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REGISTERED NUMBER: 04496428 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2023

for

IAN WOOD ENGINEERING LTD

IAN WOOD ENGINEERING LTD (Registered number: 04496428)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IAN WOOD ENGINEERING LTD

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr I D Wood





SECRETARY: Mrs H J Wood





REGISTERED OFFICE: 2 Hall Cottages
Hall Road
Charsfield
WOODBRIDGE
Suffolk
IP13 7PW





REGISTERED NUMBER: 04496428 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

IAN WOOD ENGINEERING LTD (Registered number: 04496428)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,472 20,814

CURRENT ASSETS
Stocks 9,000 10,250
Debtors 5 31,338 57,556
Cash at bank and in hand 10,662 3,703
51,000 71,509
CREDITORS
Amounts falling due within one year 6 31,058 43,100
NET CURRENT ASSETS 19,942 28,409
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,414

49,223

PROVISIONS FOR LIABILITIES 7 2,969 3,758
NET ASSETS 33,445 45,465

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 33,345 45,365
SHAREHOLDERS' FUNDS 33,445 45,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IAN WOOD ENGINEERING LTD (Registered number: 04496428)

Balance Sheet - continued
31 August 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 by the director and authorised for issue on 28 February 2024 and were signed by:





Mr I D Wood - Director


IAN WOOD ENGINEERING LTD (Registered number: 04496428)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

IAN WOOD ENGINEERING LTD 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 4 years

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.

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.

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.

IAN WOOD ENGINEERING LTD (Registered number: 04496428)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2022 228,575 13,420 1,790 243,785
Additions - - 520 520
At 31 August 2023 228,575 13,420 2,310 244,305
DEPRECIATION
At 1 September 2022 210,154 11,082 1,735 222,971
Charge for year 4,092 585 185 4,862
At 31 August 2023 214,246 11,667 1,920 227,833
NET BOOK VALUE
At 31 August 2023 14,329 1,753 390 16,472
At 31 August 2022 18,421 2,338 55 20,814

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 31,062 57,311
Prepayments 276 245
31,338 57,556

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,117 16,232
Tax 5,476 8,417
Social security and other taxes 897 815
VAT 4,377 7,531
Directors' current accounts 4,293 3,261
Accrued expenses 6,898 6,844
31,058 43,100

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,969 3,758

IAN WOOD ENGINEERING LTD (Registered number: 04496428)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 3,758
movement in year (789 )
Balance at 31 August 2023 2,969