Company registration number 13192571 (England and Wales)
Woodlea Consulting Ltd
Unaudited financial statements
For the year ended 31 March 2023
Woodlea Consulting Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Woodlea Consulting Ltd
Statement of financial position
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
4,555
-
0
Cash at bank and in hand
12,228
8,875
16,783
8,875
Creditors: amounts falling due within one year
4
(9,746)
(3,243)
Net current assets
7,037
5,632
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,937
5,532
Total equity
7,037
5,632

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 21 September 2023
Mr K G Barefoot
Director
Company Registration No. 13192571
Woodlea Consulting Ltd
Statement of changes in equity
For the year ended 31 March 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
-
0
-
0
-
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
5,532
5,532
Issue of share capital
100
-
100
Balance at 31 March 2022
100
5,532
5,632
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
7,405
7,405
Dividends
-
(6,000)
(6,000)
Balance at 31 March 2023
100
6,937
7,037
Woodlea Consulting Ltd
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information

Woodlea Consulting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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 statement of financial position 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.

Woodlea Consulting Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

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 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 the 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Woodlea Consulting Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,555
-
0
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to undertakings in which the company has a participating interest
120
120
Corporation tax
1,750
1,326
Other creditors
6,304
357
Accruals and deferred income
1,572
1,440
9,746
3,243
2023-03-312022-04-01false21 September 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr K G BarefootMrs F W Barefootfalse131925712022-04-012023-03-31131925712023-03-31131925712022-03-3113192571core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113192571core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3113192571core:CurrentFinancialInstruments2023-03-3113192571core:CurrentFinancialInstruments2022-03-3113192571core:ShareCapital2023-03-3113192571core:ShareCapital2022-03-3113192571core:RetainedEarningsAccumulatedLosses2023-03-3113192571core:RetainedEarningsAccumulatedLosses2022-03-3113192571core:ShareCapital2021-03-3113192571core:RetainedEarningsAccumulatedLosses2021-03-3113192571bus:Director12022-04-012023-03-3113192571core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31131925712021-04-012022-03-3113192571core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3113192571core:ShareCapital2021-04-012022-03-3113192571bus:PrivateLimitedCompanyLtd2022-04-012023-03-3113192571bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3113192571bus:FRS1022022-04-012023-03-3113192571bus:AuditExemptWithAccountantsReport2022-04-012023-03-3113192571bus:CompanySecretary12022-04-012023-03-3113192571bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP