ACCOUNTS - Final Accounts preparation

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Company registration number: 03790944

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 DECEMBER 2024

	WOODFORDE'S LIMITED


WOODFORDE'S LIMITED

COMPANY INFORMATION

Directors	Oh Chong Peng
	Joseph Parks
	Rupert Fraser
	Razali Rahman
	Duncan Harvey


Registered number	03790944


Registered office	Broadland Brewery
	Woodbastwick
	Norwich
	England
	NR13 6SW


Accountants	Menzies LLP
	Chartered Accountants
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


WOODFORDE'S LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 8


WOODFORDE'S LIMITED REGISTERED NUMBER:03790944

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	31 December	31 March
	2024	2024
Note	£	£

Fixed assets
Intangible assets	4		55,740		-
Tangible assets	5		2,502,143		2,428,778
			2,557,883		2,428,778
Current assets
Stocks		581,168		404,627
Debtors: amounts falling due within one year	6	825,101		673,941
Cash at bank and in hand		200,901		542,468
		1,607,170		1,621,036
Creditors: amounts falling due within one year	7	(2,316,994)		(1,495,711)
Net current (liabilities)/assets			(709,824)		125,325
Total assets less current liabilities			1,848,059		2,554,103
Creditors: amounts falling due after more than one year	8		(8,062,842)		(7,811,819)

Net liabilities			(6,214,783)		(5,257,716)

Capital and reserves
Called up share capital	252,524	252,524
Share premium account	122,996	122,996
Capital redemption reserve	169,936	169,936
Profit and loss account	(6,760,239)	(5,803,172)
	(6,214,783)	(5,257,716)

Page 1


WOODFORDE'S LIMITED REGISTERED NUMBER:03790944

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Joseph Parks

Director

Date: 23 September 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2


WOODFORDE'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Woodforde's Limited is a private company limited by shares and is incorporated in England and Wales. The registered address and principal place of business are based at the same location and are included on the company information page.
These financial statements are prepared for a short period of 9 months due to a change in the company's year end date. Therefore, the prior year figures are not entirely comparable with those of the current year.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date the company had a deficit of net liabilities of £6,214,783 (March 2024: £5,257,716) and net current liabilities of £709,824 (March 2024: net current assets of £125,325). The company has the ongoing support from the shareholders which enables the company to meet creditors as they fall due and expects this to be the case for the forseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is generated via brewing, the wholesale of ale and related products and the operation of tied public houses, and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3


WOODFORDE'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight line and reducing balance method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	4% Straight Line
Motor vehicles	-	20% Straight Line
Plant and machinery	-	15% Reducing Balance
Plant and machinery	-	20%-25% Straight Line
Fixtures and fittings	-	25% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

2.8

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.9

Leased assets: the company as lessee

Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4


WOODFORDE'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.11

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, being a period of 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Employees

The average monthly number of employees, including directors, during the period was 115 (2024 - 102).

4.	Intangible assets

		Development expenditure
		£
	Cost
	Additions	55,740
	At 31 December 2024	55,740

	Net book value
	At 31 December 2024	55,740
	At 31 March 2024	-

Page 5


WOODFORDE'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	1,133,426	5,300,480	235,685	6,669,591
Additions	34,984	398,044	-	433,028
At 31 December 2024	1,168,410	5,698,524	235,685	7,102,619
Depreciation
At 1 April 2024	658,109	3,440,330	142,374	4,240,813
Charge for the period	34,909	296,812	27,942	359,663
At 31 December 2024	693,018	3,737,142	170,316	4,600,476
Net book value
At 31 December 2024	475,392	1,961,382	65,369	2,502,143
At 31 March 2024	475,317	1,860,150	93,311	2,428,778


Plant and machinery	638,442	587,899
	638,442	587,899

Debtors

					31 December	31 March
					2024	2024
					£	£


Trade debtors	534,242	453,723
Other debtors	2,641	1,600
Prepayments and accrued income	288,218	218,618
	825,101	673,941

Page 6


WOODFORDE'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Bank loans	68,260	245,014
Trade creditors	757,573	496,383
Other taxation and social security	588,675	324,846
Obligations under finance lease and hire purchase contracts	205,122	179,993
Other creditors	516,280	116,712
Accruals and deferred income	181,084	132,763
	2,316,994	1,495,711

Bank loans	7,500	15,000
Net obligations under finance leases and hire purchase contracts	479,842	501,219
Other creditors	7,575,500	7,295,600
	8,062,842	7,811,819

Included within bank loans due within one year and more than one year is a loan amount of £17,500 (March 2024: £25,000) which is guaranteed under the Bounce Back Loan Scheme (BBLS) by the UK Government.
The finance leases and hire purchase agreements are secured on the associated assets purchased - further details of which are provided in note 5 to the accounts.

Not later than 1 year	141,800	141,800
Later than 1 year and not later than 5 years	567,200	567,200
Later than 5 years	1,985,800	2,087,600
	2,694,800	2,796,600

Page 7


WOODFORDE'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

10.	Directors loan account
	Included within other creditors are the following amounts due back to a director which subsisted during the period ended December 2024 and the year ended March 2024.
		31 December	31 March
		2024	2024
		£	£


Balance outstanding at start of year	7,295,600	6,615,600
Amounts introduced	279,900	680,000
	7,575,500	7,295,600

No interest is being charged on this balance.

11.	Post balance sheet events

After the year end date 31 December 2024, the company moved the pubs which they operated to a third party management company, coming into effect on 01 April 2025. The directors believe that this transfer of the pubs will bring positive economic outcomes to the company for the foreseeable future.

Page 8