Registered number
08850989
Woodford Lake Ltd
Unaudited Filleted Accounts
30 June 2023
Woodford Lake Ltd
Registered number: 08850989
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 40,950 81,857
Tangible assets 4 69,383 79,416
110,333 161,273
Current assets
Stocks 388,439 440,708
Debtors 5 239,715 276,509
Cash at bank and in hand 25,081 140,084
653,235 857,301
Creditors: amounts falling due within one year 6 (406,017) (470,836)
Net current assets 247,218 386,465
Total assets less current liabilities 357,551 547,738
Creditors: amounts falling due after more than one year 7 (99,293) (151,699)
Net assets 258,258 396,039
Capital and reserves
Called up share capital 8,965 8,965
Share premium - 1,272,705
Capital Redemption Reserve 1,172,705 -
Profit and loss account (923,412) (885,631)
Shareholders' funds 258,258 396,039
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Denise Amiri
Director
Approved by the board on 3 April 2024
Woodford Lake Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the total amount receivable for goods supplied in the ordinary course of business, net of discounts and value added taxes. . Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

The company acquired the trade and assets of the partnership Artstat on 12 April 2014. Goodwill represents the excess o the cost of acquisition over the book value of the net assets acquired.

Goodwill is being amortised over its useful life of ten years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15-25% straight line
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

A provision for slow moving stock of £30,307 (2021- £22,652) has been included against the value of closing stock
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government Grants
Grants are accounted for under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in the proft & loss account in the same period as the related expenditure, provided conditions for the receipt have been complied with.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Rebates
Advertising contributions and rebates from suppliers are recognised when received
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Invoice financing
Risk for none payment of debtors remains with the company. Debtors held by the financing company are included within trade debtors. The amount advanced byt he financing company is included within liabilities.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 713,583
At 30 June 2023 713,583
Amortisation
At 1 July 2022 631,726
Provided during the year 40,907
At 30 June 2023 672,633
Net book value
At 30 June 2023 40,950
At 30 June 2022 81,857
The company acquired the trade and assets of the partnnership Artstat on 12 April 2014. Goodwill represents the excess of the cost of acquisition over the book value of the net assets acquired.

Goodwill is being amortised over its useful life of ten years
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 105,882 76,586 182,468
Additions - 19,990 19,990
Disposals - (24,335) (24,335)
At 30 June 2023 105,882 72,241 178,123
Depreciation
At 1 July 2022 50,980 52,072 103,052
Charge for the year 14,566 9,682 24,248
On disposals - (18,560) (18,560)
At 30 June 2023 65,546 43,194 108,740
Net book value
At 30 June 2023 40,336 29,047 69,383
At 30 June 2022 54,902 24,514 79,416
5 Debtors 2023 2022
£ £
Trade debtors 219,685 210,279
Other debtors 20,030 66,230
239,715 276,509
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 28,293 26,773
Obligations under finance lease and hire purchase contracts 24,048 29,647
Trade creditors 166,183 193,650
Taxation and social security costs 19,955 21,047
Other creditors 167,538 199,719
406,017 470,836
Included in other creditors is an advance of £125,905 from the invoice financing company. The advance is secured by means of a fixed and floating charge over all the property or undertaking of the company
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 81,465 109,823
Obligations under finance lease and hire purchase contracts 17,828 41,876
99,293 151,699
8 Other information
Woodford Lake Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Creative House
Tilson Road
Roundthorn Industrial Estate
Manchester
M23 9WR
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