Company Registration No. 09309942 (England and Wales)
WOOD FAMILY INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
WOOD FAMILY INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WOOD FAMILY INVESTMENTS LTD
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
37,467
37,467
Investments
4
15,000
15,000
52,467
52,467
Current assets
Debtors
5
111,781
353,135
Cash at bank and in hand
177,258
1,672
289,039
354,807
Creditors: amounts falling due within one year
6
(561,210)
(637,751)
Net current liabilities
(272,171)
(282,944)
Total assets less current liabilities
(219,704)
(230,477)
Creditors: amounts falling due after more than one year
7
(50,000)
(33,790)
Net liabilities
(269,704)
(264,267)
Capital and reserves
Called up share capital
60
60
Profit and loss reserves
(269,764)
(264,327)
Total equity
(269,704)
(264,267)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 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 members have 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.
WOOD FAMILY INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 December 2021 and are signed on its behalf by:
D C Wood
Director
Company Registration No. 09309942
WOOD FAMILY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is: C/O Sobell Rhodes LLP, Kinetic Business Centre, Theobald Street, Elstree, Hertfordshire, United Kingdom, WD6 4PJ
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A
.
The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 £1.
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
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is
measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed,
and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly
attributable to the business combination. When a business combination agreement provides for an adjustment to
the cost of the combination contingent on future events, the group includes the estimated amount of that
adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be
measured reliably.
1.3
Going concern
The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following the unprecedented outbreak of Covid-19 which has resulted in the disruption to various businesses.
true
As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.
On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.
1.4
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the
ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and
discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
WOOD FAMILY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate
determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any
difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit
or loss.
1.6
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are
initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity
shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less
impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method.
Dividends on equity securities are recognised in income when receivable.
1.7
Borrowing costs related to fixed assets
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing
borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net o
f
transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss
Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable
and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement
of the liability for at least twelve months after the reporting date.
1.8
Equity instruments
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other
resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred
and the time value of money is material, the initial measurement is on a present value basis.
1.9
Taxation
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the
financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
WOOD FAMILY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary
course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost
using the effective interest method, less provision for impairment. A provision for the impairment of trade
debtors is established when there is objective evidence that the company will not be able to collect all amounts
due according to the original terms of the receivables.
1.11
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an
unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effective interest method.
1.12
The company recognises assets that it controls and liabilities that it incurs from jointly controlled operations. The company recognises its share of income and expenditure relating to the jointly controlled operations.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
2
2
2
2
3
Investment property
2021
£
Fair value
At 1 April 2020 and 31 March 2021
37,467
There has been no valuation of investment property by an independent valuer.
The Directors confirmed there had been no changes in the market value during the year.
WOOD FAMILY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
15,000
15,000
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
111,457
170,017
Other debtors
324
183,118
111,781
353,135
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
4,214
Amounts owed to group undertakings
495,042
624,985
Other creditors
63,168
Accruals and deferred income
3,000
8,552
561,210
637,751
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
50,000
Other creditors
33,790
50,000
33,790
WOOD FAMILY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
8
Directors' transactions
At the balance sheet date
the
director
was owed
£63,171
by the company (20
20
director owed the company £
182,794
).
Interest is charged at 2.5% p.a
on amounts overdrawn
and the
loan is
repayable on demand.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
182,794
30,807
(276,772)
(63,171)
182,794
30,807
(276,772)
(63,171)