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Registered number: 0252860
WOODFIELD ESTATES LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
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COMPANY INFORMATION
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F.M. Stafford Charles MA, FCA
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Venthams Trustees Limited Telephone: 020 7440 9300
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55/56 Lincoln's Inn Fields
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WOODFIELD ESTATES LIMITED
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CONTENTS
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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WOODFIELD ESTATES LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 25 MARCH 2020
The directors present their report and the financial statements for the year ended 25 March 2020.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the company continued to be the holding of investments in shares and commercial property.
The profit for the year, after taxation, amounted to £431,693 (2019 - £1,207,764).
A first ordinary interim dividend of £48.00 per share was paid in July 2019. A second ordinary interim dividend was paid in January 2020 of £16.00 per share. This makes a total for the year of £64.00 (2019: £188.65 per share) as follows:
Page 1
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WOODFIELD ESTATES LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2020
The directors who served during the year and their interests in the Company's issued share capital were:
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Ordinary shares shares
of £1 each
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F.M. Stafford Charles MA, FCA
Beneficial Interest
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J.A. Moore AssocRICS
As Nominee
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J.R. Beard ACA
As Nominee
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As a consequence of the pandemic caused by the coronavirus (Covid-19), just before the year end the government imposed lockdown which has had a dramatic effect on all trading businesses. The profits of the Company for the forthcoming year are likely to be reduced. The Company currently has sufficient cash reserves to meet its running costs and taxation liabiities for a period of at least 12 months from the signing of these accounts, and the Directors are satisifed that the Company is a going concern.
Future dividends rely on dividends paid out by the Associated Company who has warned that dividends for the coming year are likely to be reduced.
Your Directors' policy continues to be to pay out all dividends received from the Associated Company, in full.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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F.M. Stafford Charles MA, FCA
Director
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Page 2
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WOODFIELD ESTATES LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 25 MARCH 2020
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Income from fixed assets investments
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Interest receivable and similar income
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Profit for the financial year
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There was no other comprehensive income for 2020 (2019:£NIL).
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Page 3
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WOODFIELD ESTATES LIMITED
REGISTERED NUMBER:0252860
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BALANCE SHEET
AS AT 25 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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Investment property reserve
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Page 4
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WOODFIELD ESTATES LIMITED
REGISTERED NUMBER:0252860
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BALANCE SHEET (CONTINUED)
AS AT 25 MARCH 2020
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 year 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 were approved and authorised for issue by the board and were signed on its behalf by:
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F.M. Stafford Charles MA, FCA
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Page 5
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WOODFIELD ESTATES LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 25 MARCH 2020
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Capital redemption reserve
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Investment property revaluation reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Investment property revaluation
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Investment property revaluation
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The notes on pages 7 to 13 form part of these financial statements.
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Page 6
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
Woodfield Estates Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Queens House, 55/56 Lincoln's Inn Fields, London, WC2A 3LJ.
The principal activity of the company continued to be the holding of investments in shares and commercial property.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover represents rents receivable net of VAT.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. The share of the results of the associated company is shown in the notes to the financial statements.
Page 7
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
2.Accounting policies (continued)
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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Page 8
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
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The average monthly number of employees, including directors, during the year was 3 (2019 - 3).
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Dividends received from unlisted investments
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Other interest receivable
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Current tax on profits for the year
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Page 9
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
9.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2019 - lower than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)
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Dividends from UK companies
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Other adjustments in respect of fair value movements
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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First Ordinary interim paid
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Second Ordinary interim paid
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Page 10
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
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Investments in associates
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Participating interests
The Company holds 525,372 (2019: 525,372) Ordinary shares of £0.10p each in Capel House Property Trust Limited, a company incorporated in England and Wales. This represents a 31% holding (2019: 31%).
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Freehold investment property
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The 2020 valuations were made by the directors of the Company, on an open market value for existing use basis.
The valuation excludes any selling costs that may be borne by the company.
The asset held as an investment has a historical cost of £336,803.
Page 11
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Financial assets that are debt instruments measured at amortised cost
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Financial assets measured at amortised cost comprise amounts held by the managing agents. All financial assets are current and are basic instruments. No interest is charged or receivable on these.
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Page 12
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WOODFIELD ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2020
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Allotted, called up and fully paid
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6,557 (2019 - 6,557) Ordinary shares shares of £1.00 each
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Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Investment property revaluation reserve
The investment property revaluation reserve comprises the investment property fair value movement which is used to record the changes in the fair value of land and buildings net of deferred tax associated with the gains on the properties held. As these gains are non-distributable they are shown as a separate reserve to the profit and loss account.
Profit and loss account
The profit and loss account comprises retained earnings, and includes all current and prior period retained profits and losses. All reserves in respect of retained earnings are distributable reserves.
There has been fair value movement on the investment property of £5,000 (2019: £35,000), which has been transferred to a separate property revaluation reserve to separately disclose the non-distributable element of reserves.
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