ACCOUNTS - Final Accounts preparation

WOODLANDS (NORFOLK) LIMITED - Company Information

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Registered number: 00593022

WOODLANDS (NORFOLK) LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

WOODLANDS (NORFOLK) LIMITED

The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WOODLANDS (NORFOLK) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woodlands (Norfolk) Limited for the year ended 31 December 2014 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of directors of Woodlands (Norfolk) Limited, as a body, in accordance with the terms of our engagement letter dated 6 February 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Woodlands (Norfolk) Limited and state those matters that we have agreed to state to the Board of directors of Woodlands (Norfolk) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodlands (Norfolk) Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Woodlands (Norfolk) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Woodlands (Norfolk) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Woodlands (Norfolk) 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

3 March 2015

Page 1

WOODLANDS (NORFOLK) LIMITED

REGISTERED NUMBER: 00593022

ABBREVIATED BALANCE SHEET

AS AT 31 DECEMBER 2014

2014

2013

	Note	£	£	£	£
FIXED ASSETS
Intangible assets	2		-		-
Tangible assets	3		533,485		533,798
Investments	4		2		2

			533,487		533,800

CURRENT ASSETS
Stocks	26,875		48,683
Debtors	8,572		37,609
Cash at bank	59,569		20,899

	95,016		107,191
CREDITORS: amounts falling due within one year	(24,469)		(43,795)
NET CURRENT ASSETS		70,547		63,396

TOTAL ASSETS LESS CURRENT LIABILITIES

604,034

597,196

PROVISIONS FOR LIABILITIES
Deferred tax	(187)	(135)
NET ASSETS	603,847	597,061

CAPITAL AND RESERVES
Called up share capital	5	100	100
Profit and loss account		603,747	596,961

SHAREHOLDERS' FUNDS

603,847

597,061

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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WOODLANDS (NORFOLK) LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 DECEMBER 2014

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 3 March 2015.

R Foulger

Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	1.2	Cash flow
		The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).

	1.3	Turnover
		Turnover comprises revenue recognised by the company in respect of arable goods sold and grants receivable during the year, exclusive of Value Added Tax.

	1.4	Intangible fixed assets and amortisation
		Intangible fixed assets are made up of 492 tons of Sugar Beet quota purchased by the company during a previous financial period. It is amortised to the profit and loss account over its estimated useful economic life of 5 years.

	1.5	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets over their expected useful lives on the following bases:

Land	-	Not depreciated
Plant and equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

	1.6	Investments
		Investments held as fixed assets are shown at cost.

	1.7	Stocks
		Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet IR232 and BIM55410. Consumable stocks are valued at cost.

Page 4

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

1.ACCOUNTING POLICIES (continued)

	1.8	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.9	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.INTANGIBLE FIXED ASSETS

		£
	Cost
	At 1 January 2014 and 31 December 2014	984
	Amortisation
	At 1 January 2014 and 31 December 2014	984

	Net book value
	At 31 December 2014	-
	At 31 December 2013	-

Page 5

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

3.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 January 2014 and 31 December 2014	539,179

	Depreciation
	At 1 January 2014	5,381
	Charge for the year	313
	At 31 December 2014	5,694

	Net book value
	At 31 December 2014	533,485
	At 31 December 2013	533,798

4.FIXED ASSET INVESTMENTS

		£
	Cost or valuation
	At 1 January 2014 and 31 December 2014	2

	Net book value
	At 31 December 2014	2
	At 31 December 2013	2

5.SHARE CAPITAL

	2014	2013
	£	£
Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

6.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES

As at 1 January 2014 the balance on the joint director's loan account of R and Mrs L Foulger was £7,865 overdrawn.

During the year the company received net income totalling £ 23,501 on behalf of the directors.
 

As at 31 December 2014 the balance on the joint director's loan account of R and Mrs L Foulger was £ 15,636 in credit and is included within other creditors in note 9 to the financial statements. This loan is interest free and repayable on demand.

Page 6

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

7.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

As at the year end, Maidplace Limited, a company registered in England, owned 100% of the issued share capital of the company. In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Board have concluded that ultimate control of the company vests in this related party.

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