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Registration number: 03174393

C H Wood Security (Bradford) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

C H Wood Security (Bradford) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

C H Wood Security (Bradford) Limited

(Registration number: 03174393)
Balance Sheet as at 31 January 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

223,694

 

205,238

Investment property

6

 

213,201

 

213,201

   

436,895

 

418,439

Current assets

   

 

Stocks

35,584

 

36,792

 

Debtors

7

275,865

 

243,337

 

Cash at bank and in hand

 

36,223

 

87,841

 

 

347,672

 

367,970

 

Creditors: Amounts falling due within one year

8

(125,552)

 

(97,653)

 

Net current assets

   

222,120

 

270,317

Total assets less current liabilities

   

659,015

 

688,756

Creditors: Amounts falling due after more than one year

8

 

(12,874)

 

-

Provisions for liabilities

 

(33,000)

 

(15,000)

Net assets

   

613,141

 

673,756

Capital and reserves

   

 

Called up share capital

20,000

 

20,000

 

Revaluation reserve

100,364

 

102,334

 

Non-distributable reserve

 

120,044

 

120,044

 

Profit and loss account

372,733

 

431,378

 

Total equity

   

613,141

 

673,756

 

C H Wood Security (Bradford) Limited

(Registration number: 03174393)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 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.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:


.........................................
N A Smith
Director

   
     
 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
221 Wakefield Road
Bradford
West Yorkshire
BD4 7PE

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

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 value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 corporation 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.

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

Buildings

2% straight line basis

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2022 - 9).

4

Government grants

During the year the company has received grant income of £Nil (2022 : £38,650) in respect of the Coronavirus Job Retention Scheme.

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

200,000

80,700

109,070

389,770

Additions

-

-

37,159

37,159

Disposals

-

-

(20,970)

(20,970)

At 31 January 2023

200,000

80,700

125,259

405,959

Depreciation

At 1 February 2022

36,000

62,314

86,218

184,532

Charge for the year

4,000

2,758

6,274

13,032

Eliminated on disposal

-

-

(15,299)

(15,299)

At 31 January 2023

40,000

65,072

77,193

182,265

Carrying amount

At 31 January 2023

160,000

15,628

48,066

223,694

At 31 January 2022

164,000

18,386

22,852

205,238

Revaluation

The fair value of the company's land and buildings was revalued on 1 February 2014. An independent valuer was not involved.
The basis of the valuation was existing use.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £38,542 (2022 - £42,601).

6

Investment properties

2023
£

At 1 February 2022

213,201

At 31 January 2023

213,201

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

35,233

61,154

Amounts owed by related parties

12

219,422

161,323

Prepayments

 

21,210

6,962

Other debtors

 

-

13,898

   

275,865

243,337

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

6,155

-

Trade creditors

 

44,664

35,387

Taxation and social security

 

27,273

49,991

Accruals and deferred income

 

12,947

6,000

Other creditors

 

34,513

6,275

 

125,552

97,653

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

12,874

-

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

6,155

-

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

12,874

-

Secured borrowings

The carrying amount of hire purchase contracts at year end is £19,029 (2022 - £Nil).

The liability is secured against the asset to which it relates.

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,701 (2022 - £3,424).
The financial commitment is in respect of an operating lease.

12

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

J A Smith

10,634

92,102

(128,734)

(25,998)

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

J A Smith

18,122

74,243

(81,731)

10,634

         
       

 

C H Wood Security (Bradford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

11,312

Income and receivables from related parties

2022

Other related parties
£

Amounts receivable from related party

3,262

13

Parent and ultimate parent undertaking

The company's immediate parent is C. H. Wood Holdings Limited, incorporated in England & Wales.