ACCOUNTS - Final Accounts

WOODCO LIMITED - Company Information

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Registered number: 00527354

WOODCO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

WOODCO LIMITED

REGISTERED NUMBER: 00527354

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

FIXED ASSETS
Investment property			68,602		68,602
			68,602		68,602
CURRENT ASSETS
Debtors: amounts falling due within one year	5	1,273,396		1,122,984
		1,273,396		1,122,984
Creditors: amounts falling due within one year		(147,590)		(197,704)
NET CURRENT ASSETS			1,125,806		925,280
TOTAL ASSETS LESS CURRENT LIABILITIES			1,194,408		993,882

NET ASSETS			1,194,408		993,882

CAPITAL AND RESERVES
Called up share capital	3,500	3,500
Profit and loss account	1,190,908	990,382
	1,194,408	993,882

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2021.

Stephen Woodcock

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

WOODCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

2.2

Revenue

Revenue represents rent received and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rent is recognised in the period it relates to.

2.3

Taxation

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.

2.4

Investment property

Investment properties are included in the Balance sheet at their historic cost. This accounting policy is not in accordance with the applicable accounting standards, Financial Reporting Standard 102.
The company's policy is to maintain the properties to a high standard through a continual programme of refurbishment and maintenance. In accordance with this practice depreciation is not provided on freehold properties as, in the opinion of the directors, the residual values (in terms of original cost) is such that any depreciation charge would be immaterial.

2.5

Debtors

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.

Page 2

WOODCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.6

Creditors

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.

2.7

Financial instruments

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

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.

4.	Investment property

		Freehold investment property
		£
	Cost
	At 1 January 2020	68,602
	At 31 December 2020	68,602

Page 3

WOODCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	1,193,511	1,043,099
Other debtors	79,885	79,885
	1,273,396	1,122,984

6.	Contingent liabilities

The company together with certain group companies has entered into unlimited guarantees in respect of amounts owing to their bankers, which at 31 December 2020 amounted to £7,449,916 (2019: £7,418,603).

7.	Related party transactions
	The company has taken advantage of the exemption in the Financial Reporting Standard 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Page 4