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Company No: 10705859 (England and Wales)

WOMBAT WILLOW LIMITED

Unaudited Financial Statements
For the financial period from 01 May 2023 to 31 October 2024
Pages for filing with the registrar

WOMBAT WILLOW LIMITED

Unaudited Financial Statements

For the financial period from 01 May 2023 to 31 October 2024

Contents

WOMBAT WILLOW LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
WOMBAT WILLOW LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 31.10.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 474,391 456,725
474,391 456,725
Current assets
Stocks 4 45,000 405,067
Debtors 5 86,005 91,779
Cash at bank and in hand 51,995 13,144
183,000 509,990
Creditors: amounts falling due within one year 611 ( 398,405) ( 378,183)
Net current (liabilities)/assets (215,405) 131,807
Total assets less current liabilities 258,986 588,532
Creditors: amounts falling due after more than one year 7 ( 340,781) ( 701,052)
Net liabilities ( 81,795) ( 112,520)
Capital and reserves
Called-up share capital 8 4 4
Profit and loss account ( 81,799 ) ( 112,524 )
Total shareholders' deficit ( 81,795) ( 112,520)

For the financial period ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Wombat Willow Limited (registered number: 10705859) were approved and authorised for issue by the Director on 04 August 2025. They were signed on its behalf by:

Harry Solomon
Director
WOMBAT WILLOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 October 2024
WOMBAT WILLOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wombat Willow Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Willow Court, Endsleigh, Ivybridge, PL21 9JL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Director and Executor have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Director and Executor note that the business has net liabilities of £81,795. The Company is supported through loans from the Director and Executor. The Director and Executor have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Director and Executor will continue to support the Company. Given the current position, the Director and Executor believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The current period has been extended by 6 months to an 18 month period as a result of the death of a Director. The figures are therefore not entirely comparable with the previous period of 12 months.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Assets under construction not depreciated
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.05.2023 to
31.10.2024
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 3 2

3. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 May 2023 0 387,201 75,693 21,663 12,501 497,058
Additions 14,213 0 22,798 29,698 4,766 71,475
Disposals 0 0 ( 9,060) ( 21,663) ( 520) ( 31,243)
Transfers 387,201 ( 387,201) 0 0 0 0
At 31 October 2024 401,414 0 89,431 29,698 16,747 537,290
Accumulated depreciation
At 01 May 2023 0 0 23,394 12,998 3,941 40,333
Charge for the financial period 12,007 0 23,464 7,128 4,730 47,329
Disposals 0 0 ( 5,107) ( 19,136) ( 520) ( 24,763)
At 31 October 2024 12,007 0 41,751 990 8,151 62,899
Net book value
At 31 October 2024 389,407 0 47,680 28,708 8,596 474,391
At 30 April 2023 0 387,201 52,299 8,665 8,560 456,725

4. Stocks

31.10.2024 30.04.2023
£ £
Stocks 45,000 45,000
Work in progress 0 360,067
45,000 405,067

5. Debtors

31.10.2024 30.04.2023
£ £
Trade debtors 10,662 1,787
Accrued income 66,700 55,000
VAT recoverable 8,643 2,074
Other debtors 0 32,918
86,005 91,779

6. Creditors: amounts falling due within one year

31.10.2024 30.04.2023
£ £
Bank loans 3,061 2,940
Trade creditors 20,409 3,480
Amounts owed to director 300,369 300,282
Accruals and deferred income 54,769 67,202
Other taxation and social security 636 1,050
Other creditors 19,161 3,229
398,405 378,183

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

31.10.2024 30.04.2023
£ £
Bank loans (secured £ 185,000) 188,668 544,135
Deferred income 152,113 156,917
340,781 701,052

Bank loans of £185,000 are secured against the freehold land and buildings held by the company.

8. Called-up share capital

31.10.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

9. Contingencies

Contingent liabilities

31.10.2024 30.04.2023
£ £
Total contingent liabilities 96,071 0

During the year ended 30 April 2023, the company received a grant towards the purchase and renovation of land. The grant amounted to £160,119.

The conditions of the grant are the construction of the property and job creation. The conditions of the grant remain in place 5 years from the payment of the last claim, which was 2 June 2023. The conditions therefore need to be complied with until 2 June 2028.

Recovery action is triggered if the project is no longer operating, for example if the business is closed down or assets sold off. Recovery is usually done on a sliding scale, therefore the liability will vary dependant on at what point the recovery action is triggered. Recovery would be 80% in the year to 2 June 2025, and will decrease by 20% each year up to 2 June 2028.

The maximum contingent liability at the point of signing is therefore £96,071.

10. Related party transactions

Transactions with the entity's director

At the year end, the Directors were owed £300,369 (2023: £300,282) by the company. No interest is charged and there is no set date for repayment.

Other related party transactions

31.10.2024 30.04.2023
£ £
Amounts owed from / (to) associated companies (14,397) 8,900

The amounts owed by associated companies are repayable on demand and are interest free.

11. Deferred grant income

31.10.2024 30.04.2023
£ £
Grants 155,315 160,119

During the year ended 30 April 2023, the company received a grant towards the purchase and renovation of land. The grant amounted to £160,119. The conditions of the grant are the construction of the property and job creation which have been satisfied.

The grant is recorded as deferred income in the accounts and amortised over 50 years with £3,202 being shown as amortisation in the profit and loss account annually (£4,804 has been reflected in the profit and loss account for the extended period ending 31 October 2024). The accumulated amortisation recognised in the profit and loss account at 31 October 2024 was £4,804 (2023: nil).