Wood Lane Countryside Centre Ltd - Period Ending 2021-03-30

Wood Lane Countryside Centre Ltd

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 6

Wood Lane Countryside Centre Ltd

Company Information

Directors

Frances Hill Marilyn Sanderson

Registered office

Wood Lane Countryside Centre Wood Lane Stannington Sheffield S6 5HE

Accountants

VAS Community Accountancy The Circle 33 Rockingham Lane Sheffield S1 4FW

Wood Lane Countryside Centre Ltd

Company number: 11264778 (England and Wales)
Balance Sheet as at 30 March 2021

	Note	2021 £	2020 £
Current assets
Debtors	4	1,133	16,726
Cash at bank and in hand		30,753	17,353
		31,886	34,079
Creditors: Amounts falling due within one year	5	(35,538)	(34,079)
Net liabilities		(3,652)	-
Capital and reserves
Profit and loss account		(3,652)	-
Shareholders' deficit		(3,652)	-

For the financial year ending 30 March 2021 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.

These 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 by the Board on 24 January 2022 and signed on its behalf by:
 

......................................... Marilyn Sanderson Director

Wood Lane Countryside Centre Ltd

Statement of Changes in Equity for the Year Ended 30 March 2021

	Profit and loss account £	Total £
At 31 March 2020	-	-
Deficit for the year	(3,652)	(3,652)
Total comprehensive income	(3,652)	(3,652)
At 30 March 2021	(3,652)	(3,652)

	Profit and loss account £	Total £
At 31 March 2019	-	-
Surplus for the year	31,347	31,347
Total comprehensive income	31,347	31,347
Gift aid distribution to parent charity	(31,347)	(31,347)
At 30 March 2020	-	-

Wood Lane Countryside Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2021

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Wood Lane Countryside Centre
Wood Lane
Stannington
Sheffield
S6 5HE

These financial statements were authorised for issue by the Board on 24 January 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis, The company made a loss during the year due to covid restrictions, however the parent charity has guaranteed cashflow support until the company is profitable, which is expected to be in the 21-22 financial year.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Wood Lane Countryside Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4

Debtors

	Note	2021 £	2020 £
Trade debtors		1,133	928
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6	-	15,798
		1,133	16,726

Wood Lane Countryside Centre Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2021

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Trade creditors		1,350	89
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6	7,928	-
Other creditors		26,260	33,990
		35,538	34,079

6	Related party transactions

Summary of transactions with parent

Wood Lane Conservation Trust

 The company is the fully owned trading subsidiary of the charity Wood Lane Conservation Trust, by virtue of the controlling interest of the directors and membership.

Due to the covid restrictions on the trading subsidiary, there was no use of the property so the charity did not charge rent, and the charity received furlough income in relation to staff that worked in both entities. The charity supported the company with cashflow support.

£38,157 (2020: £38,157) was paid to the parent company to cover payroll costs incurred by the charity for staff that worked in both entities.

£21,000 (2020: £21,000) was paid to the parent company in relation to rental charges for use of the premises.

In 2021, the loss was retained in the company. In 2020 the profits of £31,347 were distributed as a gift aid distribution, under a deed of covenant.

Round sum amounts were transferred to the parent during the year in relation to cashflow support. As at the period end the company owed the parent charity owed £7,928 (2020: the parent charity owed £15,798).


 

7	Parent and ultimate parent undertaking

The company's immediate parent is Wood Lane Countryside Centre, incorporated in UK.