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Company registration number: 04128163

Woodwards Potato Merchants (Widnes)

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Woodwards Potato Merchants (Widnes)

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Woodwards Potato Merchants (Widnes)

Company Information

Director

Mr R J Woodward

Company secretary

Mrs S Woodward

Registered office

Barnside
Mill Green Lane
Widnes
Cheshire
WA8 3UP

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Woodwards Potato Merchants (Widnes)
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Woodwards Potato Merchants (Widnes) for the year ended 31 March 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Woodwards Potato Merchants (Widnes), as a body, in accordance with the terms of our engagement letter dated 3 June 2020. Our work has been undertaken solely to prepare for your approval the accounts of Woodwards Potato Merchants (Widnes) and state those matters that we have agreed to state to the Board of Directors of Woodwards Potato Merchants (Widnes), as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodwards Potato Merchants (Widnes) and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Woodwards Potato Merchants (Widnes) has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Woodwards Potato Merchants (Widnes). You consider that Woodwards Potato Merchants (Widnes) is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Woodwards Potato Merchants (Widnes). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

29 January 2024

 

Woodwards Potato Merchants (Widnes)

(Registration number: 04128163)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

212,216

99,697

Current assets

 

Stocks

73,583

30,865

Debtors

6

137,700

133,044

Cash at bank and in hand

 

12,169

31,195

 

223,452

195,104

Creditors: Amounts falling due within one year

7

(194,856)

(213,722)

Net current assets/(liabilities)

 

28,596

(18,618)

Total assets less current liabilities

 

240,812

81,079

Creditors: Amounts falling due after more than one year

7

(108,275)

(41,075)

Provisions for liabilities

(52,733)

(15,572)

Net assets

 

79,804

24,432

Capital and reserves

 

Called up share capital

5

5

Retained earnings

79,799

24,427

Shareholders' funds

 

79,804

24,432

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Woodwards Potato Merchants (Widnes)

(Registration number: 04128163)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 26 January 2024
 

.........................................
Mr R J Woodward
Director

   
     
 

Woodwards Potato Merchants (Widnes)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company unlimited by share capital, incorporated in England and Wales.

The address of its registered office is:
Barnside
Mill Green Lane
Widnes
Cheshire
WA8 3UP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements have been prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue comprises the fair value of the sale of goods net of value added tax, rebates and discounts. Sales of goods are recognised when the company has delivered the goods to the customer and they are accepted.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax has not been discounted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and equipment

20% reducing balance

Motor vehicles

25% reducing balance

 

Woodwards Potato Merchants (Widnes)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Leases

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The pension costs charged in the financial statements represent the contributions payable by the company during the year.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 9).

 

Woodwards Potato Merchants (Widnes)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

59,000

59,000

At 31 March 2023

59,000

59,000

Amortisation

At 1 April 2022

59,000

59,000

At 31 March 2023

59,000

59,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Fixtures and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

21,261

297,738

318,999

Additions

12,913

176,375

189,288

Disposals

-

(43,278)

(43,278)

At 31 March 2023

34,174

430,835

465,009

Depreciation

At 1 April 2022

14,692

204,610

219,302

Charge for the year

3,898

65,120

69,018

Eliminated on disposal

-

(35,527)

(35,527)

At 31 March 2023

18,590

234,203

252,793

Carrying amount

At 31 March 2023

15,584

196,632

212,216

At 31 March 2022

6,569

93,128

99,697



 

 

Woodwards Potato Merchants (Widnes)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

125,380

79,393

Other debtors

12,320

53,651

 

137,700

133,044

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,285

10,615

Trade creditors

 

111,974

117,250

Corporation tax

 

-

6,335

Other creditors

 

72,597

79,522

 

194,856

213,722


Creditors include hire purchase contracts which are secured of £29,620 (2022 - £20,228).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

29,217

39,385

Other non-current financial liabilities

 

79,058

1,690

 

108,275

41,075


Creditors include hire purchase contracts which are secured of £79,058 (2022 - £1,690).