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REGISTERED NUMBER: 10825562 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Shropshire Woodchip Limited

Shropshire Woodchip Limited (Registered number: 10825562)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shropshire Woodchip Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G B Crow
N M Crow





SECRETARY: G B Crow





REGISTERED OFFICE: Cherrington Manor
Cherrington
Newport
TF10 8PL





REGISTERED NUMBER: 10825562 (England and Wales)





ACCOUNTANTS: Brightshire Accountants Ltd
First Floor
11 Mallard Court
Mallard Way
Crewe
Cheshire
CW1 6ZQ

Shropshire Woodchip Limited (Registered number: 10825562)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 387,312 129,628

CURRENT ASSETS
Stocks 400,000 176,000
Debtors 5 374,334 259,430
Cash at bank 114,389 170,349
888,723 605,779
CREDITORS
Amounts falling due within one year 6 855,948 376,998
NET CURRENT ASSETS 32,775 228,781
TOTAL ASSETS LESS CURRENT
LIABILITIES

420,087

358,409

CREDITORS
Amounts falling due after more than one
year

7

(174,125

)

(174,373

)

PROVISIONS FOR LIABILITIES (73,589 ) (21,426 )
NET ASSETS 172,373 162,610

CAPITAL AND RESERVES
Called up share capital 120 120
Retained earnings 172,253 162,490
172,373 162,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Shropshire Woodchip Limited (Registered number: 10825562)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 29 September 2023 and were signed on its behalf by:




G B Crow - Director



N M Crow - Director


Shropshire Woodchip Limited (Registered number: 10825562)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Shropshire Woodchip 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Shropshire Woodchip Limited (Registered number: 10825562)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument in any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


Shropshire Woodchip Limited (Registered number: 10825562)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 150,825
Additions 306,885
Disposals (36,000 )
At 31 March 2023 421,710
DEPRECIATION
At 1 April 2022 21,197
Charge for year 13,201
At 31 March 2023 34,398
NET BOOK VALUE
At 31 March 2023 387,312
At 31 March 2022 129,628

Shropshire Woodchip Limited (Registered number: 10825562)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 150,825
Additions 266,635
Transfer to ownership (105,475 )
At 31 March 2023 311,985
DEPRECIATION
At 1 April 2022 21,121
Charge for year 10,492
Transfer to ownership (1,281 )
At 31 March 2023 30,332
NET BOOK VALUE
At 31 March 2023 281,653
At 31 March 2022 129,704

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 364,742 259,430
Other debtors 9,592 -
374,334 259,430

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 210,000 10,000
Hire purchase contracts 67,004 7,986
Trade creditors 441,748 243,965
Taxation and social security - 20,847
Other creditors 137,196 94,200
855,948 376,998

Shropshire Woodchip Limited (Registered number: 10825562)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 21,900 31,783
Hire purchase contracts 152,225 142,590
174,125 174,373

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 231,900 -
Hire purchase contracts 219,229 150,576
451,129 150,576

on 30/4/21 Oxbury bank Plc took a fixed and floating charge on freehold and leasehold property of the company and any buildings, fixtures and fittings, fixed plant and machinery from time to time secured on or forming part of any such properties.

Hire Purchase finance is secured against the asset to which it relates..