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Registration number: NI635761

WOODSTYLE KITCHENS NI LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

WOODSTYLE KITCHENS NI LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

WOODSTYLE KITCHENS NI LTD

Company Information

Directors

Mr Dolan Dunlop

Mr Denis Devlin

Company secretary

Mr Dolan Dunlop

Registered office

Unit 18g
Wakehurst Industrial Estate
Wakehurst Road
Ballymena
Co. Antrim
BT42 3AZ

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

WOODSTYLE KITCHENS NI LTD

(Registration number: NI635761)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

17,635

16,295

Current assets

 

Stocks

6

15,766

119,175

Debtors

7

82,684

171,216

Cash at bank and in hand

 

204,600

120,334

 

303,050

410,725

Creditors: Amounts falling due within one year

8

(284,867)

(371,316)

Net current assets

 

18,183

39,409

Total assets less current liabilities

 

35,818

55,704

Creditors: Amounts falling due after more than one year

8

(24,985)

(34,976)

Provisions for liabilities

(3,351)

(3,096)

Net assets

 

7,482

17,632

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

7,382

17,532

Shareholders' funds

 

7,482

17,632

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

WOODSTYLE KITCHENS NI LTD

(Registration number: NI635761)
Balance Sheet as at 31 December 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 August 2023 and signed on its behalf by:
 

.........................................
Mr Dolan Dunlop
Company secretary and director

.........................................
Mr Denis Devlin
Director

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit 18g
Wakehurst Industrial Estate
Wakehurst Road
Ballymena
Co. Antrim
BT42 3AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 25 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% Reducing balance

Motor Vehicles

20% Reducing balance

Plant and machinery

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 4).

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

5,000

5,000

At 31 December 2022

5,000

5,000

Amortisation

At 1 January 2022

5,000

5,000

At 31 December 2022

5,000

5,000

Carrying amount

At 31 December 2022

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

55,640

6,830

640

63,110

Additions

1,511

8,489

204

10,204

Disposals

-

(6,830)

-

(6,830)

At 31 December 2022

57,151

8,489

844

66,484

Depreciation

At 1 January 2022

43,097

3,280

438

46,815

Charge for the year

3,513

1,698

102

5,313

Eliminated on disposal

-

(3,279)

-

(3,279)

At 31 December 2022

46,610

1,699

540

48,849

Carrying amount

At 31 December 2022

10,541

6,790

304

17,635

At 31 December 2021

12,543

3,550

202

16,295

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Stocks

2022
£

2021
£

Work in progress

3,766

103,175

Other inventories

12,000

16,000

15,766

119,175

7

Debtors

Current

2022
£

2021
£

Trade debtors

48,548

128,480

Prepayments

2,222

2,151

Other debtors

31,914

40,585

 

82,684

171,216

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

10,657

10,000

Trade creditors

 

126,411

230,418

Taxation and social security

 

12,655

9,041

Accruals and deferred income

 

7,855

2,050

Other creditors

 

127,289

119,807

 

284,867

371,316

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

24,985

34,976

 

WOODSTYLE KITCHENS NI LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

24,985

34,976

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,657

10,000

11

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £300.00 (2021 - £Nil) per each Ordinary share class 1

 

30,000

 

-

         

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

42,688

40,724