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REGISTERED NUMBER: 03176771 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 30 September 2023

for

Lightwood Plc

Lightwood Plc (Registered number: 03176771)

Contents of the Financial Statements
For The Year Ended 30 September 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Lightwood Plc

Company Information
For The Year Ended 30 September 2023







DIRECTORS: Mr A J Francis
Mr T Harris





SECRETARY: Mr T Harris





REGISTERED OFFICE: The Canfield Logistics Hub
High Cross Lane East
Little Canfield
Essex
CM6 1TH





REGISTERED NUMBER: 03176771 (England and Wales)





AUDITORS: Giess Wallis Crisp LLP
Registered Auditor
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Lightwood Plc (Registered number: 03176771)

Strategic Report
For The Year Ended 30 September 2023


The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The Company has continued to flourish in the challenging trading environment in which we have operated throughout 2023. This is due to fundamentals of the business being robust: our portfolio of clientèle is strong; we have excellent development and product management, we have in place, throughout the organisation, capable teams which have produced good results in the areas of sourcing, quality control, and customer service. We have a diverse client base within an equally diverse range of industries.

All of these factors, when coupled with effective financial controls and detailed reporting have resulted in strong sales and profits in 2023. We thank all of our dedicated workforce for their efforts in the past year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company is keen to maximise sales and profitability, while taking a sensible approach to risk. To this end, debts are generally secured by retention of stored goods where appropriate. As mentioned above, we aim to be diverse in respect of our revenue streams, and in addition, striving to ensure that no one customer represents more than 12% of our total turnover. We have over the last few years expanded our service ranges in order to iron out most of the seasonality of our business.

We are careful to adhere to all legislation in respect of services, having a vigorous quality control process (ISO.9001) and Environmental Management Systems (ISO.14001). We are also an HMRC Authorised Economic Operator (A.E.O., Full Status), and are accredited (Gold Standard) participant in the London Fleet Operator Recognition Scheme (FORS). The company has robust health and safety procedures, and carries out regular assessments to ensure compliance. We have liability insurances at all levels, and that generally exceed the minimums required by law.

SECTION 172(1) STATEMENT
The following paragraphs summarise how the Directors' fulfil their duties:

Engagement with employees
The company has a strong culture of promoting good communication and employee engagement. The management team remains actively involved in the development of employees and the director with his senior management team have regular discussions with their teams to ensure the opinions of employees are considered in all business decisions. Additionally, operational health and safety meetings ensure the requirements of all employees to ensure continued improvements in this regard.

Engagement with suppliers, customers and others
The company continues to consider the requirements of all key stakeholders in all aspects of its business. Key account reviews and strategic development meetings with customers ensure that the business can align its future direction with that of the customers; this includes the expansion of warehouses to ensure customer's future needs can be met. The company also values and supports both small local suppliers and those larger; with these, communications and quarterly reviews may be informal or formal in nature.

Statement of corporate governance arrangements
The Director with support from management team direct the company's risk assessment, resource management, strategic planning, financial and operational management to ensure that obligations to shareholders and other stakeholders are understood and met.

THIRD PARTY INDEMNITY INSURANCE
The Company has provided third party indemnity insurance for which provides cover for the business.


Lightwood Plc (Registered number: 03176771)

Strategic Report
For The Year Ended 30 September 2023

KEY PERFORMANCE INDICATORS
Gross Profit Margin: 60.67% (2022: 54.88%)

Net Profit Margin: 5.82% (2022: 6.05%)

Trade Debtors Days: 61 days (2022: 65 days)

ON BEHALF OF THE BOARD:



Mr T Harris - Secretary


4 March 2024

Lightwood Plc (Registered number: 03176771)

Report of the Directors
For The Year Ended 30 September 2023


The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of warehousing and haulage.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2023 will be £ 200,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mr A J Francis
Mr T Harris

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Giess Wallis Crisp LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr T Harris - Secretary


4 March 2024

Report of the Independent Auditors to the Members of
Lightwood Plc


Opinion
We have audited the financial statements of Lightwood Plc (the 'company') for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Lightwood Plc


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which they operate, we identified the significant laws and regulations in relation to this company as being: financial reporting legislation (including Companies Act 2006), taxation legislation (including corporation tax act 2010) and we considered the extent to which non-compliance might have a material effect on the financial statements. These laws and regulations could have a direct impact on the financial statements. As part of the planning process we evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements and concluded that the principal risk is related to the possible override of controls by management. The results of the above assessment were communicated to the engagement team during the engagement team briefing prior to the commencement of the audit field work.

Audit procedures performed in response to the potential risks relating to irregularities, fraud and non-compliance with laws and regulations comprised of:

- Enquiries of management and those charged with governance.
- Evaluation and testing of the effectiveness of internal controls via a combination of walkthrough testing and detailed controls testing.
- Testing the appropriateness of entries in the nominal ledger, including journal entries.
- Review and testing of transactions either side of the end of the reporting period.
- Analytical review of the financial statements at both planning and completion stage to identify any anomalies or unexpected movements in account balances which may be indicative of fraud.
- Inspection and examination of legal invoices and correspondence.


The results of the above audit procedures were that no instances of non-compliance with laws and regulations were identified and no instances of material fraud were identified.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISA's (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Lightwood Plc


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Laurence Miles ACA (Senior Statutory Auditor)
for and on behalf of Giess Wallis Crisp LLP
Registered Auditor
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

4 March 2024

Lightwood Plc (Registered number: 03176771)

Statement of Income and Retained Earnings
For The Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 4 4,921,993 4,528,086

Cost of sales 1,935,725 2,072,826
GROSS PROFIT 2,986,268 2,455,260

Administrative expenses 2,772,188 2,243,747
214,080 211,513

Other operating income 64,201 66,311
OPERATING PROFIT 6 278,281 277,824

Interest receivable and similar income 7,959 -
PROFIT BEFORE TAXATION 286,240 277,824

Tax on profit 7 79,450 61,190
PROFIT FOR THE FINANCIAL YEAR 206,790 216,634

Retained earnings at beginning of year 568,090 481,456

Dividends 8 (200,000 ) (130,000 )

RETAINED EARNINGS AT END OF YEAR 574,880 568,090

Lightwood Plc (Registered number: 03176771)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 38,822 21,267

CURRENT ASSETS
Stocks 10 6,613 6,167
Debtors 11 926,423 876,825
Cash at bank and in hand 965,916 790,942
1,898,952 1,673,934
CREDITORS
Amounts falling due within one year 12 1,288,188 1,058,070
NET CURRENT ASSETS 610,764 615,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

649,586

637,131

PROVISIONS FOR LIABILITIES 14 9,706 4,041
NET ASSETS 639,880 633,090

CAPITAL AND RESERVES
Called up share capital 15 60,000 60,000
Share premium 5,000 5,000
Retained earnings 574,880 568,090
SHAREHOLDERS' FUNDS 639,880 633,090

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:




Mr A J Francis - Director



Mr T Harris - Director


Lightwood Plc (Registered number: 03176771)

Statement of Cash Flows
For The Year Ended 30 September 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 471,154 356,098
Tax paid (64,843 ) (41,921 )
Net cash from operating activities 406,311 314,177

Cash flows from investing activities
Purchase of tangible fixed assets (39,296 ) (6,824 )
Interest received 7,959 -
Net cash from investing activities (31,337 ) (6,824 )

Cash flows from financing activities
Loan repayments in year - (400,000 )
Equity dividends paid (200,000 ) (130,000 )
Net cash from financing activities (200,000 ) (530,000 )

Increase/(decrease) in cash and cash equivalents 174,974 (222,647 )
Cash and cash equivalents at beginning
of year

2

790,942

1,013,589

Cash and cash equivalents at end of year 2 965,916 790,942

Lightwood Plc (Registered number: 03176771)

Notes to the Statement of Cash Flows
For The Year Ended 30 September 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 286,240 277,824
Depreciation charges 21,741 26,053
Finance income (7,959 ) -
300,022 303,877
Increase in stocks (446 ) (305 )
Increase in trade and other debtors (49,598 ) (139,737 )
Increase in trade and other creditors 221,176 192,263
Cash generated from operations 471,154 356,098

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 965,916 790,942
Year ended 30 September 2022
30/9/22 1/10/21
£    £   
Cash and cash equivalents 790,942 1,013,589


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/22 Cash flow At 30/9/23
£    £    £   
Net cash
Cash at bank and in hand 790,942 174,974 965,916
790,942 174,974 965,916
Total 790,942 174,974 965,916

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements
For The Year Ended 30 September 2023


1. STATUTORY INFORMATION

Lightwood Plc is a public 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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

Turnover throughout the financial year 2023 represents the services of storage, transport and freight.

Revenue from storage is recognised in the period in which the service is provided to the customer. Revenue from transport and freight is recognised when the relevant service has been performed and the performance obligations have been met.

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 - at varying rates on cost
Fixtures and fittings - at varying rates on cost

Recognition and impairment of tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine wether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rents received
Rent received is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rents received are recognised in the period in which the rent relates to.

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023


4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Storage 2,789,568 2,419,246
Transport 1,069,637 863,657
Freight 1,062,788 1,245,183
4,921,993 4,528,086

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 779,993 691,790
Social security costs 68,127 62,462
Other pension costs 15,972 13,145
864,092 767,397

The average number of employees during the year was as follows:
2023 2022

Administration 10 9
Management 1 1
Warehouse 11 11
Drivers 3 2
25 23

2023 2022
£    £   
Directors' remuneration 27,225 30,100

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 21,741 26,053
Auditors' remuneration 11,500 9,650
Foreign exchange differences - 14

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 73,785 64,843

Deferred tax 5,665 (3,653 )
Tax on profit 79,450 61,190

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 286,240 277,824
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

71,560

52,787

Effects of:
Expenses not deductible for tax purposes 22,280 13,742
Capital allowances in excess of depreciation (12,014 ) (1,686 )
Deferred tax charge 5,665 (3,653 )
Adjustments to tax charge in respect of change in rate as disclosed above (8,041 ) -
Total tax charge 79,450 61,190

8. DIVIDENDS
2023 2022
£    £   
Interim 200,000 130,000

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 October 2022 271,815 16,692 288,507
Additions 39,296 - 39,296
At 30 September 2023 311,111 16,692 327,803
DEPRECIATION
At 1 October 2022 255,666 11,574 267,240
Charge for year 20,035 1,706 21,741
At 30 September 2023 275,701 13,280 288,981
NET BOOK VALUE
At 30 September 2023 35,410 3,412 38,822
At 30 September 2022 16,149 5,118 21,267

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023


10. STOCKS
2023 2022
£    £   
Stocks 6,613 6,167

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 824,418 814,347
Other debtors 67 3,613
Prepayments 101,938 58,865
926,423 876,825

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 461,174 504,020
Tax 73,785 64,843
Social security and other taxes 16,145 17,055
VAT 55,409 57,121
Other creditors 245 -
Accrued expenses 681,430 415,031
1,288,188 1,058,070

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 164,450 205,800
Between one and five years 227,800 346,000
In more than five years 435,521 481,771
827,771 1,033,571

Lease payments recognised as an expense in the year amount to £760,251 (2022: £652,463).

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 9,706 4,041

Deferred
tax
£   
Balance at 1 October 2022 4,041
Charge to Income Statement during year 5,665
Balance at 30 September 2023 9,706

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023


15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
60,000 Ordinary £1 60,000 60,000

16. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 53,708

At the prior year end the company had on order £53,708 of tangible fixed assets which were not provided for within the accounts to 30th September 2022.

There were no such commitments as at 30th September 2023.

17. ULTIMATE CONTROLLING PARTY

There is no one ultimate controlling party.