Company No: 11064420 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	M S Sherwood
	M L Sherwood

REGISTERED OFFICE	Hill House
	1 Little New Street
	London
	EC4A 3TR
	United Kingdom

COMPANY NUMBER

11064420 (England and Wales)

ACCOUNTANT	Gravita Business Services Limited
	Finsgate
	5-7 Cranwood Street
	London
	EC1V 9EE
	United Kingdom

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wood Investments Limited for the financial year ended 30 November 2021 which comprise the Balance Sheet and the related notes 1 to 7 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that Wood Investments 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 loss of Wood Investments Limited. You consider that Wood Investments Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Wood Investments 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.

This report is made solely to the Board of Directors of Wood Investments Limited, as a body, in accordance with the terms of our engagement letter dated 08 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Wood Investments Limited and state those matters that we have agreed to state to the Board of Directors of Wood Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wood Investments Limited and its Board of Directors as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

30 November 2022

	Note	2021		2020
		$		$
Fixed assets
Investments	3	0		5,388,000
		0		5,388,000
Current assets
Debtors	4	2,869		0
Investments	5	1,417,609		4,535,377
Cash at bank and in hand		7,872,580		10,784,381
		9,293,058		15,319,758
Creditors
Amounts falling due within one year	6	( 610,433)		( 1,105,264)
Net current assets		8,682,625		14,214,494
Total assets less current liabilities		8,682,625		19,602,494
Net assets		8,682,625		19,602,494
Capital and reserves
Called-up share capital		1,316		1,316
Share premium account		20,096,589		20,096,589
Profit and loss account		( 11,415,280 )		( 495,411 )
Total shareholders' funds		8,682,625		19,602,494

For the financial year ending 30 November 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Wood Investments Limited (registered number: 11064420) were approved and authorised for issue by the Board of Directors on 30 November 2022. They were signed on its behalf by:

M S Sherwood Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wood Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hill House, 1 Little New Street, London, EC4A 3TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in USD which is the functional currency of the company and rounded to the nearest $.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company has significant cash reserves and is in a net assets position. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover relates to interest income generated from the Company's holdings in short-term investments. Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

	Other investments		Total
	$		$
Carrying value before impairment
At 01 December 2020	6,735,000		6,735,000
At 30 November 2021	6,735,000		6,735,000
Provisions for impairment
At 01 December 2020	1,347,000		1,347,000
Impairment	5,388,000		5,388,000
At 30 November 2021	6,735,000		6,735,000
Carrying value at 30 November 2021	0		0
Carrying value at 30 November 2020	5,388,000		5,388,000

Other investments comprise unlisted investments at cost less impairment. The opening carrying value of $5,388,000 related to the Company's interest in Berkshire Assets (West London) Limited. Berkshire Assets (West London) Limited is going to be liquidated and therefore the entire investment holding is considered irrecoverable and been impaired.

The Company has a fixed charge over assets held.

4. Debtors

	2021		2020
	$		$
Corporation tax	2,869		0

5. Current asset investments

	2021		2020
	$		$
Listed investments – at fair value	7,168,719		4,720,872
Impairment of current asset	( 5,751,110)		( 185,495)
	1,417,609		4,535,377

During 2017 - 2019, the Company issued loan receivables of $4,720,872 to Berkshire Assets (West London) Limited. Further loan receivables of $1,030,238 were issued during 2021. Berkshire Assets (West London) Limited is going to be liquidated and therefore the entire accrued interest and loan value has been provided for.

In September 2021 the Company issued loan receivables of $1,378,550 to an unrelated company during the year relating to a property development. Interest accrues at 17% per annum (2021 interest accrued: $39,059) and is repayable once the property development is completed.

6. Creditors: amounts falling due within one year

	2021		2020
	$		$
Accruals	6,000		4,622
Corporation tax	0		33,214
Other creditors	604,433		1,067,428
	610,433		1,105,264

7. Related party transactions

Included within other creditors there is an amount of $604,433 (2020: $1,067,428) due to Moscot Holdings, a company under common control. The amount is interest free and repayable on demand.

The number of directors in the Company throughout the year was 2 (2020: 2) and there were no other employees (2020: Nil). The total aggregate directors' remuneration for the year was $Nil (2019: $Nil). The directors are the only key management personnel of the Company.