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Audited Financial Statements |
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For The Year Ended 31st March 2017 |
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Woodfield Developments Limited |
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REGISTERED NUMBER:
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Audited Financial Statements |
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For The Year Ended 31st March 2017 |
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for |
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Woodfield Developments Limited |
Woodfield Developments Limited (Registered number: 02193674) |
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Contents of the Financial Statements |
For The Year Ended 31st March 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Woodfield Developments Limited |
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Company Information |
For The Year Ended 31st March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Accountants |
& Statutory Auditors |
Kings Buildings |
Lydney |
Gloucestershire |
GL15 5HE |
Woodfield Developments Limited (Registered number: 02193674) |
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Statement of Financial Position |
31st March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Woodfield Developments Limited (Registered number: 02193674) |
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Notes to the Financial Statements |
For The Year Ended 31st March 2017 |
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1. | STATUTORY INFORMATION |
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Woodfield Developments Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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, with fair value adjustments. There were no material departures from that standard. . |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Investment property |
Investment property is shown at the most recent valuation carried out on the purchase of the property during |
February 2017, therefore this is also deemed fair value at the reporting date. Any aggregate surplus or deficit |
arising from changes in fair value is recognised in profit or loss. |
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Inventories |
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
Woodfield Developments Limited (Registered number: 02193674) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Statutory requirement |
This is the first year the company has adopted FRS 102 Section 1A. The last financial statements were under UK |
GAAP and covered the year ended 31st March 2016. The date of transition was 1st April 2015. Upon transition |
investment property was stated at fair value, although this had no effect on reserves as at 1st April 2015 and 31st |
March 2016. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
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Land &
Buildings |
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COST |
At 1st April 2016 |
and 31st March 2017 | 2,069,345 |
NET BOOK VALUE |
At 31st March 2017 | 2,069,345 |
At 31st March 2016 | 2,069,345 |
Included in cost of land and buildings is freehold land & buildings of £2,069,345 (2016 - £2,069,345) which is |
not depreciated. |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
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At 31st March 2017 |
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NET BOOK VALUE |
At 31st March 2017 |
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There is no change between fair value at the acquisition date and the reporting date. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Due from Related Parties |
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Other Debtors | 10 | - |
Tax |
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VAT |
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Prepayments |
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Woodfield Developments Limited (Registered number: 02193674) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans and overdrafts |
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Shareholders Loans |
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Trade Creditors |
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Amounts owed to group undertakings |
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Tax |
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VAT | - | 516 |
Due to Related Parties | 2,737,898 | 1,336,986 |
Accrued Expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Other loans - 2-5 years |
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9. | SECURED DEBTS |
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The company's bankers have fixed charges over assets held by the company. In addition the company has given |
it's bankers cross guarantees in respect borrowings in M F Freeman Limited, M F Freeman (Plant) Limited and |
Eagle Inns (Walford) Limited which are owned and controlled by the directors. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
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Ordinary Share capital | £1 | 1,000 | 1,000 |
NIL | Preference Shares | £1 | - | 650,000 |
1,000 | 651,000 |
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The preference shares were redeemed on 31/3/2017. |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1st April 2016 |
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Deficit for the year | ( |
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Dividends | ( |
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At 31st March 2017 |
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Woodfield Developments Limited (Registered number: 02193674) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2017 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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The company was charged for goods and services received: |
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M F Freeman Limited £3,902,835 (2016 £2,601,044) |
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There were monies owed by the company to related parties at the year end as follows: |
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M F Freeman Limited £1,623,010 (2016 £1,324,022) |
M F Freeman Holdings Limited £1,101,924 (2016 £Nil) |
M & J Freeman (Plant Hire) £12,964 (2016 £12,964) |
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There were related party balances owing to the company at the year end as follows: |
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M & J Freeman (Farming) £28,794 (2016 £30,946) |
Eagle Inns (Walford) Limited £Nil (2016 £364,888) |
M F Freeman (Plant) Limited £Nil (2016 £407,371) |
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During the year, Woodfield Developments Limited paid dividends of £451,924 to M F Freeman Holdings |
Limited, whilst it was a subsidiary of the company. |
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14. | PARENT COMPANY |
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Both the parent company and the ultimate holding company is M F Freeman Investments Limited. The registered |
office address is Ruardean Works, Varnister Road, Drybrook, Gloucestershire GL17 9BH |