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Registration number: 09633727

Woodcock Kindling Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Woodcock Kindling Supplies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Woodcock Kindling Supplies Limited

Company Information

Director

Mr T J Woodcock

Registered office

Bank House
Broad Street
Spalding
Lincs
PE11 1TB

Registered number

09633727

Accountants

Moore Thompson
Chartered Accountants
Bank House
Broad Street
Spalding
Lincs
PE11 1TB

 

Woodcock Kindling Supplies Limited

(Registration number: 09633727)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

900,501

742,647

Current assets

 

Stocks

5

148,512

143,512

Debtors

6

96,971

66,426

Cash at bank and in hand

 

1,001

1

 

246,484

209,939

Creditors: Amounts falling due within one year

7

(322,841)

(252,361)

Net current liabilities

 

(76,357)

(42,422)

Total assets less current liabilities

 

824,144

700,225

Creditors: Amounts falling due after more than one year

7

(465,023)

(475,353)

Provisions for liabilities

(49,886)

(33,845)

Net assets

 

309,235

191,027

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

309,135

190,927

Shareholders' funds

 

309,235

191,027

 

Woodcock Kindling Supplies Limited

(Registration number: 09633727)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the director on 3 February 2024
 

.........................................
Mr T J Woodcock
Director

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bank House
Broad Street
Spalding
Lincs
PE11 1TB
United Kingdom

The principal place of business is:
The Chestnuts,
Green Lane,
Algakirk,
Boston,
PE20 2AD

These financial statements were authorised for issue by the director on 3 February 2024.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act
2006

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been presented in sterling which is the functional currency of the entity and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance / 20 years on cost

Computer equipment

25% reducing balance

Furniture & fittings

25% reducing balance

Freehold property

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 12).

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 July 2022

564,517

753

263,477

6,860

Additions

73,426

-

130,690

-

Disposals

-

-

(19,750)

-

At 30 June 2023

637,943

753

374,417

6,860

Depreciation

At 1 July 2022

-

619

91,101

2,960

Charge for the year

-

33

41,675

975

Eliminated on disposal

-

-

(16,601)

-

At 30 June 2023

-

652

116,175

3,935

Carrying amount

At 30 June 2023

637,943

101

258,242

2,925

At 30 June 2022

564,517

134

172,376

3,900

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

7,250

842,857

Additions

-

204,116

Disposals

-

(19,750)

At 30 June 2023

7,250

1,027,223

Depreciation

At 1 July 2022

5,530

100,210

Charge for the year

430

43,113

Eliminated on disposal

-

(16,601)

At 30 June 2023

5,960

126,722

Carrying amount

At 30 June 2023

1,290

900,501

At 30 June 2022

1,720

742,647

Included within the net book value of land and buildings above is £637,943 (2022 - £564,517) in respect of freehold land and buildings.
 

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

148,512

143,512

6

Debtors

Current

2023
£

2022
£

Trade debtors

88,440

56,335

Prepayments

8,161

4,451

Other debtors

370

5,640

 

96,971

66,426

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

62,988

47,705

Trade creditors

 

105,446

70,000

Amounts due to related parties

11

77,261

106,092

Taxation and social security

 

6,182

2,332

Other creditors

 

70,964

26,232

 

322,841

252,361

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

465,023

475,353

 

Woodcock Kindling Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,699

29,166

Other borrowings

428,687

446,187

HP and finance lease liability

16,637

-

465,023

475,353

Other creditors include an outstanding loan of £444,186 from Churn Investments Limited with an interest rate of 6.5% per annum.The interest rate increased from 6.5% to 8% in March 2023.

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,644

10,001

Bank overdrafts

21,648

20,204

Other borrowings

17,500

17,500

HP and finance lease liability

14,196

-

62,988

47,705

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £48 (2022 - £50) per each Ordinary shares

 

4,750

 

5,000

         

11

Related party transactions

Director's balance
At the balance sheet date, the company owed £77,261 (2022: £106,092) to Mr T J Woodcock, the director of the company.