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REGISTERED NUMBER: 05697468 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

WOOD WISE TRADING LIMITED
T/A
SEALWISE FABRICATIONS

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WOOD WISE TRADING LIMITED
T/A SEALWISE FABRICATIONS

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr P J Huggins
Mr S M Bray
Mr C H J Huggins
Mr B M Griffiths





REGISTERED OFFICE: Unit 5 Mendip Industrial Estate
Mendip Road
Rooksbridge
Axbridge
BS26 2UG





REGISTERED NUMBER: 05697468 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

BALANCE SHEET
28TH FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 291,403 204,474
291,403 204,474

CURRENT ASSETS
Stocks 67,000 72,000
Debtors 6 122,341 116,388
Cash at bank 28,563 15,123
217,904 203,511
CREDITORS
Amounts falling due within one year 7 (217,763 ) (149,268 )
NET CURRENT ASSETS 141 54,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,544

258,717

CREDITORS
Amounts falling due after more than one
year

8

(236,915

)

(171,392

)

PROVISIONS FOR LIABILITIES (7,616 ) (23,085 )
NET ASSETS 47,013 64,240

CAPITAL AND RESERVES
Called up share capital 121 121
Share premium 19,980 19,980
Retained earnings 26,912 44,139
SHAREHOLDERS' FUNDS 47,013 64,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

BALANCE SHEET - continued
28TH FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14th November 2023 and were signed on its behalf by:





Mr P J Huggins - Director


WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

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

1. STATUTORY INFORMATION

Wood Wise Trading 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

GOING CONCERN
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern basis as the directors are confident that they can meet their liabilities as they fall due. The directors continue to support the company.

TURNOVER
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

GOODWILL
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset. This has been now been written off in full.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office equipment - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

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

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.


HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

OPERATING LEASE AGREEMENTS
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

INVOICE DISCOUNTING
Amounts advanced under an invoice discounting agreement, in which full recourse lies with the lender, are recognised as a liability and included in Creditors: amounts falling due within one year. The related receivables balance continues to be reported separately in trade debtors until the account balances are collected.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022
and 28th February 2023 7,461
AMORTISATION
At 1st March 2022
and 28th February 2023 7,461
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Office Plant and and
equipment machinery fittings
£    £    £   
COST
At 1st March 2022 2,114 380,704 16,148
Additions - 100,599 2,198
Disposals - (20,000 ) -
At 28th February 2023 2,114 461,303 18,346
DEPRECIATION
At 1st March 2022 1,891 177,059 15,542
Charge for year 56 66,096 121
Eliminated on disposal - (13,672 ) -
At 28th February 2023 1,947 229,483 15,663
NET BOOK VALUE
At 28th February 2023 167 231,820 2,683
At 28th February 2022 223 203,645 606

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

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

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st March 2022 - 13,449 412,415
Additions 57,940 - 160,737
Disposals - - (20,000 )
At 28th February 2023 57,940 13,449 553,152
DEPRECIATION
At 1st March 2022 - 13,449 207,941
Charge for year 1,207 - 67,480
Eliminated on disposal - - (13,672 )
At 28th February 2023 1,207 13,449 261,749
NET BOOK VALUE
At 28th February 2023 56,733 - 291,403
At 28th February 2022 - - 204,474

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st March 2022 236,826 - 236,826
Additions 100,599 57,940 158,539
Transfer to ownership (47,450 ) - (47,450 )
At 28th February 2023 289,975 57,940 347,915
DEPRECIATION
At 1st March 2022 62,395 - 62,395
Charge for year 56,622 1,207 57,829
Transfer to ownership (32,438 ) - (32,438 )
At 28th February 2023 86,579 1,207 87,786
NET BOOK VALUE
At 28th February 2023 203,396 56,733 260,129
At 28th February 2022 174,431 - 174,431

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 90,981 85,644
Amounts owed by group undertakings 31,360 156
Other debtors - 5,867
Corporation tax recoverable - 23,211
Prepayments - 1,510
122,341 116,388

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loan 5,556 5,556
Hire purchase contracts 64,652 47,717
Trade creditors 39,981 26,172
Social security and other taxes 25,536 2,626
Other creditors 74,479 60,155
Directors' current accounts 5,959 5,959
Accruals and deferred income 1,600 1,083
217,763 149,268

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Bank loan 22,222 22,222
Bank loan due in more than 5 years 12,500 18,056
Hire purchase contracts 202,193 131,114
236,915 171,392

Amounts falling due in more than five years:

Repayable by instalments
Bank loan due in more than 5 years 12,500 18,056

9. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Hire purchase contracts 266,845 178,831
Other creditors 74,479 60,155
341,324 238,986

WOOD WISE TRADING LIMITED (REGISTERED NUMBER: 05697468)
T/A SEALWISE FABRICATIONS

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

10. PARENT COMPANY

The parent company is The Wise Technology and Solutions Group Limited, a company registered in England and Wales. The parent's registered office address is Rubis House, 15 Friarn Street, Bridgwater, Somerset, TA6 3LH.