ACCOUNTS - Final Accounts

WOODLANDS (NORFOLK) LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The 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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefarmingfalse2017-01-01 00593022 2017-01-01 2017-12-31 00593022 2016-01-01 2016-12-31 00593022 2017-12-31 00593022 2016-12-31 00593022 2016-01-01 00593022 c:CompanySecretary1 2017-01-01 2017-12-31 00593022 c:Director1 2017-01-01 2017-12-31 00593022 c:Director2 2017-01-01 2017-12-31 00593022 c:Director3 2017-01-01 2017-12-31 00593022 c:RegisteredOffice 2017-01-01 2017-12-31 00593022 d:Buildings 2017-12-31 00593022 d:Buildings 2016-12-31 00593022 d:Buildings d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 00593022 d:Buildings d:LongLeaseholdAssets 2017-01-01 2017-12-31 00593022 d:PlantMachinery 2017-01-01 2017-12-31 00593022 d:PlantMachinery 2017-12-31 00593022 d:PlantMachinery 2016-12-31 00593022 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 00593022 d:MotorVehicles 2017-01-01 2017-12-31 00593022 d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 00593022 d:CurrentFinancialInstruments 2017-12-31 00593022 d:CurrentFinancialInstruments 2016-12-31 00593022 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 00593022 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 00593022 d:ShareCapital 2017-12-31 00593022 d:ShareCapital 2016-12-31 00593022 d:RetainedEarningsAccumulatedLosses 2017-12-31 00593022 d:RetainedEarningsAccumulatedLosses 2016-12-31 00593022 d:AcceleratedTaxDepreciationDeferredTax 2017-12-31 00593022 d:AcceleratedTaxDepreciationDeferredTax 2016-12-31 00593022 c:FRS102 2017-01-01 2017-12-31 00593022 c:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 00593022 c:FullAccounts 2017-01-01 2017-12-31 00593022 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 00593022 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2017-12-31 00593022 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2016-12-31 iso4217:GBP xbrli:pure

Registered number: 00593022

WOODLANDS (NORFOLK) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

WOODLANDS (NORFOLK) LIMITED

COMPANY INFORMATION

Directors	Mrs L Foulger
	Mrs E Butler
	T Baron


Company secretary	Mrs L Foulger


Registered number	00593022


Registered office	Old Field Barn
	Abbey Road
	Old Buckenham
	Norfolk
	NR17 1QA


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

WOODLANDS (NORFOLK) LIMITED

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Financial Statements	4 - 9

WOODLANDS (NORFOLK) LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WOODLANDS (NORFOLK) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woodlands (Norfolk) Limited for the year ended 31 December 2017 which comprise the Profit and loss account, the Balance Sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Woodlands (Norfolk) Limited, as a body, in accordance with the terms of our engagement letter dated 6 February 2013 . Our work has been undertaken solely to prepare for your approval the financial statements of Woodlands (Norfolk) Limited and state those matters that we have agreed to state to the Board of Directors of Woodlands (Norfolk) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodlands (Norfolk) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Woodlands (Norfolk) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Woodlands (Norfolk) Limited. You consider that Woodlands (Norfolk) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Woodlands (Norfolk) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

9 March 2018

Page 1

WOODLANDS (NORFOLK) LIMITED

REGISTERED NUMBER: 00593022

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		536,110		536,700
Investments	5		2		2
			536,112		536,702
Current assets
Stocks	6	114,297		48,849
Debtors: amounts falling due within one year	7	3,313		13,477
Cash at bank and in hand		2,901		21,206
		120,511		83,532
Creditors: amounts falling due within one year	8	(38,078)		(6,929)
Net current assets			82,433		76,603
Total assets less current liabilities			618,545		613,305
Provisions for liabilities
Deferred tax	9	(165)		(231)
			(165)		(231)
Net assets			618,380		613,074

Capital and reserves
Called up share capital	100	100
Profit and loss account	618,280	612,974
	618,380	613,074

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 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.

Page 2

WOODLANDS (NORFOLK) LIMITED

REGISTERED NUMBER: 00593022

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2017

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 on 8 March 2018.

Mrs E Butler

Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

The company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address of the company is Old Field Barn, Abbey Road Buckenham, Norfolk NR17 1QA.
The continuing activity of the company is that of farming.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the company in respect of crops sold and grants receivable, exclusive of Value Added Tax.

Revenue is recognised in the following manner:-

∙Crops sold - on physical delivery to the customer;

∙Grants income - in the year when the qualifying conditions entitling payment are met.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements	-	10%	reducing balance
Plant and equipment	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Page 4

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.4

Valuation of investments

Investments in unlisted company shares are valued at cost.

2.5

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are valued at cost.

2.6

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.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.9

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.

Page 5

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.10

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 3 (2016 - 4).

Page 6

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	Tangible fixed assets

	Freehold property & improvements	Plant & machinery	Total
	£	£	£
Cost or valuation
At 1 January 2017	535,876	7,180	543,056
At 31 December 2017	535,876	7,180	543,056
Depreciation
At 1 January 2017	333	6,024	6,357
Charge for the year on owned assets	300	289	589
At 31 December 2017	633	6,313	6,946
Net book value
At 31 December 2017	535,243	867	536,110
At 31 December 2016	535,543	1,157	536,700

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2017	2
	At 31 December 2017	2

	Net book value
	At 31 December 2017	2
	At 31 December 2016	2

Page 7

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

6.	Stocks
		2017	2016
		£	£

Cultivations	52,808	40,974
Consumables	4,489	-
Crops in store	57,000	7,875
	114,297	48,849

Debtors

					2017	2016
					£	£


Trade debtors	-	7,735
Other debtors	3,313	5,742
	3,313	13,477

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	33,057	2,855
Corporation tax	1,389	-
Other creditors	3,632	4,073
	38,078	6,928

9.	Deferred taxation

	2017	2016
	£	£

At beginning of year	231	98
Charged to profit or loss	(66)	133
At end of year	165	231

Page 8

WOODLANDS (NORFOLK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2017	2016
	£	£

	Accelerated capital allowances	165	231
		165	231

10.	Controlling party

As at the year end, Maidplace Limited, Company Registration 03260749, and registered in England and Wales, owned 100% of the issued share capital of the company. The Board have concluded that ultimate control of the company vests in this related party.

The company is a subsidiary within a small group which is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about the group.

Page 9