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Registered Number: 05910988
England and Wales

 

 

 

WOODS SQUARED LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Director Alan Thomas Woods
Registered Number 05910988
Registered Office The Old School
188 Liscard Road
Wallasey
Wirral
CH44 5TN
Secretary Tracy Anne Woods
1
Director's report and financial statements
The director presents their annual report and the financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the financial year was that of the supply of accountancy, taxation and business advice services to SME's
Director
The director who served the company throughout the year was as follows:
Alan Thomas Woods
Statement of director's responsibilities
The director is responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director 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 director is required to
  • select suitable accounting policies and then apply them consistently
  • make judgments 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 director is responsible for keeping adequate accounting records that 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. The director is 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.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Alan Thomas Woods
Director

Date approved: 12 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 3,349    4,465 
Tangible fixed assets 4 23,906    2,655 
27,255    7,120 
Current assets      
Stocks 5 13,682   
Debtors: amounts falling due within one year 6 18,608    11,295 
Cash at bank and in hand 7,889    7,545 
40,179    18,840 
Creditors: amount falling due within one year 7 (45,677)   (74,093)
Net current liabilities (5,498)   (55,253)
 
Total assets less current liabilities 21,757    (48,133)
Creditors: amount falling due after more than one year 8 (20,371)   (32,593)
Provisions for liabilities 9 (119)   4,890 
Net assets 1,267    (75,836)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 1,167    (75,936)
Shareholder's funds 1,267    (75,836)
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 12 February 2024 and were signed by:


-------------------------------
Alan Thomas Woods
Director
3
General Information
Woods Squared Limited is a private company, limited by shares, registered in England and Wales, registration number 05910988, registration address The Old School, 188 Liscard Road, Wallasey, Wirral, CH44 5TN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 15%
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 2 (2022 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2023 22,322    22,322 
Additions  
Disposals  
At 31 December 2023 22,322    22,322 
Amortisation
At 01 January 2023 17,857    17,857 
Charge for year 1,116    1,116 
On disposals  
At 31 December 2023 18,973    18,973 
Net book values
At 31 December 2023 3,349    3,349 
At 31 December 2022 4,465    4,465 


4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 January 2023 13,568    13,568 
Additions 28,453    28,453 
Disposals  
At 31 December 2023 42,021    42,021 
Depreciation
At 01 January 2023 10,913    10,913 
Charge for year 7,202    7,202 
On disposals  
At 31 December 2023 18,115    18,115 
Net book values
Closing balance as at 31 December 2023 23,906    23,906 
Opening balance as at 01 January 2023 2,655    2,655 


5.

Stocks

2023
£
  2022
£
Work in Progress 13,682   
13,682   

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 8,815    5,741 
Other Debtors 9,793    5,554 
18,608    11,295 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,045    5,605 
Bank Loans & Overdrafts 12,222    12,222 
Taxation and Social Security 28,310    20,859 
Other Creditors 4,100    35,407 
45,677    74,093 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 20,371    32,593 
20,371    32,593 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 119    (4,890)
119    (4,890)

4