Exquisite Woods Limited 05586015 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the supply, installation and restoration of solid and engineered timber, boards and parquet. Digita Accounts Production Advanced 6.30.9574.0 true 05586015 2022-04-01 2023-03-31 05586015 2023-03-31 05586015 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 05586015 core:CurrentFinancialInstruments 2023-03-31 05586015 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05586015 core:Non-currentFinancialInstruments 2023-03-31 05586015 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05586015 core:MotorVehicles 2023-03-31 05586015 core:OfficeEquipment 2023-03-31 05586015 core:PlantMachinery 2023-03-31 05586015 bus:SmallEntities 2022-04-01 2023-03-31 05586015 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05586015 bus:FullAccounts 2022-04-01 2023-03-31 05586015 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05586015 bus:RegisteredOffice 2022-04-01 2023-03-31 05586015 bus:Director1 2022-04-01 2023-03-31 05586015 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05586015 core:MotorVehicles 2022-04-01 2023-03-31 05586015 core:OfficeEquipment 2022-04-01 2023-03-31 05586015 core:PlantMachinery 2022-04-01 2023-03-31 05586015 countries:EnglandWales 2022-04-01 2023-03-31 05586015 2022-03-31 05586015 core:MotorVehicles 2022-03-31 05586015 core:OfficeEquipment 2022-03-31 05586015 core:PlantMachinery 2022-03-31 05586015 2021-04-01 2022-03-31 05586015 2022-03-31 05586015 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 05586015 core:CurrentFinancialInstruments 2022-03-31 05586015 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05586015 core:Non-currentFinancialInstruments 2022-03-31 05586015 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05586015 core:MotorVehicles 2022-03-31 05586015 core:OfficeEquipment 2022-03-31 05586015 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05586015

Exquisite Woods Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Exquisite Woods Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Exquisite Woods Limited

(Registration number: 05586015)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,162

42,375

Current assets

 

Stocks

770

730

Debtors

5

115,294

87,416

Cash at bank and in hand

 

39,521

6,883

 

155,585

95,029

Creditors: Amounts falling due within one year

6

(101,636)

(76,171)

Net current assets

 

53,949

18,858

Total assets less current liabilities

 

89,111

61,233

Creditors: Amounts falling due after more than one year

6

(24,232)

(33,337)

Provisions for liabilities

(8,791)

(8,051)

Net assets

 

56,088

19,845

Capital and reserves

 

Called up share capital

100

100

Retained earnings

55,988

19,745

Shareholders' funds

 

56,088

19,845

 

Exquisite Woods Limited

(Registration number: 05586015)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 November 2023
 

.........................................
Mr D L Pulev
Director

 

Exquisite Woods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
85 Castleview Road
Chiseldon
Swindon
Wiltshire
SN4 0NS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Exquisite Woods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Exquisite Woods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 7).

 

Exquisite Woods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

40,967

9,571

87,103

137,641

Additions

-

1,578

-

1,578

At 31 March 2023

40,967

11,149

87,103

139,219

Depreciation

At 1 April 2022

30,387

3,015

61,864

95,266

Charge for the year

2,116

1,627

5,048

8,791

At 31 March 2023

32,503

4,642

66,912

104,057

Carrying amount

At 31 March 2023

8,464

6,507

20,191

35,162

At 31 March 2022

10,579

6,557

25,239

42,375

5

Debtors

Current

2023
£

2022
£

Trade debtors

32,505

17,031

Other debtors

82,789

70,385

 

115,294

87,416

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

9,101

10,777

Trade creditors

2,698

-

Taxation and social security

58,000

38,264

Other creditors

31,837

27,130

101,636

76,171

 

Exquisite Woods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

24,232

33,337

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,101

9,996

Hire purchase contracts

-

781

9,101

10,777

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,232

33,337