Registered number
06698274
Iron and Wood Ltd
Unaudited Filleted Accounts
30 June 2023
Iron and Wood Ltd
Registered number: 06698274
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,566 14,670
Investments 4 61 61
11,627 14,731
Current assets
Stocks 138,928 107,353
Debtors 5 291,596 321,213
Cash at bank and in hand 218,586 79,888
649,110 508,454
Creditors: amounts falling due within one year 6 (261,943) (269,380)
Net current assets 387,167 239,074
Total assets less current liabilities 398,794 253,805
Provisions for liabilities (2,891) (2,787)
Net assets 395,903 251,018
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 394,903 250,018
Shareholders' funds 395,903 251,018
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.
S Attfield
Director
Approved by the board on 20 February 2024
Iron and Wood 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).
Going Concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resourses to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis in preparaing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. 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.
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.
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.
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
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 4,560 42,058 19,300 65,918
Additions - 1,433 - 1,433
At 30 June 2023 4,560 43,491 19,300 67,351
Depreciation
At 1 July 2022 1,044 35,484 14,720 51,248
Charge for the year - 3,392 1,145 4,537
At 30 June 2023 1,044 38,876 15,865 55,785
Net book value
At 30 June 2023 3,516 4,615 3,435 11,566
At 30 June 2022 3,516 6,574 4,580 14,670
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 July 2022 51 10 61
At 30 June 2023 51 10 61
5 Debtors 2023 2022
£ £
Trade debtors 215,290 202,635
Amounts owed by group undertakings and undertakings in which the company has a participating interest 880 654
Other debtors 75,426 117,924
291,596 321,213
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 34,558 41,114
Amounts owed to group undertakings and undertakings in which the company has a participating interest 188 112
Taxation and social security costs 91,681 43,146
Other creditors 135,516 185,008
261,943 269,380
Included in other creditors above is deferred income totalling £112,985 (2022: £173,273).
7 Share Capital 2023 2022
£ £
Allotted, called up share capital which has been paid up
1000 Ordinary shares of £1.00 each 1,000 1,000
1,000 1,000
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 12,000 12,000
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Directors
Loan 1 (3,279) 18,637 (14,921) 437
(3,279) 18,637 (14,921) 437
During the year, the company made a loan to the participators. The balance outstanding at the balance sheet date was £437. No interest has been charged in the year. There are no fixed terms of repayment and this amount is included within other debtors.
10 Related party transactions
In the previous year, the company advanced funds to a company with a common director and shareholder. There are no agreed terms of repayment and interest is not being charged on the loan which totalled £63,016 (2022: £99,513).
11 Controlling party
The ultimate controlling party is Mr S Attfield, who owns 60% of the total issued share capital of the company.
12 Other information
Iron and Wood Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hillside Farm
Wroxton Lane
Horley, Banbury
Oxfordshire
OX15 BD
The company is exempt from preparing consolidated financial statements on the basis that it quallifies for the small companies regime and is not a member of a group containing an ineligible company. Therefore the accounts present information relating to the company only.
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