Company No:
Contents
| Note | 31.10.2024 | 30.04.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 474,391 | 456,725 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 183,000 | 509,990 | |||
| Creditors: amounts falling due within one year | 611 | (
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| 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 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Wombat Willow Limited (registered number:
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Harry Solomon
Director |
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.
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 £.
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.
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 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.
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.
| Land and buildings |
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| Assets under construction | not depreciated |
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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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.
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.
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.
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 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.
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.
| Period from 01.05.2023 to 31.10.2024 |
Year ended 30.04.2023 |
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| Monthly average number of persons employed by the Company during the period, including the director |
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| Land and buildings | Assets under construc- tion |
Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||||
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| Cost | |||||||||||
| At 01 May 2023 |
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| Additions |
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| Disposals |
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| Transfers |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||||||
| At 01 May 2023 |
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| Charge for the financial period |
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| Disposals |
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| At 31 October 2024 |
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| 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 |
| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Stocks |
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| Work in progress |
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| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Accrued income |
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| VAT recoverable |
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| Other debtors |
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| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to director |
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| Accruals and deferred income |
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| Other taxation and social security |
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| Other creditors |
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| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Bank loans (secured £
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| Deferred income |
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| 31.10.2024 | 30.04.2023 | ||
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| Allotted, called-up and fully-paid | |||
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Contingent liabilities
| 31.10.2024 | 30.04.2023 | ||
| £ | £ | ||
| Total contingent liabilities |
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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.
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.
| 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).