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COMPANY REGISTRATION NUMBER: 4228688
Woodrow Developments Limited
Filleted Unaudited Financial Statements
30 June 2023
Woodrow Developments Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
40,485
50,712
Current assets
Stocks
4,338
14,193
Debtors
6
173,271
139,600
Cash at bank and in hand
74,353
123,868
--------
--------
251,962
277,661
Creditors: amounts falling due within one year
7
196,025
202,984
--------
--------
Net current assets
55,937
74,677
-------
--------
Total assets less current liabilities
96,422
125,389
Creditors: amounts falling due after more than one year
8
24,717
45,779
Provisions
Taxation including deferred tax
10,121
9,635
-------
--------
Net assets
61,584
69,975
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
61,484
69,875
-------
-------
Shareholders funds
61,584
69,975
-------
-------
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 statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Woodrow Developments Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 12 January 2024 , and are signed on behalf of the board by:
Mr G M Spicer
Director
Company registration number: 4228688
Woodrow Developments Limited
Notes to the Financial Statements
Year ended 30 June 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 5-11 Mortimer Street, London, W1T 3HS.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents amounts due for work undertaken during the year, exclusive of Value Added Tax.
(c) 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 be paid or recovered 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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) 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:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
(f) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(g) Hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
(h) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 13 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
9,724
119,622
17,638
146,984
Additions
1,399
2,350
524
4,273
Disposals
( 15,795)
( 5,437)
( 21,232)
-------
--------
-------
--------
At 30 June 2023
11,123
106,177
12,725
130,025
-------
--------
-------
--------
Depreciation
At 1 July 2022
5,324
79,230
11,718
96,272
Charge for the year
1,311
10,171
1,514
12,996
Disposals
( 14,564)
( 5,164)
( 19,728)
-------
--------
-------
--------
At 30 June 2023
6,635
74,837
8,068
89,540
-------
--------
-------
--------
Carrying amount
At 30 June 2023
4,488
31,340
4,657
40,485
-------
--------
-------
--------
At 30 June 2022
4,400
40,392
5,920
50,712
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
145,947
127,954
Other debtors
27,324
11,646
--------
--------
173,271
139,600
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
89,688
82,519
Corporation tax
12,500
10,131
Social security and other taxes
7,671
11,459
Other creditors
76,166
88,875
--------
--------
196,025
202,984
--------
--------
Other creditors falling due within one year includes £11,062 (2022: £11,404) in respect of amounts due under hire purchase agreements which are secured by means of a charge on the company's motor vehicles.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
Other creditors
5,550
16,612
-------
-------
24,717
45,779
-------
-------
Other creditors falling due after more than one year represent amounts due under hire purchase agreements secured by means of a charge on the company's motor vehicles.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
6,458
15,500
Later than 1 year and not later than 5 years
6,458
------
-------
6,458
21,958
------
-------