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Registered number: NI006498










JOHN WOODS (LISGLYN) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
JOHN WOODS (LISGLYN) LIMITED
 

COMPANY INFORMATION


Directors
John Woods 
Winifred Woods (deceased 6 October 2023)
Patrick Lappin 
Orla Moore 
Patrick Woods 




Company secretary
Patrick Lappin



Registered number
NI006498



Registered office
190 Monaghan Road

Armagh

Co. Armagh

BT60 4EZ




Independent auditors
FPM Accountants Limited

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
Danske Bank

Belfast

Antrim

BT1 6JS





Ulster Bank

11-16 Donegall Square East

Belfast

BT1 5UB





Bank of Ireland

Church Square

Monaghan




Solicitors
Eliott Duffy Garrett
Royston House

34 Upper Queen Street

Belfast

BT1 6FD





 
JOHN WOODS (LISGLYN) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10 - 11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 31


 
JOHN WOODS (LISGLYN) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
The directors present the strategic report for the year ended 31 July 2023.

Business review
 
The financial year to 31 July 2023 saw the company continue to focus and build on the health food business and this has been successful in the current year. The company is committed to the long term creation of shareholder value by increasing the company's market share and have in place a strategy which will focus on this going forward.

Principal risks and uncertainties
 
The core risks associated with the company are foreign exchange risk, interest rate risk, liquidity risk and price risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Foreign exchange risk 
While the greater part of revenues and expenses are dominated in sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally on sales and purchases in euros. While the company has not used financial instruments to hedge foreign exchange exposure, this position is kept constantly under review.
Interest rate risk
The company's interest bearing liabilities comprise bank loans, bank overdrafts and hire purchase contracts, which bear interest at fixed and variable rates. The company has a policy of maintaining debt at competitive rate to ensure a reasonable degree of certainty over future interest cash flows. The directors will revisit the appropriateness of this policy should operations change in size or nature.
Liquidity risk
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that there is sufficient available funds for operations and planned expansions.
Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Inflation risk 
As a result of the rising rate of inflation, the company has seen the impact of this through rising costs. The company have a policy in place to continually review costs and to minimise the impact of these rising costs where possible.

Financial key performance indicators
 
                                                           2023     2022
Turnover                     £12.8m               £12.3m  
Gross Margin               45%                    43%
Average Employee No's                76                       85
Net Assets                                           £8.4m               £7.5m

Page 1

 
JOHN WOODS (LISGLYN) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


This report was approved by the board on 27 February 2024 and signed on its behalf.



Patrick Woods
Director

Page 2

 
JOHN WOODS (LISGLYN) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Principal activity

The principal activity of the company continued to be that of the production, wholesale and retail of food products.

Results and dividends

The profit for the year, after taxation, amounted to £852,198 (2022 - £47,462).

Directors

The directors who served during the year and up tp the date of signing the financial statements were:

John Woods 
Winifred Woods (deceased 6 October 2023)
Patrick Lappin 
Orla Moore 
Patrick Woods 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgements 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
JOHN WOODS (LISGLYN) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsFPM Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 February 2024 and signed on its behalf.
 





Patrick Woods
Director

Page 4

 
JOHN WOODS (LISGLYN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WOODS (LISGLYN) LIMITED
 

Opinion


We have audited the financial statements of John Woods (Lisglyn) Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 July 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
JOHN WOODS (LISGLYN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WOODS (LISGLYN) LIMITED (CONTINUED)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 6

 
JOHN WOODS (LISGLYN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WOODS (LISGLYN) LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
• Reviewing minutes of meetings of those charged with governance.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Teresa Campbell (Senior Statutory Auditor)
  
for and on behalf of
FPM Accountants Limited
 
30 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

27 February 2024
Page 7

 
JOHN WOODS (LISGLYN) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,816,013
12,328,060

Cost of sales
  
(7,083,135)
(7,025,061)

Gross profit
  
5,732,878
5,302,999

Distribution costs
  
(652,565)
(596,055)

Administrative expenses
  
(4,402,904)
(4,453,186)

Exceptional administrative expenses
  
263,532
-

Other operating income
  
52,319
43,995

Operating profit
 5 
993,260
297,753

Interest payable and similar expenses
 9 
(98,766)
(65,486)

Profit before tax
  
894,494
232,267

Tax on profit
 10 
(42,296)
(184,805)

Profit for the financial year
  
852,198
47,462

Other comprehensive income for the year
  

Total comprehensive income for the year
  
852,198
47,462

The notes on pages 14 to 31 form part of these financial statements.

Page 8

 
JOHN WOODS (LISGLYN) LIMITED
REGISTERED NUMBER: NI006498

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
148,050
169,200

Tangible assets
 14 
6,377,858
5,548,033

Investments
 15 
2
2

  
6,525,910
5,717,235

Current assets
  

Stocks
 16 
2,030,413
2,752,966

Debtors: amounts falling due within one year
 17 
2,229,475
2,379,393

Cash at bank and in hand
 18 
125,466
22,387

  
4,385,354
5,154,746

Creditors: amounts falling due within one year
 19 
(1,409,890)
(2,453,505)

Net current assets
  
 
 
2,975,464
 
 
2,701,241

Total assets less current liabilities
  
9,501,374
8,418,476

Creditors: amounts falling due after more than one year
 20 
(381,119)
(169,515)

Provisions for liabilities
  

Deferred tax
 23 
(763,875)
(721,579)

  
 
 
(763,875)
 
 
(721,579)

Net assets
  
8,356,380
7,527,382


Capital and reserves
  

Called up share capital 
 24 
10,400
10,400

Capital redemption reserve
  
2,000
2,000

Profit and loss account
  
8,343,980
7,514,982

  
8,356,380
7,527,382


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2024.




John Woods
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 9

 
JOHN WOODS (LISGLYN) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 August 2022
10,400
2,000
7,514,982
7,527,382


Comprehensive income for the year

Profit for the year

-
-
852,198
852,198


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
852,198
852,198


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(23,200)
(23,200)


Total transactions with owners
-
-
(23,200)
(23,200)


At 31 July 2023
10,400
2,000
8,343,980
8,356,380


The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
JOHN WOODS (LISGLYN) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 August 2021
10,400
2,000
7,467,520
7,479,920


Comprehensive income for the year

Profit for the year

-
-
47,462
47,462


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
47,462
47,462


Total transactions with owners
-
-
-
-


At 31 July 2022
10,400
2,000
7,514,982
7,527,382


The notes on pages 14 to 31 form part of these financial statements.

Page 11

 
JOHN WOODS (LISGLYN) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
852,198
47,462

Adjustments for:

Amortisation of intangible assets
21,150
21,150

Depreciation of tangible assets
376,606
352,975

Loss/(Profit) on disposal of tangible assets
2,478
(8,850)

Interest paid/(received)
98,766
(65,486)

Taxation charge
42,296
184,805

Decrease/(increase) in stocks
722,553
(1,232,951)

Decrease in debtors
149,920
183,576

(Decrease) in creditors
(46,241)
(247,660)

Net fair value gains recognised in P&L
(263,532)
-

Corporation tax (paid)/received
(25,810)
29,009

Net cash generated from operating activities

1,930,384
(735,970)


Cash flows from investing activities

Purchase of tangible fixed assets
(945,379)
(358,667)

Sale of tangible fixed assets
-
8,850

HP interest paid
(24,401)
-

Net cash from investing activities

(969,780)
(349,817)

Cash flows from financing activities

New secured loans
325,000
-

Repayment of loans
(162,614)
(154,854)

Repayment of/new finance leases
(161,486)
(97,448)

Loans due from/(repaid to) directors
(9,464)
(84,799)

Dividends paid
(23,200)
-

Interest paid
(74,365)
65,486

Net cash used in financing activities
(106,129)
(271,615)

Net increase/(decrease) in cash and cash equivalents
854,475
(1,357,402)

Cash and cash equivalents at beginning of year
(729,009)
628,393

Cash and cash equivalents at the end of year
125,466
(729,009)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
125,466
22,387

Bank overdrafts
-
(751,396)

125,466
(729,009)

Page 12

 
JOHN WOODS (LISGLYN) LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023




At 1 August 2022
Cash flows
At 31 July 2023
£

£

£

Cash at bank and in hand

22,387

103,079

125,466

Bank overdrafts

(751,396)

751,396

-

Debt due after 1 year

-

(268,570)

(268,570)

Debt due within 1 year

(150,650)

106,184

(44,466)

Finance leases

(333,340)

161,486

(171,854)


(1,212,999)
853,575
(359,424)

The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

John Woods (Lisglyn) Limited is a private company limited by shares incorporated in Northern Ireland.
The registered office is 190 Monaghan Road, Armagh, Co. Armagh, Northern Ireland, BT60 4EZ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

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 profit or loss 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.

Page 15

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
-
2% straight line - land is not depreciated
Leasehold land and buildings
-
2% straight line
Plant and equipment
-
10-25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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 profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by 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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less
Page 18

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 19

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

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 are 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.


4.


Turnover

No analysis of turnover is presented as the directors consider such disclosure to be seriously prejudicial to the company's interests.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Amortisation of intangible assets
21,150
21,150

Operating lease charges
167,631
184,592

Depreciation
376,608
352,975

Page 20

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,020
13,020

Fees payable to the Company's auditors in respect of:

Taxation compliance services
1,630
1,500

All other non-audit services
3,750
6,500

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,481,994
2,390,309

Social security costs
247,594
232,891

Cost of defined contribution scheme
79,198
71,929

2,808,786
2,695,129


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
50
59



Selling
6
6



Administrative
20
20

76
85


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
409,736
320,297

409,736
320,297


The highest paid director received remuneration of £110,328 (2022 - £70,839).

Page 21

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
74,365
39,374

Finance leases and hire purchase contracts
24,401
26,112

98,766
65,486


10.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
42,296
184,805

Total deferred tax
42,296
184,805


Tax on profit
42,296
184,805
Page 22

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 21% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
894,494
232,267


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2022 - 19%)
187,844
44,131

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,622
3,104

Capital allowances for year in excess of depreciation
(19,278)
(10,514)

Utilisation of tax losses
(77,284)
-

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(55,342)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(67,454)
(66,700)

Unrelieved tax losses carried forward
27,892
29,979

Deferred Tax
42,296
184,805

Total tax charge for the year
42,296
184,805


11.


Dividends

2023
2022
£
£


Dividends paid
23,200
-

23,200
-


12.


Exceptional items

2023
2022
£
£


Revaluation of land and buildings
(263,532)
-

(263,532)
-

Page 23

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

13.


Intangible assets




Trade Name

£



Cost


At 1 August 2022
211,500



At 31 July 2023

211,500



Amortisation


At 1 August 2022
42,300


Charge for the year on owned assets
21,150



At 31 July 2023

63,450



Net book value



At 31 July 2023
148,050



At 31 July 2022
169,200



Page 24

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2022
7,128,945
785,170
6,544,116
210,341
1,205,252
15,873,824


Additions
9,583
584,907
178,619
22,998
149,272
945,379


Disposals
-
-
-
(51,550)
-
(51,550)


Revaluations
263,532
-
-
-
-
263,532



At 31 July 2023

7,402,060
1,370,077
6,722,735
181,789
1,354,524
17,031,185



Depreciation


At 1 August 2022
4,879,269
216,092
3,937,356
175,490
1,117,584
10,325,791


Charge for the year on owned assets
47,794
23,329
257,465
25,214
22,806
376,608


Disposals
-
-
-
(49,072)
-
(49,072)



At 31 July 2023

4,927,063
239,421
4,194,821
151,632
1,140,390
10,653,327



Net book value



At 31 July 2023
2,474,997
1,130,656
2,527,914
30,157
214,134
6,377,858



At 31 July 2022
2,249,676
569,078
2,606,760
34,851
87,668
5,548,033




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
2,474,997
2,249,676

Long leasehold
1,130,656
569,078

3,605,653
2,818,754


Included in land and buildings is a valuation as carried out in June 2023. The valuation was carried out by
CBRE NI on behalf of Danske Bank. The property was valued using open market value of £2,475,000.
The difference between depreciation on the historic cost of land and buildings and depreciation on the
revalued land and buildings is transferred from retained earrings to the revaluation reserve.

Page 25

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
375,125
844,158

375,125
844,158


15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
2



At 31 July 2023
2





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

John Woods Linwoods Limited
Republic of Ireland
Ordinary
100%
Linwoods Foods Limited
Northern Ireland
Ordinary
100%
Richmond Bakery Limited
Northern Ireland
Ordinary
100%
Linwoods (NI) Limited
Northern Ireland
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Profit/(Loss)
£

John Woods Linwoods Limited
-

Linwoods Foods Limited
-

Richmond Bakery Limited
-

Linwoods (NI) Limited
-

Page 26

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

16.


Stocks

2023
2022
£
£

Raw materials and consumables
955
2,250

Finished goods and goods for resale
2,029,458
2,750,716

2,030,413
2,752,966



17.


Debtors

2023
2022
£
£


Trade debtors
1,765,578
1,795,922

Other debtors
253,176
205,524

Prepayments and accrued income
178,523
348,943

Tax recoverable
32,198
29,004

2,229,475
2,379,393


Trade debtors are subject to invoice discounting arrangements. Trade debtors include assigned debts of £1,765,578 (2022: £1,795,922).


18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
125,466
22,387

Less: bank overdrafts
-
(751,396)

125,466
(729,009)


Page 27

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
751,396

Bank loans
44,466
150,650

Trade creditors
747,821
890,580

Corporation tax
3,194
29,004

Other taxation and social security
71,627
66,164

Obligations under finance lease and hire purchase contracts
59,305
163,825

Other creditors
34,838
35,582

Accruals and deferred income
448,639
366,304

1,409,890
2,453,505



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
268,570
-

Net obligations under finance leases and hire purchase contracts
112,549
169,515

381,119
169,515


The bank loan and overdrafts are secured as follows:
- Fixed charge over all book debts of the company;
- Floating charge over the company's assets; and 
- Legal mortgage over factory premises.
Hire purchase and finance leases are secured by the assets to which they relate

Page 28

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
44,466
150,650


44,466
150,650

Amounts falling due 1-2 years

Bank loans
44,466
-


44,466
-

Amounts falling due 2-5 years

Bank loans
224,104
-


224,104
-


313,036
150,650



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
59,305
163,825

In 2-5 years
112,549
169,515

171,854
333,340


23.


Deferred taxation




2023


£






At beginning of year
(721,579)


Charged to profit or loss
(42,296)



At end of year
(763,875)

Page 29

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
23.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(763,875)
(721,579)

(763,875)
(721,579)


24.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



80,000 (2022 - 80,000) Ordinary Shares shares of £0.10 each
8,000
8,000
240,000 (2022 - 240,000) Ordinary A Shares shares of £0.01 each
2,400
2,400

10,400

10,400



25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £79,198 (2022 - £71,929).


26.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
179,000
159,248

Later than 1 year and not later than 5 years
716,000
724,000

Later than 5 years
687,000
969,708

1,582,000
1,852,956


27.


Related party transactions

John Woods (Lisglyn) Limited is the sole employer of John Woods (Lisglyn) Limited Retirement Plan. The company rents premises from John Woods (Lisglyn) Limited Retirement Plan. Normal commercial terms, including the current rent payable of £76,000 (2022: £76,000) per annum apply to the rental agreements. 

Page 30

 
JOHN WOODS (LISGLYN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

28.


Controlling party

John Woods is the ultimate controlling party of John Woods (Lisglyn) Limited by virtue of his shareholding.


Page 31