Woodlands (Norfolk) Limited Filleted accounts for Companies House (small and micro)

WOODLANDS (NORFOLK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00593022

Woodlands (Norfolk) Limited

Unaudited financial statements

31 December 2021

Woodlands (Norfolk) Limited

Statement of financial position

31 December 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5	521,502	529,839
Investments	6	2	2
		---------	---------
		521,504	529,841

Current assets

Stocks		126,326	58,169
Debtors	7	42,950	49,328
Cash at bank and in hand		80,272	58,496
		---------	---------
		249,548	165,993

Creditors: Amounts falling due within one year	8	( 17,201)		( 5,373)
		---------		---------
Net current assets			232,347		160,620
			---------		---------
Total assets less current liabilities			753,851		690,461

Provisions

Taxation including deferred tax	( 616)	( 822)
	---------	---------
Net assets	753,235	689,639
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	753,135	689,539
	---------	---------
Shareholders funds	753,235	689,639
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Woodlands (Norfolk) Limited

Statement of financial position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 3 June 2022 , and are signed on behalf of the board by:

T M Baron	E Butler
Director	Director

Company registration number: 00593022

Woodlands (Norfolk) Limited

Notes to the financial statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Field Barn, Abbey Road, Old Buckenham, Norwich, Norfolk, NR17 1QA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property improvements	-	10% reducing balance
Plant and machinery	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Valuation

Commodity stocks and cultivations are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations includes an element of deprectiation.

4. Employee numbers

The average number of employees during the year was 3 (2020: 3 ).

5. Tangible assets

	Freehold property and improvements	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2021	526,876	11,605	538,481
Disposals	( 7,058)	–	( 7,058)
	---------	-------	---------
At 31 December 2021	519,818	11,605	531,423
	---------	-------	---------
Depreciation
At 1 January 2021	1,364	7,278	8,642
Charge for the year	196	1,083	1,279
	---------	-------	---------
At 31 December 2021	1,560	8,361	9,921
	---------	-------	---------
Carrying amount
At 31 December 2021	518,258	3,244	521,502
	---------	-------	---------
At 31 December 2020	525,512	4,327	529,839
	---------	-------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021 and 31 December 2021	2
	----
Impairment
At 1 January 2021 and 31 December 2021	–
	----

Carrying amount
At 31 December 2021	2
	----
At 31 December 2020	2
	----

7. Debtors

	2021	2020
	£	£
Trade debtors	23,343	32,533
Other debtors	19,607	16,795
	-------	-------
	42,950	49,328
	-------	-------

8. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Trade creditors	2,039	2,474
Social security and other taxes	12,686	785
Other creditors	2,476	2,114
	-------	------
	17,201	5,373
	-------	------