Company Registration No. 00971725 (England and Wales)
WOODMEAD PROPERTIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 May 2022
Pages For Filing With Registrar
WOODMEAD PROPERTIES LIMITED
Company Information
Directors
M. A. Collins
Z. Collins
Secretary
Z. Collins
Company number
00971725
Registered office
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
Accountants
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
WOODMEAD PROPERTIES LIMITED
Contents
Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes To The Financial Statements
4 - 8
WOODMEAD PROPERTIES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Woodmead Properties Limited For The Year Ended 31 May 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woodmead Properties Limited for the year ended 31 May 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Woodmead Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Woodmead Properties Limited
and state those matters that we have agreed to state to the Board of Directors of Woodmead Properties Limited, as a body, in this report in accordance with
technical guidelines
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodmead Properties Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Woodmead Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Woodmead Properties Limited. You consider that Woodmead Properties Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Woodmead Properties Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Nicholas Hall
____________________________
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
8 November 2022
WOODMEAD PROPERTIES LIMITED
Balance Sheet
As At 31 May 2022
31 May 2022
- 2 -
2022
2021
As Restated
Notes
£
£
£
£
Fixed assets
Tangible Assets
3
1,178
1,570
Current assets
Stocks
144,532
144,532
Debtors
4
476,968
475,744
Cash At Bank And In Hand
333,676
304,683
955,176
924,959
Creditors: amounts falling due within one year
5
(26,246)
(27,079)
Net current assets
928,930
897,880
Total assets less current liabilities
930,108
899,450
Provisions for liabilities
(204)
(385)
Net assets
929,904
899,065
Capital and reserves
Called Up Share Capital
6
100
100
Distributable Profit And Loss Reserves
929,804
898,965
Total equity
929,904
899,065
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of filleted financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
WOODMEAD PROPERTIES LIMITED
Balance Sheet (Continued)
As At 31 May 2022
31 May 2022
- 3 -
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 November 2022 and are signed on its behalf by:
M. A. Collins
_______________________
M. A. Collins
Director
Company Registration No. 00971725
WOODMEAD PROPERTIES LIMITED
Notes To The Financial Statements
For The Year Ended 31 May 2022
- 4 -
1
Accounting policies
Company information
Woodmead Properties Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
7 Johnston Road, Woodford Green, Essex, IG8 0XA
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures And Fittings
- 25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
WOODMEAD PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2022
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.5
Cash at bank and in hand
Cash at bank and in hand
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 current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
WOODMEAD PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
Creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2
).
WOODMEAD PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2022
- 7 -
3
Tangible fixed assets
Total
£
Cost
At 1 June 2021 And 31 May 2022
16,255
Depreciation and impairment
At 1 June 2021
14,685
Depreciation Charged In The Year
392
At 31 May 2022
15,077
Carrying amount
At 31 May 2022
1,178
At 31 May 2021
1,570
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other Debtors
476,968
475,744
5
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation And Social Security
7,277
8,211
Other Creditors
18,969
18,868
26,246
27,079
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
7
Related party transactions
At the year end, Woodmead Properties Limited was owed £373,655 (2021: £373,655 from Adstar Properties Limited for expenses paid on its behalf.
At the year end, Woodmead Properties Limited was owed £97,442 (2021: £97,442) from Michael Collins & Associates Limited for expenses paid on its behalf.
WOODMEAD PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2022
- 8 -
8
Prior period adjustment
Reconciliation of changes in equity
1 June
31 May
2020
2021
Notes
£
£
Equity As Previously Reported
870,109
892,180
Adjustments to prior year
Corporation Tax
-
6,885
Equity As Adjusted
870,109
899,065
Reconciliation of changes in profit for the previous financial period
2021
Notes
£
Profit As Previously Reported
22,071
Adjustments to prior year
Corporation Tax
6,885
Profit As Adjusted
28,956