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Company registration number: NI016978
Woodwin (Catering) Limited
Unaudited filleted financial statements
30 September 2022
Woodwin (Catering) Limited
Contents
Statement of financial position
Notes to the financial statements
Woodwin (Catering) Limited
Statement of financial position
30 September 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 494,261 482,518
________ ________
494,261 482,518
Current assets
Stocks 80,607 90,756
Debtors 7 168,146 233,823
Cash at bank and in hand 27,159 62,400
________ ________
275,912 386,979
Creditors: amounts falling due
within one year 8 ( 401,675) ( 463,979)
________ ________
Net current liabilities ( 125,763) ( 77,000)
________ ________
Total assets less current liabilities 368,498 405,518
Creditors: amounts falling due
after more than one year 9 ( 73,600) ( 114,505)
Provisions for liabilities ( 12,312) ( 13,950)
________ ________
Net assets 282,586 277,063
________ ________
Capital and reserves
Called up share capital 10 150,000 150,000
Share premium account 128,127 128,127
Profit and loss account 4,459 ( 1,064)
________ ________
Shareholders funds 282,586 277,063
________ ________
For the year ending 30 September 2022 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2023 , and are signed on behalf of the board by:
Mr HDE Irwin
Director
Company registration number: NI016978
Woodwin (Catering) Limited
Notes to the financial statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, County Armagh.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land - Nil
Buildings - 2 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model. Grants that relate to revenue expenditure are credited to the statement of comprehensive icome over the period that the revenue expenditure relates to.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2021: 23 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2021 and 30 September 2022 394,950 394,950
________ ________
Amortisation
At 1 October 2021 and 30 September 2022 394,950 394,950
________ ________
Carrying amount
At 30 September 2022 - -
________ ________
At 30 September 2021 - -
________ ________
6. Tangible assets
Freehold property Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 October 2021 139,589 592,973 775,657 251,813 65,670 1,825,702
Additions - - 31,000 - - 31,000
________ ________ ________ ________ ________ ________
At 30 September 2022 139,589 592,973 806,657 251,813 65,670 1,856,702
________ ________ ________ ________ ________ ________
Depreciation
At 1 October 2021 - 258,356 770,302 249,253 65,273 1,343,184
Charge for the year - 11,860 6,360 640 397 19,257
________ ________ ________ ________ ________ ________
At 30 September 2022 - 270,216 776,662 249,893 65,670 1,362,441
________ ________ ________ ________ ________ ________
Carrying amount
At 30 September 2022 139,589 322,757 29,995 1,920 - 494,261
________ ________ ________ ________ ________ ________
At 30 September 2021 139,589 334,617 5,355 2,560 397 482,518
________ ________ ________ ________ ________ ________
7. Debtors
2022 2021
£ £
Trade debtors 141,480 172,065
Prepayments and accrued income 13,407 10,925
Other debtors 13,259 50,833
________ ________
168,146 233,823
________ ________
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 37,517 36,079
Trade creditors 86,589 135,294
Amounts owed to group undertakings and undertakings in which the company has a participating interest 197,895 178,750
Accruals and deferred income 39,493 41,415
Corporation tax - 9,887
Social security and other taxes 6,190 7,729
Other creditors 33,991 54,825
________ ________
401,675 463,979
________ ________
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 73,600 114,505
________ ________
10. Called up share capital
Issued and called up
2022 2021
No £ No £
Ordinary shares shares of £ 1.00 each 150,000 150,000 150,000 150,000
________ ________ ________ ________
11. Directors advances, credits and guarantees
At the year end the company owed its directors £33,991 (2021: £54,417) and is included in other creditors. These loans are interest free and repayable on demand.
12. Controlling party
The company is controlled by HDE Irwin who owns 71.6% of Treetops Holding Company, the ultimate holding company.
13. COVID-19 Pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.