Woodford Lake Ltd |
Notes to the Accounts |
for the year ended 30 June 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Intangible fixed assets |
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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 |
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Tangible fixed assets |
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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: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
15-25% straight line |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Investments |
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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. |
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Stocks |
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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 |
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Debtors |
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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. |
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Creditors |
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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. |
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Government Grants |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Rebates |
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Advertising contributions and rebates from suppliers are recognised when received |
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Foreign currency translation |
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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. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Invoice financing |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
14 |
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16 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 July 2022 |
713,583 |
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At 30 June 2023 |
713,583 |
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Amortisation |
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At 1 July 2022 |
631,726 |
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Provided during the year |
40,907 |
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At 30 June 2023 |
672,633 |
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Net book value |
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At 30 June 2023 |
40,950 |
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At 30 June 2022 |
81,857 |
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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 |
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4 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 July 2022 |
105,882 |
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76,586 |
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182,468 |
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Additions |
- |
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19,990 |
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19,990 |
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Disposals |
- |
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(24,335) |
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(24,335) |
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At 30 June 2023 |
105,882 |
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72,241 |
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178,123 |
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Depreciation |
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At 1 July 2022 |
50,980 |
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52,072 |
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103,052 |
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Charge for the year |
14,566 |
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9,682 |
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24,248 |
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On disposals |
- |
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(18,560) |
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(18,560) |
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At 30 June 2023 |
65,546 |
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43,194 |
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108,740 |
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Net book value |
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At 30 June 2023 |
40,336 |
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29,047 |
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69,383 |
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At 30 June 2022 |
54,902 |
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24,514 |
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79,416 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
219,685 |
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210,279 |
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Other debtors |
20,030 |
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66,230 |
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239,715 |
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276,509 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
28,293 |
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26,773 |
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Obligations under finance lease and hire purchase contracts |
24,048 |
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29,647 |
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Trade creditors |
166,183 |
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193,650 |
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Taxation and social security costs |
19,955 |
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21,047 |
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Other creditors |
167,538 |
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199,719 |
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406,017 |
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470,836 |
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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 |
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7 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
81,465 |
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109,823 |
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Obligations under finance lease and hire purchase contracts |
17,828 |
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41,876 |
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99,293 |
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151,699 |
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8 |
Other information |
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Woodford Lake Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Creative House |
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Tilson Road |
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Roundthorn Industrial Estate |
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Manchester |
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M23 9WR |