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COMPANY REGISTRATION NUMBER: 8241848
Woodlouse Conservation Limited
Filleted Unaudited Financial Statements
31 March 2023
Woodlouse Conservation Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
52,168
18,624
Current assets
Stocks
7
22,496
14,825
Debtors
8
36,788
12,640
Cash at bank and in hand
40,777
46,741
----------
---------
100,061
74,206
Creditors: amounts falling due within one year
9
71,708
70,472
----------
---------
Net current assets
28,353
3,734
---------
---------
Total assets less current liabilities
80,521
22,358
Provisions
Taxation including deferred tax
9,912
3,539
---------
---------
Net assets
70,609
18,819
---------
---------
Woodlouse Conservation Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
69,609
17,819
---------
---------
Shareholders funds
70,609
18,819
---------
---------
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 income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr Z J B Trump
Mrs H A Trump
Director
Director
Company registration number: 8241848
Woodlouse Conservation Limited
Notes to the Financial Statements
Year ended 31 March 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 Unit 2 Old Brewery Road, Wiveliscombe, Taunton, Somerset, TA4 2PW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Deferred tax is recognised in respect of all timing differences at the reporting date. 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
11,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
11,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
14,000
38,395
52,395
Additions
41,685
41,685
---------
---------
---------
At 31 March 2023
14,000
80,080
94,080
---------
---------
---------
Depreciation
At 1 April 2022
10,960
22,811
33,771
Charge for the year
456
7,685
8,141
---------
---------
---------
At 31 March 2023
11,416
30,496
41,912
---------
---------
---------
Carrying amount
At 31 March 2023
2,584
49,584
52,168
---------
---------
---------
At 31 March 2022
3,040
15,584
18,624
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023
----
At 31 March 2022
3,902
-------
7. Stocks
2023
2022
£
£
Building materials
8,340
6,740
Work in progress
14,156
8,085
---------
---------
22,496
14,825
---------
---------
8. Debtors
2023
2022
£
£
Trade debtors
32,902
9,035
Prepayments and accrued income
3,886
3,605
---------
---------
36,788
12,640
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,374
10,215
Corporation tax
16,331
15,758
Social security and other taxes
18,252
18,987
Obligations under finance leases and hire purchase contracts
1,323
Director loan accounts
14,564
20,919
Other creditors
10,187
3,270
---------
---------
71,708
70,472
---------
---------
The obligations under finance leases and hire purchase contracts are secured against the assets they were used to acquire.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
9,912
3,539
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
9,912
3,539
-------
-------
11. Directors' advances, credits and guarantees
Included in creditors are amounts owing to Mr & Mrs Z J B Trump. The balance on these accounts at the year end was £14,564, the balance at the beginning of the year was £20,919. £Nil interest was paid on these balances.
12. Related party transactions
The company was under the control of Mr and Mrs Trump throughout the year. Mr and Mrs Trump are the sole directors and shareholders. The directors have provided personal guarantees for the bank borrowing. The company paid the directors £312 for the use of office and facilities and £377 for the use of telephones provided at their private residence, and £12,000 rent for the use of premises owned by the directors. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.