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REGISTERED NUMBER: NI030446 (Northern Ireland)















WOODLAND KITCHENS (N.I.) LIMITED

STRATEGIC REPORT, DIRECTOR'S REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023






WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Strategic Report 2

Director's Report 4

Independent Auditors' Report 6

Income Statement 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


WOODLAND KITCHENS (N.I.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Brian McCloskey



REGISTERED OFFICE: 4 Portna Road
Rasharkin
Co. Antrim
BT44 8SX



REGISTERED NUMBER: NI030446 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Bank of Ireland
Market Street
Magherafelt
Derry
BT45 6EE

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The director presents his strategic report for the year ended 28 February 2023.

REVIEW OF BUSINESS
Woodland Kitchens (N.I.) Limited has continued to produce a profit in the current year ending 28 February 2023 and the business remains in a sound financial position at the year end.

The director considers that the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and operating profit.

Revenue for the year has increased by 6.8% to £22,158,425 (2022 - £20,748,222). Gross profit margin has decreased to 20.8% from 22.7%.

During the year the company underwent a restructure with a new holding company, being incorporated in March 2022. Portna Properties Limited acquired 70% of the shareholding in Woodland Kitchens (N.I.) Limited.

PRINCIPAL RISKS AND UNCERTAINTIES
The director recognises the key business risks and uncertainties to be competition within the industry, products, customer retention, pricing and profitability. The director continues to work closely with suppliers, customers, staff and financial institutions to carefully manage the company's operations.

Competition Risk - Competition risk comes from other manufacturers and distributors of bedroom, bathroom and kitchen doors and drawers. The director manages this risk by ensuring a quality product offering is provided to all customers at a competitive price. The director is continually seeking to expand into new customer markets by developing new product ranges and offerings.

Financial Risk - The company's operations expose it to financial risk in relation to price risk, foreign exchange risk and credit risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of risk and the related finance costs.

Economic Risk - Economic risk is inherent in the industry in which the company operates. The director manages this risk by ensuring relationships with suppliers are maintained with the company having long standing relationships with such parties. The company regularly monitors credit limits with customers and aims to limit exposure to individual customers.

BUSINESS ENVIRONMENT
The UK and European manufacturing industries are highly competitive, particularly in the production of furniture components where our business is focused.

STRATEGY
The company's success is dependent on the ongoing management of business risks and uncertainties it faces. The director continues to work closely with suppliers, customers, staff and financial institutions to carefully manage the company's operations. Through research and development the company aims to continue to develop new products and remain competitive within the market.

KEY PERFORMANCE INDICATORS
The company's key performance indicators are noted as follows:

2023 2022
£ £
Revenue 22,158,425 20,748,222
Gross Profit 4,602,709 4,720,003
Operating Profit 1,484,643 1,858,197

FUTURE DEVELOPMENTS
The company is committed to the long term creation of shareholder value by increasing the company's market share in the UK kitchen and bathroom manufacturing market. With this in mind, in the coming year, the company aims to maintain revenue, operating profits and the number of customers it reaches. The company will continue to develop relations with suppliers, customers, generate new business where possible and increase retention levels while remaining highly competitive.


WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

EMPLOYMENT POLICY
The company is dependent on the skills and commitment of its employees in order to achieve its objectives. Company staff at every level are encouraged to make their fullest possible contribution to the company's success. The company's selection, training, development and promotion policies ensure equal opportunites for all employees, regardless of gender, martial status, race, age or disability. All decisions are based on merit.

ON BEHALF OF THE BOARD:





Brian McCloskey - Director


17 October 2023

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The director presents his report with the financial statements of the Company for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is the manufacture of kitchen and bathroom furniture.

DIVIDENDS
Interim dividends of £3,500,000 (2022: £40,000) were paid in the year. The director does not recommend payment of a final dividend.

DIRECTOR
Brian McCloskey held office during the whole of the period from 1 March 2022 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The company did not make any disclosable political donations in the current year (2022: £Nil).

POST STATEMENT OF FINANCIAL POSITION EVENTS
There have been no significant events affecting the company since the year-end.

RESEARCH AND DEVELOPMENT
The company is currently undertaking research and development projects covering new products and process improvement.

FINANCIAL RISK MANAGEMENT
The company's operations expose them to a variety of financial risks that include price risk, foreign exchange, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

PRICE RISK

The company are exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

FOREIGN EXCHANGE RISK

While the greater part of the company's revenues and expenses are denominated in sterling, the company are exposed to some foreign exchange risk in the normal course of business, principally on sales recorded in Euros and borrowing denominated in Euros. The foreign exchange risk for the company extends also to the subsidiary companies whose functional currency is Euro which require translation to sterling for reporting purposes.

CREDIT RISK

The company operate policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

LIQUIDITY

The company actively maintain a mixture of long-term and short-term debt finance that is designed to ensure that the company have sufficient available funds for operations and planned expansions.

INTEREST RATE RISK

The company have both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which earn interest at a variable rate. Interest bearing liabilities relate to bank loans and obligations under hire purchase and finance lease agreements, which bear interest at market rates.

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023


DISCLOSURE IN THE STRATEGIC REPORT
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties and future developments in the company's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, CavanaghKelly, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Brian McCloskey - Director


17 October 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
WOODLAND KITCHENS (N.I.) LIMITED

Opinion
We have audited the financial statements of Woodland Kitchens (N.I.) Limited (the 'Company') for the year ended 28 February 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
WOODLAND KITCHENS (N.I.) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
WOODLAND KITCHENS (N.I.) LIMITED

Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud continued

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s
financial statements and considered the most significant are the Companies Act 2006, Financial
Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of
material misstatement due to fraud and how it might occur by holding discussions with
management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of
non-compliance or suspected non-compliance with laws and regulations;
- We obtained understanding of the internal controls established to mitigate risks related to fraud or
non-compliance with laws and regulations; and
- We held discussions amongst the audit engagement team regarding how fraud might occur in the
financial statements and any potential indicators of fraud. As part of this discussion we identified
the following potential areas where fraud may occur: timing of revenue recognition and
management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess
compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the
appropriateness of journal entries and other adjustments, assessing whether the judgements
made in making accounting estimates are reasonable and evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Desmond Kelly FCA (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

17 October 2023

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
Notes £ £

REVENUE 5 22,158,425 20,748,222

Cost of sales (17,555,716 ) (16,028,219 )
GROSS PROFIT 4,602,709 4,720,003

Administrative expenses (3,575,107 ) (3,002,028 )
1,027,602 1,717,975

Other operating income 457,041 140,222
OPERATING PROFIT 7 1,484,643 1,858,197

Exceptional item 8 1,189,282 -
2,673,925 1,858,197


Finance costs 9 (239,847 ) (179,500 )
PROFIT BEFORE TAXATION 2,434,078 1,678,697

Tax on profit 10 (490,271 ) (32,687 )
PROFIT FOR THE FINANCIAL YEAR 1,943,807 1,646,010

OTHER COMPREHENSIVE INCOME
Revaluation reserve (1,411,991 ) -
Income tax relating to other
comprehensive income

330,983

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(1,081,008

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

862,799

1,646,010

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 12 3,835,887 7,401,474
Investments 13 90 90
3,835,977 7,401,564

CURRENT ASSETS
Inventories 14 2,478,903 2,299,747
Receivables: amounts falling due within
one year

15

6,155,295

4,326,714
Cash at bank and in hand 180,223 964,250
8,814,421 7,590,711
PAYABLES
Amounts falling due within one year 16 (7,063,699 ) (5,468,965 )
NET CURRENT ASSETS 1,750,722 2,121,746
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,586,699

9,523,310

PAYABLES
Amounts falling due after more than
one year

17

(1,101,504

)

(2,350,388

)

PROVISIONS FOR LIABILITIES 20 (581,523 ) (695,049 )

GOVERNMENT GRANTS 21 (342,979 ) (279,979 )
NET ASSETS 3,560,693 6,197,894

CAPITAL AND RESERVES
Called up share capital 22 50,000 50,000
Revaluation reserve - 1,081,008
Retained earnings 3,510,693 5,066,886
SHAREHOLDERS' FUNDS 3,560,693 6,197,894

The financial statements were approved by the director and authorised for issue on 17 October 2023 and were signed by:





Brian McCloskey - Director


WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £

Balance at 1 March 2021 50,000 3,460,876 1,081,008 4,591,884

Changes in equity
Profit for the year - 1,646,010 - 1,646,010
Total comprehensive income - 1,646,010 - 1,646,010
Dividends - (40,000 ) - (40,000 )
Balance at 28 February 2022 50,000 5,066,886 1,081,008 6,197,894

Changes in equity
Profit for the year - 1,943,807 - 1,943,807
Other comprehensive income - - (1,081,008 ) (1,081,008 )
Total comprehensive income - 1,943,807 (1,081,008 ) 862,799
Dividends - (3,500,000 ) - (3,500,000 )
Balance at 28 February 2023 50,000 3,510,693 - 3,560,693

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Woodland Kitchens (N.I.) Limited is a private company, limited by shares, registered in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the company information page.

The principal activity of the company is the manufacture of kitchen and bathroom furniture.

2. 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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company's financial statements.

The financial statements are prepared in Sterling which is the functional currency of the Company, and rounded to the nearest pound (£), except when otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions.

The company has taken advantage of the following exemptions:

- from presenting its own Statement of comprehensive income in these financial statements as
permitted under section 408 of the Companies Act 2006;
- from preparing a Statement of cash flows or Profit and loss account on the basis that it is a
qualifying entity; its cash flows and profit and loss is included in the cash flows and profit and
loss in the consolidated financial statements;
- from the financial instrument disclosures, required under FRS 102 paragraphs 11.41(b) to
11.48(c) and 12.26 to 12.29, as the information is provided in the consolidated statement
disclosure; and
- from disclosing the company's key management personnel compensation as required by FRS
102 paragraph 33.7.

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- 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;
- it is probable that future economic benefits will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of services:
Revenue from the sale of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the group will receive consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

Property, plant and equipment and depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Nil
Plant and machinery - 10% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% straight line

A revaluation policy is in place whereby land and buildings are revalued at fair value which is considered to equate to open market value by an external valuer. Revaluations will be made with sufficient regularity to ensure that the carrying amount does not materially differ from that which would be determined using fair value.

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries
Investments in subsidiary undertaking is recognised at cost.

Inventories
Inventories and work in progress are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and 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. 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 is recognised in profit or loss.

If there is 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.

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) despite having retained some significant risks and rewards of ownership, 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

(iii) Offsetting

Financial assets and liabilities are offset and 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.


WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued
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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Functional and presentation currency
The company's functional and presentational currency is GBP.

Transactions and Balances
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Hire purchase and leasing commitments
Where the company enters into a hire purchase lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over the life of its estimated useful economic life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payables are apportioned between the finance element, which is charged to the income statement, and the capital element which reduces the outstanding obligation for future instalments.
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore, management believe the critical accounting policies where estimates, judgements and assumptions are necessarily applied are summarised below:

Impairment of Non-Current Assets:
The company's property, plant and equipment are stated at cost less accumulated depreciation. The assets are depreciated over their estimated useful economic lives. The carrying values of such assets are reviewed annually for any indications of impairment. The carrying value of assets are tested for impairment where events or changes in circumstances indicate the carrying value is incorrectly stated. If such a review indicates the carrying value is overstated, the value of the asset is restated to its deemed recoverable amount. Recoverable amount is deemed to be the higher of the asset's fair value less costs to sell, or its value in use. Value in use is calculated based on the discounted future cash flows of the asset, or of the cash generating unit to which the asset belongs.

5. REVENUE

The whole of turnover is attributable to the company's main activity which is carried out in the United Kingdom.

No analysis of turnover is presented as the directors consider such disclosure to be seriously prejudicial to the company's interests.

6. EMPLOYEES AND DIRECTORS

2023 2022
£    £   
Wages and salaries 4,148,494 3,646,552
Social security costs 401,221 327,156
Other pension costs 82,026 72,640
4,631,742 4,046,348

The average number of employees during the year was as follows:
2023 2022

Packing and Distribution 17 17
Administrative and Directors 41 37
Production Staff 99 90
157 144

2023 2022
£    £   
Director's remuneration 9,985 9,985

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Hire of plant and machinery 66,613 43,778
Operating lease rentals 451,389 179,237
Depreciation - owned assets 525,770 484,450
(Profit)/loss on disposal of fixed assets (9,812 ) 11,987
Auditors' remuneration 11,000 8,400
Foreign exchange differences 11,809 68,285

8. EXCEPTIONAL ITEMS

20232022
£   £   
Profit on disposal of fixed asset 1,189,282-

9. FINANCE COSTS
2023 2022
£ £
Bank loan interest 160,772 102,420
Hire purchase interest 79,075 77,080
239,847 179,500

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 272,814 -

Deferred tax 217,457 32,687
Tax on profit 490,271 32,687

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 2,434,078 1,678,697
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

462,475

318,952

Effects of:
Expenses not deductible for tax purposes 6,247 9,521
Income not taxable for tax purposes - (3,257 )
Capital allowances in excess of depreciation - (33,645 )
Utilisation of tax losses - 164,360
Adjustments to tax charge in respect of previous periods 405 (328,244 )
Research & Development Relief - (95,000 )
Impact of super deduction (14,217 ) -
Impact of rate change 50,099 -
Other adjustments 8,308 -
Accounts profit greater than taxable gain (23,046 ) -
Total tax charge 490,271 32,687

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£ £ £
Revaluation reserve (1,411,991 ) 330,983 (1,081,008 )

11. DIVIDENDS

20232022
£   £   
Interim dividends paid3,500,00040,000

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

12. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST
At 1 March 2022 3,761,389 4,841,149 1,313,600
Additions 22,916 241,389 155,254
Disposals (3,784,305 ) (2,200 ) -
At 28 February 2023 - 5,080,338 1,468,854
DEPRECIATION
At 1 March 2022 61,595 1,882,289 741,169
Charge for year - 311,460 109,467
Eliminated on disposal (61,595 ) - -
At 28 February 2023 - 2,193,749 850,636
NET BOOK VALUE
At 28 February 2023 - 2,886,589 618,218
At 28 February 2022 3,699,794 2,958,860 572,431

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 March 2022 207,566 581,762 10,705,466
Additions 269,277 51,444 740,280
Disposals (83,375 ) - (3,869,880 )
At 28 February 2023 393,468 633,206 7,575,866
DEPRECIATION
At 1 March 2022 72,263 546,676 3,303,992
Charge for year 74,881 29,962 525,770
Eliminated on disposal (28,188 ) - (89,783 )
At 28 February 2023 118,956 576,638 3,739,979
NET BOOK VALUE
At 28 February 2023 274,512 56,568 3,835,887
At 28 February 2022 135,303 35,086 7,401,474


Included in Property, Plant & Equipment are assets held under finance leases or hire purchase contracts as follows:

2023202320222022
CarryingDepreciationCarryingDepreciation
amountchargeamountcharge
£   £   £   £   
Plant and machinery401,98437,6191,640,687182,299
Motor Vehicle251,14059,747131,25943,753
Totals653,12497,366 1,771,946 226,052

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 March 2022
and 28 February 2023 90
NET BOOK VALUE
At 28 February 2023 90
At 28 February 2022 90

The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Woodland Contract Furniture (ROI) Limited
Registered office: Colehill, Newtowncunningham, Lifford, Co. Donegal
Nature of business: Manufacture of furniture
%
Class of shares: holding
Ordinary 100.00

14. INVENTORIES
2023 2022
£ £
Raw materials 1,660,780 1,905,639
Work-in-progress 446,027 394,108
Finished goods 372,096 -
2,478,903 2,299,747

15. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 3,526,399 2,711,190
Amounts owed by group undertakings 205,369 -
Other receivables 252,379 668,520
Prepayments and accrued income 2,171,148 947,004
6,155,295 4,326,714

The amounts owed by group undertakings are interest free and repayable on demand.

16. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 18)
2,852,095

2,348,678
Hire purchase contracts (see note 19) 344,357 255,347
Trade payables 2,646,042 1,988,481
Amounts owed to group undertakings 101,687 213,278
Corporation Tax 273,295 481
Social security and other taxes 600,273 389,743
Other payables 36,190 62,844
Accruals and deferred income 209,760 210,113
7,063,699 5,468,965

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

16. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The amounts owed to group undertakings are interest free and payable on demand.

17. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 18) 496,140 1,607,520
Hire purchase contracts (see note 19) 605,364 742,868
1,101,504 2,350,388

18. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 2,627,095 1,997,042
Bank loans 225,000 351,636
2,852,095 2,348,678

Amounts falling due between one and two years:
Bank loans - 1-2 years 225,000 369,330

Amounts falling due between two and five years:
Bank loans - 2-5 years 271,140 872,690

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 365,500

19. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 344,357 255,347
Between one and five years 605,364 742,868
949,721 998,215

Hire purchase and finance leases are secured by the assets to which they relate.

WOODLAND KITCHENS (N.I.) LIMITED (REGISTERED NUMBER: NI030446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

20. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax
Accelerated capital allowances 604,291 619,567
Tax losses carried forward - (194,770 )
Other timing differences (22,768 ) 270,252
581,523 695,049

Deferred tax
£
Balance at 1 March 2022 695,049
Provided during year 217,457
Released to the reval reserve (330,983 )
Balance at 28 February 2023 581,523

21. GOVERNMENT GRANTS
2023 2022
£ £
Deferred government grants 342,979 279,979

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 2023 2022
£    £   
50,000 Ordinary £1.00 - 50,000
5,000 Ordinary 'A' £1.00 5,000 -
5,000 Ordinary 'B' £1.00 5,000 -
5,000 Ordinary 'C' £1.00 5,000 -
35,000 Ordinary 'D' £1.00 35,000 -
50,000 50,000

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £82,026 (2022 - £73,628). The balance outstanding at the 28th February 2023 were £22,767 (2022: £14,220).

24. RELATED PARTY DISCLOSURES

Portna Properties Limited is regarded as a related party as defined by Financial Reporting Standard 102 Section 33 as it holds the majority of the share capital in Woodland Kitchens (NI) Limited.

In the year to the 28 February 2023 the company disposed of a property to Portna Properties Limited. The disposal was conducted under normal commercial terms. Included in the results for the year is a profit on disposal of £1,189,282.

Woodland Kitchens (NI) Limited charged a management fee of £185,000 to Portna Properties Limited in the year to the 28 February 2023 which is disclosed in other operating income.

25. ULTIMATE CONTROLLING PARTY

Mr Conor McCloskey is deemed the ultimate controlling party due to his majority shareholding in Portna Properties Limited, the ultimate parent company.