Woodgates Commercial Limited 31/12/2024 iXBRL

Company registration number: 11737372

Woodgates Commercial Limited

Unaudited filleted financial statements

31 December 2024

Woodgates Commercial Limited

Contents

Statement of financial position

Notes to the financial statements

Woodgates Commercial Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	4	5,220,000		4,500,000
		_______		_______
			5,220,000		4,500,000

Current assets
Debtors	5	127,552		155,260
Cash at bank and in hand		140,726		114,916
		_______		_______
		268,278		270,176
Creditors: amounts falling due
within one year	6	( 1,001,850)		( 1,583,863)
		_______		_______
Net current liabilities			( 733,572)		( 1,313,687)
			_______		_______
Total assets less current liabilities			4,486,428		3,186,313

Creditors: amounts falling due
after more than one year	7		( 2,575,000)		( 2,075,000)

Provisions for liabilities			( 615,795)		( 411,444)

			_______		_______
Net assets			1,295,633		699,869
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Other reserves	8		921,060		381,060
Profit and loss account	8		373,573		317,809
			_______		_______
Shareholders funds			1,295,633		699,869
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- 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;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 05 September 2025 , and are signed on behalf of the board by:

J. R. Latham

Director

Company registration number: 11737372

Woodgates Commercial Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

4. Tangible assets

	Freehold property	Total
	£	£
Cost or valuation
At 1 January 2024	4,500,000	4,500,000
Revaluation	720,000	720,000
	_______	_______
At 31 December 2024	5,220,000	5,220,000
	_______	_______
Depreciation
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	5,220,000	5,220,000
	_______	_______
At 31 December 2023	4,500,000	4,500,000
	_______	_______

Tangible assets held at valuation

The fair value of the freehold property has been arrived at on the basis of a formal valuation carried out by a competent professional in the year. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

	2024	2023
	£	£
Trade debtors	58,827	42,766
Other debtors	68,725	112,494
	_______	_______
	127,552	155,260
	_______	_______

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	830,000	1,418,950
Trade creditors	168	-
Corporation tax	2	2
Social security and other taxes	28,283	22,544
Other creditors	143,397	142,367
	_______	_______
	1,001,850	1,583,863
	_______	_______

Included in bank loans and overdrafts is £100,000 (2023: £100,000) for a bank loan which is secured against the freehold property owned by the company.

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

	2024	2023
	£	£
Bank loans and overdrafts	2,575,000	2,075,000
	_______	_______

The bank loan above is secured against the freehold property owned by the company.

8. Reserves

Other reserves include accumulated fair value movements on freehold property which are non-distributable.

9. Operating leases

The company as lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	382,578	289,371
Later than 1 year and not later than 5 years	1,434,668	1,157,484
Later than 5 years	-	217,028
	_______	_______
	1,817,246	1,663,883
	_______	_______