Company registration number 03028427 (England and Wales)
L. H. WOODHOUSE & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
L. H. WOODHOUSE & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
L. H. WOODHOUSE & CO LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,627
1,422
Tangible assets
4
1,049,011
882,117
1,052,638
883,539
Current assets
Stocks
108,861
92,259
Debtors
5
142,632
223,575
Cash at bank and in hand
466,089
519,515
717,582
835,349
Creditors: amounts falling due within one year
6
(471,482)
(320,437)
Net current assets
246,100
514,912
Total assets less current liabilities
1,298,738
1,398,451
Creditors: amounts falling due after more than one year
7
(217,933)
(221,049)
Provisions for liabilities
(143,591)
(188,617)
Net assets
937,214
988,785
Capital and reserves
Called up share capital
1,050
1,050
Share premium account
1,600
1,600
Profit and loss reserves
934,564
986,135
Total equity
937,214
988,785
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
L. H. WOODHOUSE & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
A R Marsh
Director
Company registration number 03028427 (England and Wales)
L. H. WOODHOUSE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
L. H. Woodhouse & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Fosse, Cotgrave, Nottinghamshire, NG12 3HG. The company registration number is 03028427.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10% on cost
Website development
10% on cost
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Showgorund plant
5% to 20% on cost
Leasehold land and buildings
10 to 25% on cost
Plant and machinery
20% to 33.3% on cost
Motor vehicles
25% or 33.3% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
L. H. WOODHOUSE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
L. H. WOODHOUSE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
29
22
L. H. WOODHOUSE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Intangible fixed assets
Other
Website development
Total
£
£
£
Cost
At 1 November 2022
4,863
4,863
Additions
-
2,990
2,990
At 31 October 2023
4,863
2,990
7,853
Amortisation and impairment
At 1 November 2022
3,441
3,441
Amortisation charged for the year
486
299
785
At 31 October 2023
3,927
299
4,226
Carrying amount
At 31 October 2023
936
2,691
3,627
At 31 October 2022
1,422
1,422
4
Tangible fixed assets
Showgorund plant
Leasehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
2,667,447
380,662
171,265
54,190
3,273,564
Additions
297,714
475,512
33,500
136,831
943,557
Disposals
(856,174)
(1,074)
(15,500)
(872,748)
At 31 October 2023
2,965,161
203,691
175,521
3,344,373
Depreciation and impairment
At 1 November 2022
1,890,677
279,930
166,650
54,190
2,391,447
Depreciation charged in the year
177,435
4,155
11,788
10,122
203,500
Eliminated in respect of disposals
(284,085)
(15,500)
(299,585)
At 31 October 2023
2,068,112
178,438
48,812
2,295,362
Carrying amount
At 31 October 2023
897,049
25,253
126,709
1,049,011
At 31 October 2022
776,770
100,732
4,615
882,117
L. H. WOODHOUSE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
122,839
205,678
Other debtors
157
Prepayments and accrued income
19,793
17,740
142,632
223,575
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Obligations under finance leases
65,645
44,769
Trade creditors
139,460
70,395
Corporation tax
5,740
Other taxation and social security
80,360
61,001
Other creditors
58,727
10,092
Accruals and deferred income
77,290
78,440
471,482
320,437
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
75,000
125,000
Obligations under finance leases
123,367
76,483
Other creditors
19,566
19,566
217,933
221,049
Secured loans
The bank loans and overdrafts with Lloyds Bank Plc are secured by a first legal charge over postponement of a loan dated 17/01/2011 and an unlimited debenture dated 21/01/2011 incorporating fixed and floating charge.
The finance leases and hire purchase contracts are secured against the asset to which they relate.
L. H. WOODHOUSE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
262,503
144,035
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.