is charged on this loan at 2.25% per annum.

 

During the year a company director occupied a house owned by the company throughout the year, on a rent free basis.

WESTWOOD FARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
10
Prior period adjustment
Changes to the balance sheet
At 30 September 2023
As previously reported
Adjustment
As restated
£
£
£
Provisions for liabilities
Deferred tax
-
(312,654)
(312,654)
Capital and reserves
Profit and loss
3,282,921
(312,654)
2,970,267
Changes to the profit and loss account
Period ended 30 September 2023
As previously reported
Adjustment
As restated
£
£
£
Profit for the financial period
15,890
-
15,890

It has been identified that a deferred tax provision had not previously been recognised in the financial statements. This omission relates to timing differences arising from revaluation gains on investment property owned by the company.

 

The financial statements have been restated to reflect the correction of this prior period omission. The impact of the adjustment has been recognised retrospectively by restating the comparative figures for the prior year. The deferred tax liability has been recognised at the beginning of the prior year, with a corresponding adjustment to the opening balance of retained earnings.

 

The adjustment has no impact on the current year’s profit or loss.

 

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