Woolflodge Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01879348 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2020

FOR

WOOLFLODGE LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

J D Hassan

Finsbury Corporate Services Limited

SECRETARY:

Finsbury Secretaries Limited

REGISTERED OFFICE:

C/O Lewis & Tucker

16 Wigmore Street

London

W1U 2RF

REGISTERED NUMBER:

01879348 (England and Wales)

ACCOUNTANTS:

20:20 Accountancy Solutions Ltd

The Stile, Rowley Lane

Arkley

Hertfordshire

EN5 3HS

The directors present their report with the financial statements of the company for the year ended 24 June 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the management and maintenance of the property at 73-85 Fairfax Road, London NW6 on behalf of the landlord and lessees. The company is a not for profit entity; namely a mutual company acting as agent for the landlord and lease holders.

DIRECTORS

J D Hassan has held office during the whole of the period from 25 June 2019 to the date of this report.

Other changes in directors holding office are as follows:

Finsbury Corporate Services Limited was appointed as a director after 24 June 2020 but prior to the date of this report.

D D Cuby ceased to be a director after 24 June 2020 but prior to the date of this report.

SHARE CAPITAL

Woolflodge Limited is a company limited by guarantee and does not have any share capital.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J D Hassan - Director

10 September 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woolflodge Limited for the year ended 24 June 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Woolflodge Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Woolflodge Limited and state those matters that we have agreed to state to the Board of Directors of Woolflodge Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woolflodge Limited and its Board of Directors, as a body, for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the financial statements of Woolflodge 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.

20:20 Accountancy Solutions Ltd

The Stile, Rowley Lane

Arkley

Hertfordshire

EN5 3HS

10 September 2021

TURNOVER

-

Administrative expenses

(43,557

)

(36,785

)

(43,557

)

(36,785

)

Other operating income

43,557

36,785

OPERATING SURPLUS and

SURPLUS BEFORE TAXATION

-

Tax on surplus

-

SURPLUS FOR THE FINANCIAL YEAR

-

CURRENT ASSETS

Debtors

4

41,164

15,060

Cash at bank

37,634

39,129

78,798

54,189

CREDITORS

Amounts falling due within one year

5

(53,754

)

(29,145

)

NET CURRENT ASSETS

25,044

TOTAL ASSETS LESS CURRENT
LIABILITIES

25,044

PROVISIONS FOR LIABILITIES

-

(25,027

)

NET ASSETS

25,044

17

RESERVES

Other reserves

25,027

-

Income and expenditure account

17

25,044

17

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2021 and were signed on its behalf by:

J D Hassan - Director

1.	STATUTORY INFORMATION

Woolflodge Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a basis to recognise and represent the purpose of the company as that of a mutual company acting as agent on behalf of the landlord and leaseholders at 73-85 Fairfax Road, London NW6. This approach is more consistent with the practice recommended by the recognised accountancy bodies and set out in ICAEW Tech 03/11.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Taxation

The company is not a profit making entity and is not subject to Corporation Tax on its operating surpluses. Corporation Tax is chargeable on interest receivable. Deferred tax is not applicable to the company.

Sinking fund reserves (formerly provisions)

Sinking fund provisions have been reclassified as reserves during the period. Sinking fund reserves relate to amounts demanded from lessees in respect of the anticipated future cost of major work programs. The sinking fund reserve is released to the income statement of the accounting period in which the related expenditure is incurred.

Income recognition

Income represents amounts receivable from service charges and insurance. Income is recognised as amounts reconciled and due from leasees in respect of services delivered and provided such that risks and ownership and benefit have been transferred to the leasees for the period under review.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.6.20

24.6.19

£

Other debtors

41,164

15,060

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.6.20

24.6.19

£

Trade creditors

-

1

Other creditors

53,754

29,144

53,754

29,145

6.	RELATED PARTY DISCLOSURES

The company is controlled by Rendham Holdings Limited.