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COMPANY REGISTRATION NUMBER: 07412391
WOOD CREATIVE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
WOOD CREATIVE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
WOOD CREATIVE LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
155
501
Current assets
Debtors
6
21,919
23,121
Cash at bank and in hand
15,816
33,252
------------
------------
37,735
56,373
Creditors: amounts falling due within one year
7
( 37,672)
( 54,047)
------------
------------
Net current assets
63
2,326
------------
------------
Total assets less current liabilities
218
2,827
Provisions
Taxation including deferred tax
8
( 29)
( 95)
------------
------------
Net assets
189
2,732
------------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
89
2,632
------------
------------
Shareholders funds
189
2,732
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
P C Wood D Wood
Director Director
Company registration number: 07412391
WOOD CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA, West Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Computer Equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates defined contribution pension schemes for certain employees. The assets of the schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and Fittings
Computer Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
1,850
12,410
14,260
------------
------------
------------
Depreciation
At 1 November 2022
1,764
11,995
13,759
Charge for the year
22
324
346
------------
------------
------------
At 31 October 2023
1,786
12,319
14,105
------------
------------
------------
Carrying amount
At 31 October 2023
64
91
155
------------
------------
------------
At 31 October 2022
86
415
501
------------
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
21,484
22,697
Prepayments and accrued income
435
424
------------
------------
21,919
23,121
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,625
32,443
Accruals and deferred income
1,000
1,000
Corporation tax
679
2,352
Social security and other taxes
2,972
4,969
Directors' loan accounts
4,396
13,283
------------
------------
37,672
54,047
------------
------------
8. Provisions
Deferred tax (note 9)
£
At 1 November 2022
95
Charge against provision
( 66)
------------
At 31 October 2023
29
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 8)
29
95
------------
------------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
11. Related party transactions
Transactions with directors The directors' loan accounts of £4,396 (2022: £13,283) set out at note 9 above are unsecured, repayable on demand and currently interest free. Control of the company The company is controlled by the directors.