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Woodbridge Lodge Holdings Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 09427783

 

Woodbridge Lodge Holdings Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Woodbridge Lodge Holdings Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,230,428

3,276,100

Investments

5

3,250,971

3,250,971

 

6,481,399

6,527,071

Current assets

 

Debtors (including £51,581 due after more than one year (2023 - £4,727))

6

51,581

4,727

Cash at bank and in hand

 

1

-

 

51,582

4,727

Total assets less current liabilities

 

6,532,981

6,531,798

Creditors: Amounts falling due after more than one year

7

(4,644,380)

(4,466,579)

Provisions for liabilities

(432,640)

(442,325)

Net assets

 

1,455,961

1,622,894

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

1,455,960

1,622,893

Shareholders' funds

 

1,455,961

1,622,894

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

.........................................
Mr V Thayanandarajah
Director

.........................................
Mr I Jarvis
Director

 
     

Company Registration Number: 09427783

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS

The business address is the same as the registered office address.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Further information about the trading situation of the company can be found in the group accounts.

Group accounts not prepared

The financial statements contain information about Woodbridge Lodge Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Peacock Holdings (2015) Limited, a company incorporated in England and Wales
.

Prior period errors

The prior period adjustment is classification only due to the change in principal activity resulting in rental income being recognised in turnover rather than other operating income.

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgements that have a significant impact on the financial statements are described below:

Existing use value
The Existing Use Value of each property is driven by current trading performance using EBITDA as the key parameter. Management have reviewed the EBITDA used in the original valuation against current year trade and budgeted results and concluded that it is still reflective of Existing Use Value. The carrying value of land and buildings is £3,197,949 (2023 - £3,243,621).

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the payroll cost is originally processed, and where joint contracts of employment are in place. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 6 and 7.

Property valuations
The business invests in care homes and, in common with standard industry practice, has adopted a policy under FRS 102 of carrying these assets at Existing Use Value, which is considered by the directors to approximate to Fair Value as set out below. This is due to the expectation that a care home is the main value generating purpose of each site. Valuations are performed by professional valuation experts on a routine basis as required based on a multiple of earnings. The earnings used vary depending on the performance of the business with the multiples applied varying depending on factors such as the location, condition and market position of the asset. Given the variability of these factors the fair value of these assets is a judgemental estimate which will fluctuate over time. In an arm's length sale between willing parties the best price would still be Existing use value rather than Open Market Value. These assets are used through the group for trading purposes; they are not held by the company for their investment potential and no rent is charged. Consequently, they are not classed as investment properties under FRS 102. The carrying value of land and buildings is £3,197,949 (2023 - £3,243,621).

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level. Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an equivalent third party loan. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 6 and 7.

Deferred tax on revalued land and buildings
Deferred tax on revalued land and buildings is estimated by comparing the indexed cost to the net book value of the revalued asset and then using the expected future tax rate to estimate the future tax liability. The carrying value of the deferred tax liability is £407,649 (2023 - £419,067).

Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

Tax is recognised in profit or loss, 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 corporation 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 all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax movements on the timing differences of revalued properties are recognised in the revaluation reserve via other comprehensive income. Where the revaluation reserve is nil, the deferred tax movement is charged to the profit and loss.

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Tangible assets

Freehold land and buildings are stated in the balance sheet at valuation. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Not depreciated

Freehold buildings

2% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans with group companies and entities under common control; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans with group companies and entities under common control, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans with group companies and entities under common control are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Land and buildings
£

Properties under construction
 £

Total
£

Cost or valuation

At 1 October 2023

3,243,621

32,479

3,276,100

At 30 September 2024

3,243,621

32,479

3,276,100

Depreciation

Charge for the year

45,672

-

45,672

At 30 September 2024

45,672

-

45,672

Carrying amount

At 30 September 2024

3,197,949

32,479

3,230,428

At 30 September 2023

3,243,621

32,479

3,276,100

Included within the net book value of land and buildings above is £3,197,949 (2023 - £3,243,621) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's freehold property was revalued on 16 August 2023 by an independent valuer, which in the Directors view reflects the fair value at year end. The basis of this valuation was at existing use value, which is considered by the Directors to approximate to fair value. The name and qualification of the independent valuer, is Colliers International, Chartered Surveyors who are external to the company. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,370,085 (2023 - £1,380,164). The Directors have assessed that the existing use value calculated by the independent valuer in the latest valuation described above continues to be an accurate fair value of the freehold properties as at 30 September 2024.

5

Investments in subsidiaries

2024
£

2023
£

Investments in subsidiaries

3,250,971

3,250,971

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Subsidiaries

£

Cost or valuation

At 1 October 2023

3,250,971

At 30 September 2024

3,250,971

Provision

At 1 October 2023

-

At 30 September 2024

-

Carrying amount

At 30 September 2024

3,250,971

At 30 September 2023

3,250,971

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Woodbridge Lodge Limited

Kingsley House, Clapham Road South, Lowestoft, Suffolk, NR32 1QS

Ordinary

100%

100%

 

England and Wales

     

Subsidiary undertakings

Woodbridge Lodge Limited

The principal activity of Woodbridge Lodge Limited is residential care for the elderly.

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

6

Debtors

Note

2024
£

2023
£

Amounts due from group undertakings

10

51,581

4,727

   

51,581

4,727

Less amounts due after one year

 

(51,581)

(4,727)

 

-

-

Details of non-current trade and other debtors

£51,581 (2023 - £4,727) of Amounts owed from group undertakings is classified as non current.

7

Creditors

2024
 £

2023
 £

Due after one year

Amounts owed to group undertakings

4,644,380

4,466,579

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

9

Financial commitments, guarantees and contingencies

The company is party to a cross guarantee with related parties in favour of Barclays Bank. The bank borrowings are secured by a charge over the freehold properties owned by the related parties.

The bank borrowing of the companies at the balance sheet date amounted to:

Parent company and fellow subsidiaries £33,223,926 (2023 - £16,165,373)
 

10

Related party transactions

The company has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

 

Woodbridge Lodge Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Summary of transactions with entities under common control

During the year the company entered into various transactions with entities under common control. Transactions entered into, and trading balances outstanding at the year end, are as shown below. Outstanding balances with entities are unsecured, interest bearing and cash settled.
 

Loans to related parties

2024

Parent
£

At start of period

4,727

Advanced

46,854

At end of period

51,581

2023

Parent
£

Advanced

4,727

At end of period

4,727

Terms of loans to related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amounts are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

11

Relationship between entity and parents

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Peacock Holdings (2015) Limited, incorporated in England and Wales.

The address of Peacock Holdings (2015) Limited is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 27 June 2025.