Company registration number:
Woodwards Potato Merchants (Widnes)
for the Year Ended 31 March 2023
Woodwards Potato Merchants (Widnes)
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Woodwards Potato Merchants (Widnes)
Company Information
Director |
Mr R J Woodward |
Company secretary |
Mrs S Woodward |
Registered office |
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Accountants |
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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.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Woodwards Potato Merchants (Widnes)
(Registration number: 04128163)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Woodwards Potato Merchants (Widnes)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company unlimited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Woodwards Potato Merchants (Widnes)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Tangible assets |
Fixtures and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
- |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Woodwards Potato Merchants (Widnes)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
- |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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Creditors include hire purchase contracts which are secured of £79,058 (2022 - £1,690).