Woodbury Limited - Period Ending 2023-03-31

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Registration number: 09508053

Woodbury Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2022 to 31 March 2023

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

Bryan Glastonbury

Ben Glastonbury

James Glastonbury

Registered office

Butlers Hill Farm
Cocklefield
Nr Cheltenham
GL53 9NW

Registered number

09508053

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

Woodbury Limited

(Registration number: 09508053)
Balance Sheet as at 31 March 2023

	Note	2023 £	2021 £
Fixed assets
Tangible assets	4	45	476
Investment property	5	8,055,279	8,314,775
Investments in subsidiaries	6	2,570	2,570
Other investments	6	116,829,945	113,838,894
		124,887,839	122,156,715
Current assets
Debtors	7	2,689,527	2,123,444
Cash at bank and in hand		20,199,360	26,620,144
		22,888,887	28,743,588
Creditors: Amounts falling due within one year	8	(267,090)	(732,282)
Net current assets		22,621,797	28,011,306
Total assets less current liabilities		147,509,636	150,168,021
Provisions for liabilities		(4,660,000)	(3,991,500)
Net assets		142,849,636	146,176,521
Capital and reserves
Called up share capital		3,150	3,150
Share premium reserve		90,760,000	90,760,000
Profit and loss account		52,086,486	55,413,371
Total equity		142,849,636	146,176,521

Woodbury Limited

(Registration number: 09508053)
Balance Sheet as at 31 March 2023 (continued)

For the financial period ending 31 March 2023 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 period 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 for issue by the Board on 29 March 2023 and signed on its behalf by:

Bryan Glastonbury

Director

Woodbury Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

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 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.

Disclosure of long or short period

The financial statements have been prepared for an extended period to align the Company's year-end with that of the UK tax year to aid tax reporting. The comparative amounts including the related notes are therefore not entirely comparable.

Woodbury Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023 (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 for the period comprises current and deferred 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 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.

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.

Woodbury Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023 (continued)

2	Accounting policies (continued)

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 rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of these assets are assessed annually. No depreciation is provided, 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.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less any 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 recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 Period from 1 January 2022 to 31 March 2023 (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 period, was 4 (2021 - 4).

4	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost
At 1 January 2022	1,080	1,080
At 31 March 2023	1,080	1,080
Depreciation
At 1 January 2022	604	604
Charge for the period	431	431
At 31 March 2023	1,035	1,035
Carrying amount
At 31 March 2023	45	45
At 31 December 2021	476	476

Woodbury Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023 (continued)

5	Investment properties

	2023 £
At 1 January	8,314,775
Disposals	(259,496)
At 31 March	8,055,279

Investment properties are carried at fair value, determined by the directors with reference to the condition and location of the properties, as well as current observable market prices. The directors have determined that the fair value of the investment properties at the year end is not significantly different to their cost.

There has been no valuation of investment property by an independent valuer.

6	Investments

	2023 £	2021 £
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
			2023	2021
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 Period from 1 January 2022 to 31 March 2023 (continued)

6	Investments (continued)

Other investments

	Investments £
Cost or valuation
At 1 January 2022	113,838,894
Additions	31,631,804
Disposals	(31,308,051)
Fair value adjustments	2,667,298
At 31 March 2023	116,829,945
Carrying amount
At 31 March 2023	116,829,945
At 31 December 2021	113,838,894

Where their fair value can be reliably estimated, the fair value of unlisted investments at the balance sheet date has been determined by the fund managers.

Investments are valued at the balance sheet date by the investment managers. The historical cost of investments is £97,125,833 (2021: £100,679,346).

Woodbury Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023 (continued)

7	Debtors: amounts falling due within one year

	Note	2023 £	2021 £
Trade debtors		39,463	2,616
Amounts owed by group undertakings	10	787,439	784,868
Other debtors		316,471	224,230
Derivative financial instruments		110,686	196,469
Prepayments and accrued income		238,606	229,320
Corporation tax		494,162	-
Directors' loan accounts	10	702,700	685,941
		2,689,527	2,123,444

Creditors

	2023 £	2021 £
Trade creditors	8,500	-
Corporation tax	-	403,942
Other creditors	182,685	182,556
Accruals and deferred income	75,905	145,784
	267,090	732,282

9	Share capital

Allotted, called up and fully paid shares

	2023		2021
	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 Period from 1 January 2022 to 31 March 2023 (continued)

10	Related party transactions

Loans to related parties

2023	Amounts owed from group £
At start of period	784,868
Advanced	2,571
At end of period	787,439

2021	Amounts owed from group £
At start of period	767,009
Advanced	17,859
At end of period	784,868

The loan in unsecured, interest free and repayable on demend.

Transactions with directors

2023	At 1 January 2022 £	Advances to director £	Repayments by director £	At 31 March 2023 £

Director's loan account	(685,941)	(17,149)	390	(702,700)

2021	At 1 January 2021 £	Advances to director £	Repayments by director £	At 31 December 2021 £

Director's loan account	(672,797)	(13,456)	312	(685,941)

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