WORMSLEY_ESTATE_LIMITED - Accounts

WORMSLEY ESTATE LIMITED - Company Information

Print Friendly Version

Company Registration No. 01843827 (England and Wales)

WORMSLEY ESTATE LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

WORMSLEY ESTATE LIMITED

COMPANY INFORMATION

Directors

C L Creasey

Lady Victoria Getty

Mr Mark Harris Getty

Mr Vanni Treves

Secretary

C L Creasey

Company number

01843827

Registered office

The Estate Office

Stokenchurch

HIgh Wycombe

Buckinghamshire, HP14 3YG

WORMSLEY ESTATE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2014

- 1 -

The directors present their report and financial statements for the year ended 31 December 2014.

Directors

The following directors have held office since 1 January 2014:

C L Creasey

Lady Victoria Getty

Mr Mark Harris Getty

Mr Vanni Treves

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

On behalf of the board

C L Creasey

Director

29 September 2015

WORMSLEY ESTATE LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

2014

2013

Notes

Turnover

770,102

619,441

Other operating income

199,937

375,262

970,039

994,703

Raw materials and other consumables

491,852

505,508

Other external charges

2,878

4,237

494,730

509,745

475,309

484,958

Staff costs

400,938

373,888

Depreciation and amortisation

229,839

199,384

Other operating charges

325,966

223,214

956,743

796,486

Operating loss

(481,434)

(311,528)

Interest payable and similar charges

(5,109)

(9,639)

Loss on ordinary activities before taxation

(486,543)

(321,167)

Tax on loss on ordinary activities

(2,159)

Loss for the year

(486,543)

(323,326)

WORMSLEY ESTATE LIMITED

BALANCE SHEET

AS AT

31 DECEMBER 2014

- 3 -

2014

2013

Notes

Fixed assets

Intangible assets

4,976

12,113

Tangible assets

718,047

785,008

723,023

797,121

Current assets

Debtors

261,206

219,769

Cash at bank and in hand

44,863

44,869

306,069

264,638

Creditors: amounts falling due within one year

(2,745,995)

(2,292,119)

Net current liabilities

(2,439,926)

(2,027,481)

Total assets less current liabilities

(1,716,903)

(1,230,360)

Capital and reserves

Called up share capital

4,635,000

Profit and loss account

(6,351,903)

(5,865,360)

Shareholder's funds

(1,716,903)

(1,230,360)

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The member has 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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 29 September 2015

C L Creasey

Director

Company Registration No. 01843827

WORMSLEY ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Intangible assets

Sporting rights are valued at purchase cost and depreciated over 20 years

Single farm payment entitlement is valued at purchase cost and is depreciated over 5 years

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

5-25% on cost

Computer equipment

33% on cost

Fixtures, fittings & equipment

20-25% on cost

Motor vehicles

25% on cost

Operating loss

2014

2013

Operating loss is stated after charging:

Amortisation of intangible assets

7,137

7,138

Depreciation of tangible assets

222,702

192,246

Taxation

2014

2013

Domestic current year tax

U.K. corporation tax

2,159

Total current tax

2,159

WORMSLEY ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 5 -

Intangible fixed assets

Sporting rights

Single farm payment entitlement

Total

Cost

At 1 January 2014 & at 31 December 2014

112,500

7,562

120,062

Amortisation

At 1 January 2014

102,656

5,293

107,949

Charge for the year

5,625

1,512

7,137

At 31 December 2014

108,281

6,805

115,086

Net book value

At 31 December 2014

4,219

757

4,976

At 31 December 2013

9,844

2,269

12,113

Tangible fixed assets

Plant and machinery etc

Cost

At 1 January 2014

2,417,791

Additions

155,741

At 31 December 2014

2,573,532

Depreciation

At 1 January 2014

1,632,783

Charge for the year

222,702

At 31 December 2014

1,855,485

Net book value

At 31 December 2014

718,047

At 31 December 2013

785,008

WORMSLEY ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 6 -

Debtors

2014

2013

Trade debtors

190,491

95,948

Other debtors

70,715

123,821

261,206

219,769

Creditors: amounts falling due within one year

2014

2013

Trade creditors

199,044

244,277

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,466,130

1,803,531

Taxation and social security

52,390

201,785

Other creditors

28,431

42,526

2,745,995

2,292,119

Pension costs

Defined contribution

2014

2013

Contributions payable by the company for the year

15,171

13,583

Share capital

2014

2013

Allotted, called up and fully paid

4,635,000 Ordinary of £1 each

4,635,000

WORMSLEY ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 7 -

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 January 2014

(5,865,360)

Loss for the year

(486,543)

Balance at 31 December 2014

(6,351,903)

Financial commitments

At 31 December 2014 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 December 2015:

2014

2013

Operating leases which expire:

Within one year

20,500

Control

The ultimate parent company is Wormsley (Holdings) Limited, a company registered in England and Wales.

Wormsley (Holdings) Limited is ultimately controlled by the Trustees of the Wormsley Fund.

WORMSLEY ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 8 -

Related party relationships and transactions

Transon Limited as nominee for the Trustees of the Wormsley Fund

Ultimate owner

Rent Paid £20,500 (2013: £20,500)

Estate Management Charge £41,289 (2013: £37,824)

Amount due to related party at the balance sheet date £1,240,130 (2013: £1,197,531)

Wormsley (Holdings) Limited

Parent company

Amount due to related party at the balance sheet date £1,226,000 (2013: £606,000)

Sutton Place Managers LLP

An LLP where Mark Getty is a member

Estate Management services £72,584 (2013: £59,110)

Amount due to related party at the balance sheet date £33,253 (2013: £161,041)

M H Getty

Shoot costs £7,988 (2013: £53,501)

Estate management charge £30,548 (2013: £31,476)

Amount owed by related party at the balance sheet date £ 17,966 (2013: £7,786 owed to related party)