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REGISTERED NUMBER: 03248226 (England and Wales)


















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

STEVE WOODS LIMITED

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


STEVE WOODS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: J S Woods
S C Loy


REGISTERED OFFICE: Ince Moss Industrial Estate
Cemetery Road
Wigan
Lancashire
WN3 4NN


REGISTERED NUMBER: 03248226 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Jane Dennis BA(Hons) FCA


AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB


BANKERS: Royal Bank of Scotland plc
56 Market Street
Chorley
Lancashire
PR7 2SD

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of supply, repair and installation of a wide range of excavator and bulldozer undercarriage parts.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

J S Woods
S C Loy

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and currency 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 related costs.

The following areas are covered as part of the financial risk management

Foreign currency risk
The company is exposed to foreign currency risk as the majority of its purchases are made in US Dollars and Euros. However, this is partly mitigated by competitive prices offered by suppliers and also by monitoring exchange rate movements and forward buying currency where appropriate.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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.

ON BEHALF OF THE BOARD:





S C Loy - Director


25 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEVE WOODS LIMITED

Opinion
We have audited the financial statements of Steve Woods Limited (the 'company') for the year ended 31 March 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 101 'Reduced Disclosure Framework' (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 31 March 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEVE WOODS 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 Report of the Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEVE WOODS LIMITED


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 a Report of the Auditors 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.

Extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting such irregularities is detailed below:



- We obtained an understanding of the company and the sector in which it operates in order to identify those laws and regulations that could reasonably be expected to have a direct effect on the financial statements or a fundamental effect on its operations. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.
- We determined the principal laws and regulations relevant to the company in this regard to be those arising from FRS 101, the Companies Act 2006, GDPR and Health and Safety.
- We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company of those laws and regulations. These procedures included, but were not limited to enquiries of management, review of minutes and review of legal and regulatory correspondence.
- As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but was not limited to the testing of journals, reviewing accounting estimates for evidence of bias and evaluating the business rational of any significant transactions that were unusual or outside the normal course of business.


Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEVE WOODS LIMITED


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 a Report of the Auditors 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.




Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

26 October 2023

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

INCOME STATEMENT
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 4 5,488,759 6,543,696

Cost of sales 4,185,277 4,937,094
GROSS PROFIT 1,303,482 1,606,602

Administrative expenses 1,027,563 1,041,746
275,919 564,856

Other operating income 5 (207,791 ) (32,691 )
OPERATING PROFIT 68,128 532,165

Interest receivable and similar income 1 2
68,129 532,167

Interest payable and similar expenses 7 48,286 40,680
PROFIT BEFORE TAXATION 8 19,843 491,487

Tax on profit 9 292 126,383
PROFIT FOR THE FINANCIAL YEAR 19,551 365,104

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 19,551 365,104


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

19,551

365,104

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Owned
Tangible assets 11 1,669,189 1,659,531
Right-of-use
Tangible assets 11, 17 142,781 215,880
1,811,970 1,875,411

CURRENT ASSETS
Stocks 12 3,771,576 3,133,299
Debtors 13 916,514 1,361,479
Cash at bank and in hand 3,119 2,739
4,691,209 4,497,517
CREDITORS
Amounts falling due within one year 14 2,935,390 2,740,493
NET CURRENT ASSETS 1,755,819 1,757,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,567,789

3,632,435

CREDITORS
Amounts falling due after more than one
year

15

(616,114

)

(694,845

)

PROVISIONS FOR LIABILITIES 20 (139,107 ) (144,573 )
NET ASSETS 2,812,568 2,793,017

CAPITAL AND RESERVES
Called up share capital 21 9,600 9,600
Revaluation reserve 200,107 205,785
Capital redemption reserve 6,560 6,560
Retained earnings 22 2,596,301 2,571,072
SHAREHOLDERS' FUNDS 2,812,568 2,793,017

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





J S Woods - Director


STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2023

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

Balance at 1 April 2021 9,600 2,350,290 211,463 6,560 2,577,913

Changes in equity
Dividends - (150,000 ) - - (150,000 )
Total comprehensive income - 370,782 (5,678 ) - 365,104
Balance at 31 March 2022 9,600 2,571,072 205,785 6,560 2,793,017

Changes in equity
Total comprehensive income - 25,229 (5,678 ) - 19,551
Balance at 31 March 2023 9,600 2,596,301 200,107 6,560 2,812,568

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Steve Woods 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 functional currency of the entity is £ sterling.

The parent company is Kian Ann Engineering Pte Limited, a company registered in Singapore.

The principal activity of the company continues to be that of the supply, repair and installation of a wide range of excavator and bulldozer undercarriage parts.

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.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Impact of new international reporting standards, amendments and interpretations
There are no amendments to accounting standards, or IFRIC interpretations that are effective for the financial year ended 31st March 2023 that have a material impact on the company's financial statements.
The company has applied disclosure exemptions available in the standard in the following areas:

- IFRS 7 disclosures regarding financial instruments;
- IFRS 13 disclosures on fair values;
- IFRS 15 disclosures regarding revenue from contracts with customers;
- IFRS 16 disclosures regarding leases;
- IAS 1 requirement to disclose the company’s objectives, policies and processes for managing capital;
- IAS 1 requirement for full comparative information on property, plant and equipment and intangible
assets;
- IAS 7 requirement to produce a statement of cash flows and related notes
- IAS 8 requirement to disclose information about the impact of standards not yet effective.
- IAS 24 requirements in respect of disclosing remuneration of key management personnel and
intragroup transactions.

Going concern
After a thorough review of the future operations of the business it is the directors opinion that the preparation of the financial statements on a going concern basis remains appropriate.

Turnover
Revenue is earned from the supply, repair and installation of a wide range of excavator and bulldozer undercarriage parts (sale of goods) and is recognised at the point in time when the relevant performance obligation is satisfied, which is when the undercarriage parts have been delivered and legal title has passed. There are no contracts whose performance obligations are satisfied over time.

Revenue is measured at the transaction price, being the fair value of the consideration received or receivable. The transaction price is reduced for customer rebates and other similar allowances. Payment is typically due within 30 days of delivery.

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Property, plant & equipment
Property, plant and equipment consists of:

- Land & buildings held and used in the company's own activities for supply of goods or for
administrative purposes - this class of asset is carried under the revaluation model.
- All other assets - these classes of assets are carried under the cost model.

Revaluation model
Land and buildings are stated at the revalued amounts less any depreciation or impairment losses subsequently accumulated (revaluation model).
Revaluations are carried out every three years so that the carrying amounts approximate the fair value at the reporting date. An increase in value is credited to the revaluation reserve except to the extent that it reverses a previous revaluation decrease related to the same property that was recognised in profit or loss. Similarly, revaluation decreases are recognised in the revaluation reserves to the extent that they equal gains previously recognised in respect of the same asset. Thereafter any excess is recognised as an expense in profit or loss.

Land is not depreciated. Depreciation on revalued buildings is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives of 50 years.

No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. When a revalued asset is sold or retired any remaining attributable revaluation surplus is transferred to retained earnings.

Cost model
All other assets are stated at cost less accumulated depreciation and accumulated impairment losses (cost model).
Depreciation on plant and equipment is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives. The depreciation rate is 15% on cost.
Depreciation on motor vehicles is recognised using the reducing balance basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives. The depreciation rate is 25% on reducing balance.

Trade and other receivables
Trade and other receivables where payment is due within one year do not constitute a financing transaction and are recorded at the undiscounted amount expected to be received, less attributable transaction costs. Any subsequent impairment is recognised as an expense in profit or loss.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand and demand deposits with banks.

Trade and other payables
Trade and other payables are initially recognised at fair value less attributable transaction costs. All payables are due within one year.

Derivative financial instruments
The Company uses forward currency contracts to reduce its exposure to risks from foreign exchange movements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Costs comprises of purchase price plus an allocation of carriage costs where applicable.

Net realisable value is based on the estimated selling price less any estimated selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Current and deferred taxation
The tax expense for the period comprises current and deferred taxation.

Current tax
Current tax is based on taxable profit for the year. Taxable profit differs from profit as reported for accounting purposes because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible.
Current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognised for tax matters that are uncertain if it is considered probable that there will be a future outflow of funds to a tax authority. The provision is measured at the best estimate of the amount expected to become payable.

Deferred tax
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transaction and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated suing the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'.

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Leases
The company as a lessee

At inception of a contract, the Company assesses whether a contract is, or contains a lease. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expenses on a straight-line basis over the term of the lease.

At the commencement date, the Company measures the lease liability at the present value of the lease
payments unpaid at that date, discounted using the Company’s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Company would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.

The lease liability is reassessed when there is a change in the lease payments. Changes in lease payments arising from a change in the lease term or a change in the assessment of an option to purchase a leased asset. The revised lease payments are discounted using the Company’s incremental borrowing rate at the date of reassessment when the rate implicit in the lease cannot be readily determined. The amount of the remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use asset. The exception being when the carrying amount of the right-of-use asset has been reduced to zero then any excess is recognised in profit or loss.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If the lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement of the lease.

The company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the policy for Tangible fixed assets.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made where n event has taken place that give the Company a legal or constructive obligation that probably require settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the period in which the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3. CRITICAL JUDGEMENTS AND ESTIMATES

In applying the company's accounting policies, which are described in note 1, management is required to make:

-judgements (other than those involving estimations) that have a significant impact on the amounts
recognised; and
-estimates and assumptions about the carrying values of assets and liabilities that are not readily
apparent from other sources. The estimates and underlying assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future periods if the revision affects both current
and future periods.

The critical judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Bad debt provisions
Management have reviewed the amounts owed to the company by its customers and have used their knowledge of the customer to assess the provision required against balances which may not be received.

Stock provision
The stock provision is determined by both reviewing the ageing of stock and the movement of stock in the current year. Management then use their knowledge and experience of customer requirements in order to make a provision against the stock valuation for any stock that is considered obsolete.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 5,072,436 6,244,897
Rest of the world 416,323 298,799
5,488,759 6,543,696

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. OTHER OPERATING INCOME
2023 2022
£    £   
Foreign exchange gain/l(oss) (207,791 ) (32,691 )

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 683,533 744,037
Social security costs 74,146 75,365
Other pension costs 20,851 20,766
778,530 840,168

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

Management & Administration 7 7
Warehouse & Workshop 10 10
17 17

2023 2022
£    £   
Directors' remuneration 179,670 208,169

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 15,953 6,000
Mortgage interest 32,876 22,283
Hire purchase interest (2,182 ) 9,247
Finance lease interest 1,639 2,190
Other interest - 960
48,286 40,680

8. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):
2023 2022
£    £   
Cost of inventories recognised as expense 3,765,646 4,511,104
Depreciation - owned assets 67,133 74,876
Depreciation - assets on hire purchase contracts and finance leases 55,210 59,600
Profit on disposal of fixed assets (11,953 ) -
Auditors' remuneration 10,000 10,500
Auditors' remuneration for non audit work 20,978 24,900
Foreign exchange(gain)/loss 207,791 32,691

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

9. TAXATION

Analysis of tax expense
2023 2022
£    £   
Current tax:
Tax 5,758 103,559

Deferred tax (5,466 ) 22,824
Total tax expense in income statement 292 126,383

Factors affecting the tax expense
The tax assessed for the year is lower (2022 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before income tax 19,843 491,487
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

3,770

93,383

Effects of:
Expenses not deductible for tax purposes 624 2,060
Other timing differences 8 (46 )
in excess of depreciation
Deferred taxation movement (5,466 ) 22,824
Impact of depreciation in excess of capital allowances 1,356 8,162
Tax expense 292 126,383

Factors that may affect future tax charges
Following the Budget announcement on 3 March 2021 the UK Corporation Tax rate (from 1 April 2023) will be 25% (for companies with profits over £250,000) and continue to be 19% (for companies with profits of £50,000 or less). Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. The tax rate change was enacted in Finance Act 2021 on 24 May 2021.

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final - 100,000
Interim - 50,000
- 150,000

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2022 1,878,433 601,873 57,889
Additions - 16,057 -
Disposals - - -
At 31 March 2023 1,878,433 617,930 57,889
DEPRECIATION
At 1 April 2022 297,511 437,294 48,869
Charge for year 24,263 51,407 4,615
Eliminated on disposal - - -
At 31 March 2023 321,774 488,701 53,484
NET BOOK VALUE
At 31 March 2023 1,556,659 129,229 4,405
At 31 March 2022 1,580,922 164,579 9,020

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 272,755 39,615 2,850,565
Additions 49,742 - 65,799
Disposals (61,004 ) - (61,004 )
At 31 March 2023 261,493 39,615 2,855,360
DEPRECIATION
At 1 April 2022 160,933 30,547 975,154
Charge for year 38,226 3,832 122,343
Eliminated on disposal (54,107 ) - (54,107 )
At 31 March 2023 145,052 34,379 1,043,390
NET BOOK VALUE
At 31 March 2023 116,441 5,236 1,811,970
At 31 March 2022 111,822 9,068 1,875,411

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2009 283,881 - -
Cost 1,594,552 617,930 57,889
1,878,433 617,930 57,889

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2009 - - 283,881
Cost 261,493 39,615 2,571,479
261,493 39,615 2,855,360

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,594,552 1,594,552
Aggregate depreciation 248,915 230,330

Value of land in freehold land and buildings 365,314 365,314

Freehold land and buildings were valued on an open market basis on 31 May 2009 by Borron Shaw, Commercial Valuers .

Land and buildings were valued in September 2021 by Parkinson Real Estate on a fair value basis. The valuation did not materially differ to the carrying value and no revaluation was therefore included in the financial statements.

12. STOCKS
2023 2022
£    £   
Stocks 3,771,576 3,124,884
Work-in-progress - 8,415
3,771,576 3,133,299

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 845,549 1,284,446
Other debtors - 16,640
Prepayments 70,965 60,393
916,514 1,361,479

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 397,343 461,472
Leases (see note 16) 48,648 75,326
Trade creditors 826,156 889,121
Amounts owed to group undertakings 1,334,289 851,242
Tax 5,766 103,559
Social security and other taxes 20,492 20,217
VAT 161,035 205,664
Other creditors 77,127 58,484
Directors' current accounts 17,277 47,586
Accrued expenses 47,257 27,822
2,935,390 2,740,493

Amounts owed to group undertakings are in respect of trade debt. The amounts are unsecured, interest free have no fixed date of repayment and are repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 553,600 583,979
Leases (see note 16) 62,514 110,866
616,114 694,845

16. FINANCIAL LIABILITIES - BORROWINGS

2023 2022
£    £   
Current:
Bank overdrafts 357,343 421,472
Mortgage account 40,000 40,000
Leases (see note 17) 48,648 75,326
445,991 536,798

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

16. FINANCIAL LIABILITIES - BORROWINGS - continued

2023 2022
£    £   
Non-current:
Mortgage 1-2 years 553,600 583,979
Leases (see note 17) 62,514 110,866
616,114 694,845

Terms and debt repayment schedule

1 year or More than
less 1-2 years 2-5 years 5 years Totals
£    £    £    £    £   
Bank overdrafts 357,343 - - - 357,343
Mortgage account 40,000 40,000 120,000 393,600 593,600
Leases 48,648 40,282 22,232 - 111,162
445,991 80,282 142,232 393,600 1,062,105

The mortgage is secured by a fixed charge over the property, plant and equipment of the business.

17. LEASING

Right-of-use assets

Tangible fixed assets

2023 2022
£    £   
COST
At 1 April 2022 389,811 368,146
Additions - 21,665
Transfer to ownership (79,507 ) -
310,304 389,811

DEPRECIATION
At 1 April 2022 173,931 114,331
Charge for year 55,210 59,600
Transfer to ownership (61,618 ) -
167,523 173,931

NET BOOK VALUE 142,781 215,880

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

17. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

2023 2022
£    £   
Gross obligations repayable:
Within one year 53,599 85,880
Between one and five years 68,616 121,919

122,215 207,799

Finance charges repayable:
Within one year 4,951 10,554
Between one and five years 6,102 11,053
11,053 21,607

Net obligations repayable:
Within one year 48,648 75,326
Between one and five years 62,514 110,866
111,162 186,192

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 357,343 421,472
Bank loans 593,600 623,979
Leases 111,162 186,192
1,062,105 1,231,643

The bank facilities are secured by way of first legal charge over the company's freehold land and buildings and chattels. The bank also has a fixed and floating charge over the undertaking and all land and property.

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

19. FINANCIAL INSTRUMENTS

A significant proportion of the entities purchases are in foreign currencies. As a consequence, the entity uses foreign currency forward contracts to manage the foreign exchange of future transactions and their cash flows. The contracts are valued based on available market data. The entity does not adopt hedge accounting for forward exchange contracts, consequently, fair value gains and losses are recognised in profit and loss.

At the year end, the outstanding foreign forward contracts that the entity had committed to are as follows:

2023 2022
$    $   
Purchase US Dollars 1,690,000 -

Change in Fair Value of Forward contracts
2023 2022
£    £   
Agreed purchase price 1,430,231 -
Current value of contracts 1,362,903 -
Change in fair value of forward contracts (67,327 ) -

20. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 139,107 144,573

Deferred
tax
£   
Balance at 1 April 2022 144,573
Credit to Income Statement during year (5,466 )
Balance at 31 March 2023 139,107

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,600 Ordinary £1 9,600 9,600

STEVE WOODS LIMITED (REGISTERED NUMBER: 03248226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

22. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2022 2,571,072 205,785 6,560 2,783,417
Profit for the year 19,551 - - 19,551
Depreciation in respect of
revaluation reserve

5,678

(5,678

)

-

-

At 31 March 2023 2,596,301 200,107 6,560 2,802,968

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
J S Woods
Balance outstanding at start of year 47,586 28,913
Amounts advanced - 74,985
Amounts repaid (30,309 ) (56,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,277 47,586

The Directors loan account remained in credit throughout the year.

24. RELATED PARTY DISCLOSURES

Kian Ann Engineering Pte Ltd, the parent company, has traded with Steve Woods Limited on normal commercial terms during this financial year.

The value of the goods supplied was £1,490,943 (2022: £1,367,824). An amount of £1,334,289 (2022: £851,242) remained outstanding at the end of the financial period in respect of trade debt.

The parent company was also owed £NIL (2022: £50,010) in respect of non-trade debt and dividends.

All debts are shown as being repayable within one year.

25. ULTIMATE CONTROLLING PARTY

The controlling party Kian Ann Engineering Pte Ltd is a company registered in Singapore.

.