COMPANY REGISTRATION NUMBER:
02878221
The Woodlands Beulah Hill Limited
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Filleted Unaudited Financial Statements
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The Woodlands Beulah Hill Limited
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Statement of Financial Position
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31 March 2021
Fixed assets
Investment property
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4
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863,200
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863,200
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Current assets
Debtors
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5
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2,457
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5,286
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Cash at bank and in hand
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32,504
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51,914
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--------
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--------
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34,961
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57,200
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Creditors: amounts falling due within one year
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6
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19,140
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17,208
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--------
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--------
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Net current assets
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15,821
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39,992
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---------
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---------
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Total assets less current liabilities
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879,021
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903,192
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Creditors: amounts falling due after more than one year
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7
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159,494
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159,494
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Provisions
Taxation including deferred tax
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106,278
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106,278
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---------
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---------
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Net assets
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613,249
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637,420
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---------
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---------
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Capital and reserves
Called up share capital
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5,307
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307
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Share premium account
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24,990
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24,990
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Profit and loss account
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582,952
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612,123
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---------
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---------
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Shareholders funds
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613,249
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637,420
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---------
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---------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
The Woodlands Beulah Hill Limited
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Statement of Financial Position (continued)
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31 March 2021
These financial statements were approved by the
board of directors
and authorised for issue on
22 December 2021
, and are signed on behalf of the board by:
Professor S Miller
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Director
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Company registration number:
02878221
The Woodlands Beulah Hill Limited
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Notes to the Financial Statements
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Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 14, Pandora Estate, 41-45 Lind Road, Sutton, Surrey, SM1 4PP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents ground and garage rent receivable and letting of roof space.
Investment property
Investment property is initially recorded at cost which included purchase price and any directly attributable expenditure. Investment property is re-valued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Comprehensive Income. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Investment property
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Investment property
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£
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Valuation
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At 1 April 2020 and 31 March 2021
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863,200
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---------
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Depreciation
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At 1 April 2020 and 31 March 2021
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–
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---------
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Carrying amount
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At 31 March 2021
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863,200
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---------
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At 31 March 2020
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863,200
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---------
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Investment property held at valuation
The investment property was revalued on fair value basis by Sneller Commercial Chartered Surveyors at 1st April 2018 for £863,200 (1st April 2017 - £810,700). Sneller Commercial is licensed by the Royal Institute of Chartered Surveyors (RICS). The historical cost of this property was £159,496. The directors of the company are of the opinion that this value remains appropriate at 31 March 2021.
5.
Debtors
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2021
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2020
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£
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£
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Trade debtors
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2,457
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5,286
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-------
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-------
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6.
Creditors:
amounts falling due within one year
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2021
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2020
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£
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£
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Other creditors
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19,140
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17,208
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--------
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--------
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The bank loans are secured by the company.
7.
Creditors:
amounts falling due after more than one year
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2021
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2020
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£
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£
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Loans from Contributors
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159,494
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159,494
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---------
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---------
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The loans from the contributors totalling £159,494 are interest free with no agreed repayment terms. The intention of the company is to issue stock convertible into enhanced lease terms. The bank loans are secured by the company. Certain of the company's bank loans were taken out on behalf of the Woodlands Beulah Hill residents (as a body). Please see note 9 Related Party Transactions for further detail.
8.
Related party transactions
The company operates bank accounts under trust on behalf of certain tenants of Woodlands Beulah Hill. This is in relation to the collection of service charges collected from tenants and used for the purposes of maintenance. The aggregate balance held by the company, but not presented within the company's accounts, was £24,113 (2020 - £14,776). In prior years bank loans were taken out on behalf of certain of the Woodlands Beulah Hill residents for the purpose of funding a shortfall within their service charge accounts to fund major repairs and maintenance. Other creditor includes an amount of £16,880 (2020 - £14,948) due from the residents (as a body) with regards to these bank loans
.
9.
Controlling party
The company has no overall controlling party.
10.
Profit & loss
The reserve of £582,952 includes non-distributable reserves of £495,821 as at 31 March 2021.