Woodthorpe_Estate_Limited - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Woodthorpe Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Poole Lane, Staines-Upon-Thames, TW19 7DS.

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company had net liabilities at the balance sheet date of £28,464. Included within creditors is a balance of £212,206 due to Athena Infotech Limited, a company under common control. Despite the impact of the coronavirus pandemic, the director expects the company to generate a profit going forward and Athena Infotech Limited has given an undertaking not to demand repayment of the debt due to them for a period of at least twelve months from the date of approval of these accounts.true

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis.

Turnover represents rent receivable.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The investment property owned by the company has been revalued as at 31 March 2021 by the director on a fair value basis.

The average monthly number of persons employed by the company during the year was 0 (2020: 0).

The investment property was revalued at 31 March 2021 by the director on a fair value basis.

The bank loan is secured by a fixed and floating charge over the assets of the company. The loan is due for repayment by July 2029 and interest is being charged at 5.34% over the Bank of England base rate.

At the year end, the company was owed £182,224 (2020: £182,224) by Athena Peters Investments Limited, a company under common control.

At the year end, the company owed £212,206 (2020: £210,806) to Athena Infotech Limited, a company under common control.

At the year end, the company owed £108,861 (2020: £108,861) to Athena Investech Holdings Limited, a company under common control.