| Woodside Court Limited |
| Notes to the Accounts |
| for the year ended 31 January 2020 |
|
|
| 1 |
Accounting policies |
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|
Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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The figure given as turnover represents contributions collected from the flat owners and tenants for the upkeep of the building. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than the investment property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
15% reducing balance method |
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Investment property |
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The investment property is measured at fair value.Changes in fair value are recognised in the profit and loss account account. Fair value is estimated by the directors on an annual basis. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
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| 3 |
Tangible fixed assets |
|
|
|
|
Investment property |
|
Fixtures and equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 February 2019 |
95,000 |
|
17,723 |
|
112,723 |
|
At 31 January 2020 |
95,000 |
|
17,723 |
|
112,723 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2019 |
- |
|
15,799 |
|
15,799 |
|
Charge for the year |
- |
|
288 |
|
288 |
|
At 31 January 2020 |
- |
|
16,087 |
|
16,087 |
|
|
|
|
|
|
|
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Net book value |
|
At 31 January 2020 |
95,000 |
|
1,636 |
|
96,636 |
|
At 31 January 2019 |
95,000 |
|
1,924 |
|
96,924 |
|
|
As stated in the accounting policies, the investment property is valued at fair value by the directors on an annual basis with any gain/loss being credited/charged to the profit and loss account under FRS 102. In the reporting period there was no change in fair value. However, prior to the regime under FRS 102, the was a revalution to market value and this resulted in a revaluation surplus which is included in the revaluation reserve ( see note 6). The historical cost of the invesment property is nil (2018-£nil). |
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| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Other debtors |
700 |
|
700 |
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| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Taxation and social security costs |
2,924 |
|
2,347 |
|
Other creditors |
756 |
|
757 |
|
|
|
|
|
|
3,680 |
|
3,104 |
|
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| 6 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 February 2019 |
112,675 |
|
112,675 |
|
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At 31 January 2020 |
112,675 |
|
112,675 |
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| 7 |
Other information |
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Woodside Court Limited is a private company limited by shares and incorporated in Wales. Its registered office is: |
|
29 Woodside Court |
|
Lisvane Road |
|
Cardiff |
|
South Glamorgan |
|
CF14 0RY |
