Woodbury Limited - Period Ending 2020-12-31

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Registration number: 09508053

Woodbury Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2020

Pages for filing with Registrar

Woodbury Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

Woodbury Limited

Company Information

Directors

B Glastonbury

J Glastonbury

Registered office

Butlers Hill Farm
Cocklefield
Nr Cheltenham
GL53 9NW

Registered number

09508053

Accountants

Corrigan Accountants Limited
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN

Woodbury Limited

(Registration number: 09508053)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	836	-
Investment property	5	8,314,775	8,314,775
Investments in subsidiaries	6	2,570	2,570
Other investments	6	70,171,596	28,050,976
		78,489,777	36,368,321
Current assets
Debtors	7	1,812,641	1,731,587
Cash at bank and in hand		57,398,261	94,950,878
		59,210,902	96,682,465
Creditors: Amounts falling due within one year	8	(840,049)	(2,243,574)
Net current assets		58,370,853	94,438,891
Total assets less current liabilities		136,860,630	130,807,212
Creditors: Amounts falling due after more than one year	8	(120,110)	(281,781)
Provisions for liabilities		(2,800,000)	(468,000)
Net assets		133,940,520	130,057,431
Capital and reserves
Called up share capital		3,150	3,150
Share premium reserve		90,760,000	90,760,000
Profit and loss account		43,177,370	39,294,281
Total equity		133,940,520	130,057,431

Woodbury Limited

(Registration number: 09508053)
Balance Sheet as at 31 December 2020 (continued)

For the financial year ending 31 December 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.

The 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 for issue by the Board on 30 December 2021 and signed on its behalf by:

B Glastonbury

Director

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Butlers Hill Farm
Cocklefield
Nr Cheltenham
GL53 9NW

2	Accounting policies

Summary of significant accounting policies

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.

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.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared

The company has taken advantage of the exemption from preparing group accounts under Section 399 of the Companies Act 2006 on the basis that it is subject to the small companies regime.

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

2	Accounting policies (continued)

Revenue recognition

Income represents rent receivable from tenants for the year. Rents invoiced in advance of the period to which they relate are classified as deferred income.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange prevailing at the date of transaction.

Tax

The tax expense or credit for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge or credit is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:


Computer equipment	33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuer's use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in subsidiaries are recorded at cost.

Investments in other equity shares which are publicly traded or where the fair value can be measured reliably are measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits. Some of the accounts in which the cash is held require notice to withdraw.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instrument.

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

2	Accounting policies (continued)

Derivative financial instruments and hedging

Derivatives
Derivative financial instruments are initially recognised at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through the profit or loss.

The company uses derivatives to cover European equity movements. The fair value is determined by the investment manager.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2019 - 3).

4	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost
Additions	1,080	1,080
At 31 December 2020	1,080	1,080
Depreciation
Charge for the year	244	244
At 31 December 2020	244	244
Carrying amount
At 31 December 2020	836	836
At 31 December 2019	-	-

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

5	Investment properties

	2020 £
At 1 January	8,314,775
At 31 December	8,314,775

The directors have determined that the fair value of the investment properties at the year end is not significantly different to their cost.

6	Investments

	2020 £	2019 £
Investments in subsidiaries	2,570	2,570

Details of undertakings

Details of the investments are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Woodbury Spain SL	San Juan Bosco 2 3A Marbella 29602	Ordinary	100%	100%
	Spain

The principal activity of Woodbury Spain SL is investment property.

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

6	Investments (continued)

Investments

	Investments £
Cost or valuation
At 1 January 2020	28,050,976
Additions	57,786,626
Disposals	(20,770,831)
Fair value adjustments	5,104,825
At 31 December 2020	70,171,596
Carrying amount
At 31 December 2020	70,171,596
At 31 December 2019	28,050,976

Investments are valued at the balance sheet date by the investment managers. The historical cost of investments is £55,566,872 (2018: £25,499,642).

7	Debtors: amounts falling due within one year

	2020 £	2019 £
Trade debtors	25,139	-
Amounts owed by group undertakings	767,009	761,563
Other debtors	347,696	315,798
Directors' loan accounts	672,797	654,226
	1,812,641	1,731,587

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

Creditors

	2020 £	2019 £
Trade creditors	1,952	-
Corporation tax	225,536	2,018,901
Social security and other taxes	-	2,830
Other creditors	182,557	4,810
Derivative financial instruments	233,317	-
Accruals and deferred income	196,687	217,033
	840,049	2,243,574
Due after one year
Other creditors	120,110	281,781

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £0.0004 each	7,875,026	3,150.01	7,875,026	3,150.01

Woodbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)

10	Related party transactions

Transactions with directors

2020	At 1 January 2020 £	Advanced to directors £	Repayments by director £	At 31 December 2020 £

Director's loan account	(654,226)	(18,857)	286	(672,797)

2019	At 1 January 2019 £	Advanced to directors £	Repayments by director £	At 31 December 2019 £

Director's loan account	(613,107)	(41,119)	-	(654,226)

The loan is unsecured and interest is payable at the HMRC approved interest rates.