Woodham House Limited - Accounts to registrar (filleted) - small 18.2

WOODHAM HOUSE LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Fenn

Mrs S L Fenn

REGISTERED OFFICE:

2 Villiers Court

40 Upper Mulgrave Road

Cheam

Surrey

SM2 7AJ

REGISTERED NUMBER:

03720217 (England and Wales)

ACCOUNTANTS:

Halsey & Co (Accountants) Ltd.

Chartered Certified Accountants

Registered Auditors

2 Villiers Court

40 Upper Mulgrave Road

Cheam

Surrey

SM2 7AJ

FIXED ASSETS

Tangible assets

4

-

3,123

Investment property

5

3,819,056

3,000,000

3,819,056

3,003,123

CURRENT ASSETS

Debtors

6

323,200

1,470,634

Cash at bank

6,666

6,475

329,866

1,477,109

CREDITORS

Amounts falling due within one year

7

776,053

1,041,435

NET CURRENT (LIABILITIES)/ASSETS

(446,187

)

435,674

TOTAL ASSETS LESS CURRENT LIABILITIES

3,372,869

3,438,797

CREDITORS

Amounts falling due after more than one year

8

(1,373,489

)

(1,360,219

)

PROVISIONS FOR LIABILITIES

(333,964

)

(333,964

)

NET ASSETS

1,665,416

1,744,614

CAPITAL AND RESERVES

Called up share capital

700,000

700,000

Retained earnings

965,416

1,044,614

SHAREHOLDERS' FUNDS

1,665,416

1,744,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20th December 2018 and were signed on its behalf by:

S P Fenn - Director

1.	STATUTORY INFORMATION

Woodham House Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies

During the year, the company transitioned to FRS102. As a result, a significant change arose in the treatment of

Deferred tax on investment property.

Where previously, UK GAAP only required deferred tax to be provided for where there is a binding agreement

to sell the property at the balance sheet date, FRS102 requires deferred tax to be accounted for in respect of

investment property that is measured at fair value.

Consequently, there is a material deferred tax charge in the year on previous revaluation gains.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment properties are included in the balance sheet at their most recent valuation in accordance with the

Financial Reporting Standard FRS102 and are not depreciated. The valuation was previously carried out by

commercial property consultants and the fair value for 2018 was established and estimated by the directors. In

the opinion of the directors, this provides a true and fair view of the financial position of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st April 2017

4,685

Disposals

(3,958

)

At 31st March 2018

727

DEPRECIATION

At 1st April 2017

1,562

Charge for year

650

Charge written back

(1,485

)

At 31st March 2018

727

NET BOOK VALUE

At 31st March 2018

-

At 31st March 2017

3,123

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2017

3,000,000

Additions

819,056

At 31st March 2018

3,819,056

NET BOOK VALUE

At 31st March 2018

3,819,056

At 31st March 2017

3,000,000

Fair value at 31st March 2018 is represented by:

£

Valuation in 2014

215,000

Valuation in 2015

463,616

Valuation in 2017

991,206

Valuation in 2018

819,056

Cost

1,330,178

3,819,056

The property known as "Woodham House" was revalued by the directors during the previous year and

considered appropriately valued as a consequence, at the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Amounts owed by associates

323,200

1,366,103

Other debtors

-

104,531

323,200

1,470,634

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

13,062

50,531

Trade creditors

284,534

617,770

Amounts owed to associates

396,325

29,963

Taxation and social security

72,878

-

Other creditors

9,254

343,171

776,053

1,041,435

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

1,373,489

1,360,219

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,129,765

1,135,809

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Loan from Metro Bank

1,336,020

1,425,000

Metro Bank Plc holds a fixed and floating charge over all assets of the company including the Freehold of the

property known as "Woodham House". The charges were created on 22nd July 2016.

10.	ULTIMATE CONTROLLING PARTY