Wood Lane Countryside Centre Ltd - Period Ending 2020-03-30

Wood Lane Countryside Centre Ltd

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 6

Wood Lane Countryside Centre Ltd

Company Information

Directors

Frances Hill Marilyn Sanderson

Registered office

Wood Lane Countryside Centre Wood Lane Stannington Sheffield S6 5HE

Accountants

VAS Community Accountancy The Circle 33 Rockingham Lane Sheffield S1 4FW

Wood Lane Countryside Centre Ltd

Company number: 11264778 (England and Wales)
Balance Sheet as at 30 March 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	16,726	14,159
Cash at bank and in hand		17,353	33,116
		34,079	47,275
Creditors: Amounts falling due within one year	5	(34,079)	(47,275)
Net assets/(liabilities)		-	-
Capital and reserves
Total equity		-	-

For the financial year ending 30 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 March 2021 and signed on its behalf by:
 

.........................................

Frances Hill

Director

Wood Lane Countryside Centre Ltd

Statement of Changes in Equity for the Year Ended 30 March 2020

	Profit and loss account £	Total £
Surplus for the year	31,347	31,347
Total comprehensive income	31,347	31,347
Gift aid distribution to parent charity	(31,347)	(31,347)
At 30 March 2020	-	-

	Profit and loss account £	Total £
Surplus for the year	48,110	48,110
Total comprehensive income	48,110	48,110
Gift aid distribution to parent charity	(48,110)	(48,110)
At 30 March 2019	-	-

Wood Lane Countryside Centre Ltd

Notes to the Financial Statements for the Year Ended 30 March 2020

1	General information

The company is a company limited by guarantee incorporated in England and Wales.

The address of its registered office is:
Wood Lane Countryside Centre
Wood Lane
Stannington
Sheffield
S6 5HE

These financial statements were authorised for issue by the Board on 17 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The finanical statements have been prepared on a going concern basis, however a material uncertainty exists as to whether the company can continue to operate for 12 months from the signing of the accounts, due to the current lockdown situation because of COVID-19 and also the parent charity cashflow difficulties as described in the charity accounts.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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.

Wood Lane Countryside Centre Ltd

Notes to the Financial Statements for the Year Ended 30 March 2020

Trade creditors

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

4

Debtors

	Note	2020 £	2019 £
Trade debtors		928	676
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6	15,798	13,483
Total current trade and other debtors		16,726	14,159

5

Creditors

	2020 £	2019 £
Due within one year
Trade creditors	89	905
Other creditors	33,990	46,370
	34,079	47,275

6	Related party transactions

Summary of transactions with parent

Wood Lane Countryside Centre Ltd

Notes to the Financial Statements for the Year Ended 30 March 2020

Wood Lane Conservation Trust

 The company is the fully owned trading subsidiary of the charity Wood Lane Conservation Trust, by virtue of the controlling interest of the directors and membership.

£38,157 (2019: £38,246) was paid to the parent company to cover payroll costs incurred by the charity for staff that worked in both entities.

£21,000 (2019: £nil) was paid to the parent company in relation to rental charges for use of the premises.

The profits of £31,347 (2019: £48,110) were distributed as a gift aid distribution, under a deed of covenant.

Round sum amounts were transferred to the parent during the year in relation to payroll costs and distributions. As at the period end the parent charity owed £15,798 (2019: £13,483).