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Woodbridge Lodge Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 04175802

 

Woodbridge Lodge Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Woodbridge Lodge Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

198,156

206,378

Current assets

 

Stocks

5

3,262

1,099

Debtors (including £1,569,895 due after more than one year (2023 - £1,282,726))

6

1,696,514

1,415,173

Cash at bank and in hand

 

47,173

39,439

 

1,746,949

1,455,711

Creditors: Amounts falling due within one year

7

(359,603)

(313,582)

Net current assets

 

1,387,346

1,142,129

Total assets less current liabilities

 

1,585,502

1,348,507

Creditors: Amounts falling due after more than one year

7

(43,790)

-

Provisions for liabilities

(33,654)

(37,755)

Net assets

 

1,508,058

1,310,752

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,508,056

1,310,750

Shareholders' funds

 

1,508,058

1,310,752

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: 04175802

 

Woodbridge Lodge 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, although the entity operates a care home in Suffolk, England.

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.

 

Woodbridge Lodge 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 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.

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.

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 provision of services in the ordinary course of the Company's activities.

Income relates to monies received for the provision of care home services and is recognised on a straight line basis over the period of residence

Government grants

COVID-19 related grants do not have any imposed specified future performance-related conditions on the company, and therefore are recognised when the grant proceeds are received or receivable. The grant agreements do include specific criteria on what these funds can be spent on and therefore spending is monitored closely by management.

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.

 

Woodbridge Lodge Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Furniture Fittings and Equipment

20-100% Straight line

Land and buildings

2% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Woodbridge Lodge Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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 a 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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2023 - 40).

 

Woodbridge Lodge Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

142,296

155,106

297,402

Additions

13,204

23,134

36,338

Disposals

(1)

(44,623)

(44,624)

At 30 September 2024

155,499

133,617

289,116

Depreciation

At 1 October 2023

9,109

81,915

91,024

Charge for the year

3,111

41,449

44,560

Eliminated on disposal

(1)

(44,623)

(44,624)

At 30 September 2024

12,219

78,741

90,960

Carrying amount

At 30 September 2024

143,280

54,876

198,156

At 30 September 2023

133,187

73,191

206,378

Included within the net book value of land and buildings above is £143,280 (2023 - £133,187) in respect of leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

3,262

1,099

6

Debtors

2024
 £

2023
 £

Trade debtors

45,461

55,843

Amounts owed by group undertakings

1,569,895

1,282,726

Other debtors

31,851

46,350

Prepayments

19,261

13,333

Accrued income

30,046

16,921

 

1,696,514

1,415,173

Less non-current portion

(1,569,895)

(1,282,726)

126,619

132,447

 

Woodbridge Lodge Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Details of non-current trade and other debtors

£1,569,895 (2023 - £1,282,726) of amounts owed by group undertakings is classified as non current.

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

20,350

33,187

Taxation and social security

87,704

71,425

Accruals and deferred income

225,427

171,853

Other creditors

26,122

37,117

359,603

313,582

2024
£

2023
£

Due after one year

Amounts owed to group

43,790

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         

9

Financial commitments, guarantees and contingencies

The company is party to a cross guarantee with related parties in favour of Barclays Bank PLC. 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)

Included within the tangible fixed assets NBV of £198,156 is £33,447 (2023 - £37,136) relating to assets held under hire purchase agreements payable by an entity under common control. The depreciation charged to the financial statements in the year in respect of such assets amounted to £4,762 (2023 - £6,962).

 

Woodbridge Lodge Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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.

Summary of transactions with entities under group control

During the year the company entered into various transactions with entities under group 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

Entities under group control
£

Entities under common control
£

At start of period

43,473

-

Advanced

26,222

60,750

Repaid

(39,166)

(60,750)

At end of period

30,529

-

2023

Entities under group control
£

Entities under common control
£

At start of period

22,397

-

Advanced

43,067

53,847

Repaid

(21,991)

(53,847)

At end of period

43,473

-

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.

 

Woodbridge Lodge Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Loans from related parties

2024

Entities under group control
£

Advanced

16,301

At end of period

16,301

2023

Entities under group control
£

At start of period

74

Repaid

(74)

At end of period

-

Terms of loans from 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

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.

12

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