REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
For The Year Ended 30 September 2023 |
for |
Lightwood Plc |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
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: |
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. |
for and on behalf of |
Registered Auditor |
10-12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
Lightwood Plc (Registered number: 03176771) |
Statement of Income and Retained Earnings |
For The Year Ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
214,080 | 211,513 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 8 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Lightwood Plc (Registered number: 03176771) |
Statement of Financial Position |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance income | (7,959 | ) | - |
300,022 | 303,877 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
£ | £ |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax charge | ( |
) |
Adjustments to tax charge in respect of change in rate as disclosed above | ( |
) |
Total tax charge | 79,450 | 61,190 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Lightwood Plc (Registered number: 03176771) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2023 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 55,409 | 57,121 |
Other creditors |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Charge to Income Statement during year |
Balance at 30 September 2023 |
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: | £ | £ |
Ordinary | £1 | 60,000 | 60,000 |
16. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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. |