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Company registration number: 12446141
SM WOODHOUSE LTD
28 February 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
SM WOODHOUSE LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SM WOODHOUSE LTD
DIRECTORS AND OTHER INFORMATION
Director Mr S M Woodhouse
Company number 12446141
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Pendizzard
Bryn Road
Shrewsbury
SY3 8PQ
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
SM WOODHOUSE LTD
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SM WOODHOUSE LTD
YEAR ENDED 28 FEBRUARY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SM Woodhouse Ltd for the year ended 28 February 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of SM Woodhouse Ltd, as a body, in accordance with the terms of our engagement letter dated 3 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of SM Woodhouse Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SM Woodhouse Ltd and its director as a body for our work or for this report.
It is your duty to ensure that SM Woodhouse Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SM Woodhouse Ltd. You consider that SM Woodhouse Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SM Woodhouse Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
6 November 2023
SM WOODHOUSE LTD
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 35,033 12,760
_______ _______
35,033 12,760
Current assets
Stocks 1,913 7,139
Debtors 6 7,432 18,226
Cash at bank and in hand 12,176 8,147
_______ _______
21,521 33,512
Creditors: amounts falling due
within one year 7 ( 39,660) ( 24,369)
_______ _______
Net current (liabilities)/assets ( 18,139) 9,143
_______ _______
Total assets less current liabilities 16,894 21,903
Provisions for liabilities ( 6,656) ( 323)
_______ _______
Net assets 10,238 21,580
_______ _______
Capital and reserves
Called up share capital 1 1
Revaluation reserve 11,060 11,060
Profit and loss account ( 823) 10,519
_______ _______
Shareholder funds 10,238 21,580
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr S M Woodhouse
Director
Company registration number: 12446141
SM WOODHOUSE LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 28 FEBRUARY 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 March 2021 1 - - 1
Profit for the year 23,019 23,019
Other comprehensive income for the year:
Revaluation of tangible assets 11,060 11,060
_______ _______ _______ _______
Total comprehensive income for the year - 11,060 23,019 34,079
Dividends paid and payable ( 12,500) ( 12,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 12,500) ( 12,500)
_______ _______ _______ _______
At 28 February 2022 and 1 March 2022 1 11,060 10,519 21,580
Profit for the year 21,158 21,158
_______ _______ _______ _______
Total comprehensive income for the year - - 21,158 21,158
Dividends paid and payable ( 32,500) ( 32,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 32,500) ( 32,500)
_______ _______ _______ _______
At 28 February 2023 1 11,060 ( 823) 10,238
_______ _______ _______ _______
SM WOODHOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is SM Woodhouse Ltd, Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable for servicess supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 15,567 6,896
Social security costs ( 104) 133
_______ _______
15,463 7,029
_______ _______
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 2,600 2,000 11,800 16,400
Additions 32,059 511 - 32,570
Disposals ( 2,600) - ( 4,800) ( 7,400)
_______ _______ _______ _______
At 28 February 2023 32,059 2,511 7,000 41,570
_______ _______ _______ _______
Depreciation
At 1 March 2022 390 300 2,950 3,640
Charge for the year 2,852 322 1,313 4,487
Disposals ( 390) - ( 1,200) ( 1,590)
_______ _______ _______ _______
At 28 February 2023 2,852 622 3,063 6,537
_______ _______ _______ _______
Carrying amount
At 28 February 2023 29,207 1,889 3,937 35,033
_______ _______ _______ _______
At 28 February 2022 2,210 1,700 8,850 12,760
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,162 16,684
Other debtors 5,270 1,542
_______ _______
7,432 18,226
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Credit Card 4,785 -
Trade creditors 10,309 9,555
Corporation tax 692 5,077
Social security and other taxes - 1,796
Other creditors 23,874 7,941
_______ _______
39,660 24,369
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr S M Woodhouse ( 4,741) ( 14,416) ( 19,157)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr S M Woodhouse 1 ( 4,742) ( 4,741)
_______ _______ _______