Company registration number 00851509 (England and Wales)
WOOD AUTO SUPPLIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WOOD AUTO SUPPLIES LIMITED
COMPANY INFORMATION
Directors
G J Heywood
A T C Kam
M P Blissett
(Appointed 14 November 2023)
Secretary
K A Swithenbank
Company number
00851509
Registered office
Cromwell Works
Colne Road
Huddersfield
West Yorkshire
HD1 3ES
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Cromwell Works
Colne Road
Huddersfield
West Yorkshire
HD1 3ES
Bankers
Natwest Bank Plc
East Lancashire Commercial Office
2nd Floor
35 Fishergate
Preston
Lancashire
PR1 2AD
ING Commercial Finance B V
P O Box 3030
3980 DJ Bunnik
The Netherlands
WOOD AUTO SUPPLIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
WOOD AUTO SUPPLIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
The results for the year show a net loss before taxation of £9,906 and a net asset position of £3,753,182.
Principal risks and uncertainties
The company has financed its operations from retained earnings and support provided from within its Dutch based group. The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The company's cash flow risk and price risk are therefore considered to be negligible.
Development and performance
The company has furthered its integration into the PSH group and completed its migration onto the group ERP system. Work continues following and implementing group best-practices throughout the UK operations and the business has also further invested in its UK sales team to enhance its capabilities to service new customer groups. These changes are expected to increase turnover and profitability over the coming years.
Key performance indicators
The directors have identified that the company's sales and margins by customer and product type are key performance indicators, and as such are reviewed and monitored by management on a monthly basis.
G J Heywood
Director
5 April 2024
WOOD AUTO SUPPLIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the distribution of automotive electrical components.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A M Stead
(Resigned 14 November 2023)
G J Heywood
A T C Kam
M P Blissett
(Appointed 14 November 2023)
Auditor
The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
WOOD AUTO SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
G J Heywood
Director
5 April 2024
WOOD AUTO SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOOD AUTO SUPPLIES LIMITED
- 4 -
Opinion
We have audited the financial statements of Wood Auto Supplies Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WOOD AUTO SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOOD AUTO SUPPLIES LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
The nature of the industry and the company’s control environment.
Results of our enquiries of management.
The company’s procedures and controls on compliance with laws and regulations and the risks of fraud.
Discussions among the audit engagement team concerning potential indicators of fraud.
We are also required to perform specific procedures to respond to the risk of management override.
As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
WOOD AUTO SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOOD AUTO SUPPLIES LIMITED
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Moulding (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
5 April 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
WOOD AUTO SUPPLIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
8,936,873
6,048,185
Cost of sales
(6,682,405)
(4,086,762)
Gross profit
2,254,468
1,961,423
Distribution costs
(1,017,614)
(865,171)
Administrative expenses
(1,129,799)
(884,799)
Exceptional items
4
(116,961)
(128,691)
(Loss)/profit before taxation
(9,906)
82,762
Tax on (loss)/profit
8
2,669
(17,048)
(Loss)/profit for the financial year
(7,237)
65,714
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WOOD AUTO SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
254,178
113,421
Current assets
Stocks
10
3,194,850
2,461,544
Debtors
11
2,194,351
3,105,938
Cash at bank and in hand
616,314
100,137
6,005,515
5,667,619
Creditors: amounts falling due within one year
12
(2,480,825)
(1,992,266)
Net current assets
3,524,690
3,675,353
Total assets less current liabilities
3,778,868
3,788,774
Provisions for liabilities
Deferred tax liability
13
25,686
28,355
(25,686)
(28,355)
Net assets
3,753,182
3,760,419
Capital and reserves
Called up share capital
15
100
100
Share premium account
134,557
134,557
Profit and loss reserves
3,618,525
3,625,762
Total equity
3,753,182
3,760,419
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
G J Heywood
Director
Company registration number 00851509 (England and Wales)
WOOD AUTO SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100
134,557
3,560,048
3,694,705
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
65,714
65,714
Balance at 31 December 2022
100
134,557
3,625,762
3,760,419
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(7,237)
(7,237)
Balance at 31 December 2023
100
134,557
3,618,525
3,753,182
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
Wood Auto Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cromwell Works, Colne Road, Huddersfield, West Yorkshire, HD1 3ES.
1.1
Reporting period
The company's financial statements are presented for a longer period of twelve months ended 31 December 2023 as compared to the previous nine month period ended 31 December 2022. The directors had amended the accounting reference date so as to align with the financial year end of the ultimate Dutch parent company, PSH Holding B.V.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Wood Auto Supplies Limited is a wholly owned subsidiary of PSH Holding B.V. and the results of Wood Auto Supplies Limited are included in the consolidated financial statements of PSH Holding B.V. which are available from Stichtse Kade 47C, 1244 NV Ankeveen, The Netherlands.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line and 20% - 25% reducing balance
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provisions
Stock provisions are considered to be a key accounting estimate for which the directors use their experience and knowledge of the business to make reasonable assumptions and estimates of provisions to be applied against stocks held.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Distribution of automotive electrical components
8,936,873
6,048,185
2023
2022
£
£
Turnover analysed by geographical market
UK and Ireland
8,024,818
5,310,668
Europe
556,823
290,695
Rest of the World
355,232
446,822
8,936,873
6,048,185
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Exceptional items
2023
2022
£
£
Expenditure
Redundancy costs
-
128,691
Dilapidations and other costs
116,961
-
116,961
128,691
During the year the company has incurred exceptional dilapidations and other costs following the closure of its Leyland depot.
During the previous period the company incurred exceptional redundancy costs following the closures of its Gateshead and Leyland depots, together with the closure of the Factors counter at its main Huddersfield premises.
5
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
15,000
Depreciation of owned tangible fixed assets
49,829
18,897
Profit on disposal of tangible fixed assets
(9,513)
(7,907)
Operating lease charges
179,312
172,719
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Management and staff
25
35
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
927,348
784,072
Social security costs
87,319
77,060
Pension costs
38,341
24,737
1,053,008
885,869
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
109,362
97,515
Company pension contributions to defined contribution schemes
3,117
2,925
112,479
100,440
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(2,669)
17,048
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(9,906)
82,762
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(2,328)
15,725
Tax effect of expenses that are not deductible in determining taxable profit
1,235
587
Unutilised tax losses carried forward
253
Effect of change in corporation tax rate
1,541
6,805
Other non-reversing timing differences
(2,333)
(1,405)
Enhanced capital allowances
(784)
(4,917)
Taxation (credit)/charge for the period
(2,669)
17,048
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
9
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
420,138
20,448
440,586
Additions
195,231
195,231
Disposals
(21,632)
(20,448)
(42,080)
At 31 December 2023
593,737
593,737
Depreciation and impairment
At 1 January 2023
307,509
19,656
327,165
Depreciation charged in the year
49,037
792
49,829
Eliminated in respect of disposals
(16,987)
(20,448)
(37,435)
At 31 December 2023
339,559
339,559
Carrying amount
At 31 December 2023
254,178
254,178
At 31 December 2022
112,629
792
113,421
10
Stocks
2023
2022
£
£
Finished goods and goods for resale
3,194,850
2,461,544
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,866,172
1,435,715
Corporation tax recoverable
180,000
Amount due from parent undertaking
35,594
1,455,355
Amounts due from fellow group undertakings
5,746
Prepayments and accrued income
106,839
214,868
2,194,351
3,105,938
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,949,631
1,660,025
Taxation and social security
367,727
240,643
Accruals and deferred income
163,467
91,598
2,480,825
1,992,266
Included within trade creditors are amounts totalling £1,500,659 (2022 - £1,316,155) owed to fellow subsidiary companies.
13
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
53,513
28,355
Tax losses
(27,827)
-
25,686
28,355
2023
Movements in the year:
£
Liability at 1 January 2023
28,355
Credit to profit or loss
(2,669)
Liability at 31 December 2023
25,686
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,341
24,737
The company contributes to defined contribution pension schemes for the directors and certain employees. The assets of the schemes are held separately from those of the company in independently administered funds.
WOOD AUTO SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
16
Financial commitments, guarantees and contingent liabilities
The company has given an unlimited guarantee in respect of the bank borrowings of fellow group companies.
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
153,817
190,367
Between two and five years
504,914
480,031
In over five years
137,500
247,500
796,231
917,898
18
Ultimate controlling party
The company is a wholly owned subsidiary of its parent company, Wood Auto Supplies (Topco) Limited, a company registered in England and Wales.
The company is ultimately controlled by the directors of PSH Holding B.V., a company registered in the Netherlands.
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