ACCOUNTS - Final Accounts

WOODBERRY PROPERTY DEVELOPMENT LTD - Company Information

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Registered number: 08745434

WOODBERRY PROPERTY DEVELOPMENT LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

WOODBERRY PROPERTY DEVELOPMENT LTD

CONTENTS

	Page
Balance sheet	1 - 2
Notes to the financial statements	3 - 6

WOODBERRY PROPERTY DEVELOPMENT LTD

REGISTERED NUMBER: 08745434

BALANCE SHEET

AS AT 30 JUNE 2021

		2021		2020
Note		£		£


Current assets
Stocks		1,012,868		1,005,003
Debtors: amounts falling due within one year	4	1,044,063		577,161
		2,056,931		1,582,164
Creditors: amounts falling due within one year	5	(83,962)		(116,430)
Net current assets			1,972,969		1,465,734
Total assets less current liabilities			1,972,969		1,465,734

Net assets			1,972,969		1,465,734

Capital and reserves
Called up share capital	2	2
Profit and loss account	1,972,967	1,465,732
	1,972,969	1,465,734

Page 1

WOODBERRY PROPERTY DEVELOPMENT LTD

REGISTERED NUMBER: 08745434

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

W Roiter

Director

Date: 4 March 2022

The notes on pages 3 to 6 form part of these financial statements.

Page 2

WOODBERRY PROPERTY DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1.	General information

Woodberry Property Development Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 25 Moorgate, London, EC2R 6AY.

2.Accounting policies

2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006.
There has been no material impact on the Company as a result of COVID-19, therefore the financial statements have been prepared on a going concern basis.
The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from property development, business and management consultancy services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be
measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Stocks

Stocks and Work in Progress principally comprise properties held for development and subsequent sale. All stocks are carried at the lower of costs and net realisable value.
Cost comprises buildings, direct materials and, where applicable, direct labour costs that have been incurred in bringing the stock to their present condition. Net realisable value represents the estimated selling price less any further costs expected to be incurred to completion and disposal.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

WOODBERRY PROPERTY DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

WOODBERRY PROPERTY DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Debtors

					2021	2020
					£	£


Amounts owed by group undertakings	1,042,563	577,161
Prepayments and accrued income	1,500	-
	1,044,063	577,161

Page 5

WOODBERRY PROPERTY DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	73,916	110,390
Other creditors	400	400
Accruals and deferred income	9,646	5,640
	83,962	116,430

Page 6