IRIS Accounts Production v23.4.0.336 04049614 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040496142022-10-31040496142023-10-31040496142022-11-012023-10-31040496142021-10-31040496142021-11-012022-10-31040496142022-10-3104049614ns15:EnglandWales2022-11-012023-10-3104049614ns14:PoundSterling2022-11-012023-10-3104049614ns10:Director12022-11-012023-10-3104049614ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3104049614ns10:SmallEntities2022-11-012023-10-3104049614ns10:AuditExemptWithAccountantsReport2022-11-012023-10-3104049614ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3104049614ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3104049614ns10:FullAccounts2022-11-012023-10-310404961412022-11-012023-10-3104049614ns10:Director22022-11-012023-10-3104049614ns10:Director32022-11-012023-10-3104049614ns10:CompanySecretary12022-11-012023-10-3104049614ns10:RegisteredOffice2022-11-012023-10-3104049614ns5:CurrentFinancialInstruments2023-10-3104049614ns5:CurrentFinancialInstruments2022-10-3104049614ns5:ShareCapital2023-10-3104049614ns5:ShareCapital2022-10-3104049614ns5:RetainedEarningsAccumulatedLosses2023-10-3104049614ns5:RetainedEarningsAccumulatedLosses2022-10-3104049614ns5:NetGoodwill2022-11-012023-10-3104049614ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3104049614ns5:PlantMachinery2022-11-012023-10-3104049614ns5:NetGoodwill2022-10-3104049614ns5:NetGoodwill2023-10-3104049614ns5:NetGoodwill2022-10-3104049614ns5:PlantMachinery2022-10-3104049614ns5:PlantMachinery2023-10-3104049614ns5:PlantMachinery2022-10-3104049614ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3104049614ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3104049614ns5:WithinOneYear2023-10-3104049614ns5:WithinOneYear2022-10-3104049614ns10:Director222022-10-3104049614ns10:Director222021-10-3104049614ns10:Director222022-11-012023-10-3104049614ns10:Director222021-11-012022-10-3104049614ns10:Director222023-10-3104049614ns10:Director222022-10-31040496141ns10:Director12022-10-31040496141ns10:Director12021-10-31040496141ns10:Director12022-11-012023-10-31040496141ns10:Director12021-11-012022-10-31040496141ns10:Director12023-10-31040496141ns10:Director12022-10-3104049614ns10:Director332022-10-3104049614ns10:Director332021-10-3104049614ns10:Director332022-11-012023-10-3104049614ns10:Director332021-11-012022-10-3104049614ns10:Director332023-10-3104049614ns10:Director332022-10-31
REGISTERED NUMBER: 04049614 (England and Wales)










J Wood Leathers Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023






J Wood Leathers Limited (Registered number: 04049614)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

J Wood Leathers Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: Mr J G J Wood
Mrs M M Wood
Mr J C Wood





SECRETARY: Mrs M M Wood





REGISTERED OFFICE: c/o J Wood Leather
Steeton Grove
Steeton
Keighley
West Yorkshire
BD20 6TT





REGISTERED NUMBER: 04049614 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

J Wood Leathers Limited (Registered number: 04049614)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 46,065 55,711
46,065 55,711

CURRENT ASSETS
Stocks 505,336 532,287
Debtors 6 915,135 1,124,457
Cash at bank and in hand 405,482 253,180
1,825,953 1,909,924
CREDITORS
Amounts falling due within one year 7 (388,979 ) (479,188 )
NET CURRENT ASSETS 1,436,974 1,430,736
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,483,039

1,486,447

PROVISIONS FOR LIABILITIES (11,516 ) (10,585 )
NET ASSETS 1,471,523 1,475,862

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,471,423 1,475,762
SHAREHOLDERS' FUNDS 1,471,523 1,475,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J Wood Leathers Limited (Registered number: 04049614)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





Mr J C Wood - Director


J Wood Leathers Limited (Registered number: 04049614)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

J Wood Leathers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

It is recognised on completion and delivery of an individual contract. Revenue is also recognised on part completed contracts at the year end which can be reliably measured as to their % stage of completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been amortised evenly over its estimated useful life and is now fully written down.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

J Wood Leathers Limited (Registered number: 04049614)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and Straight line over 3 years

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J Wood Leathers Limited (Registered number: 04049614)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term, except for temporary rent concessions granted as a direct consequence of the Covid-19 pandemic, which are recognised on a systematic basis over the periods that the change in lease payments is intended to compensate.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 14,400
AMORTISATION
At 1 November 2022
and 31 October 2023 14,400
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

J Wood Leathers Limited (Registered number: 04049614)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 185,501
Additions 3,061
At 31 October 2023 188,562
DEPRECIATION
At 1 November 2022 129,790
Charge for year 12,707
At 31 October 2023 142,497
NET BOOK VALUE
At 31 October 2023 46,065
At 31 October 2022 55,711

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 86,799 182,125
Other debtors 828,336 942,332
915,135 1,124,457

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 74,253 281,245
Taxation and social security 122,615 164,390
Other creditors 192,111 33,553
388,979 479,188

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.23 31.10.22
£    £   
Within one year - 29,062

J Wood Leathers Limited (Registered number: 04049614)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr J G J Wood
Balance outstanding at start of year 4,200 (54,624 )
Amounts advanced 82,880 145,288
Amounts repaid (102,780 ) (86,464 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,700 ) 4,200

Mr J C Wood
Balance outstanding at start of year (8,802 ) (149 )
Amounts advanced 59,143 39,435
Amounts repaid (74,230 ) (48,088 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (23,889 ) (8,802 )

Mrs M M Wood
Balance outstanding at start of year 33,610 5,700
Amounts advanced 15,067 74,205
Amounts repaid (180,269 ) (46,295 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (131,592 ) 33,610

All loans with directors are interest free and repayable on demand.

10. RELATED PARTY DISCLOSURES

Onewood Developments Ltd

A company in which Mr J G J Wood is a director.

Included within other debtors at the year end is an amount of £820,614 (2022 - £916,614) due from Onewood Developments Ltd. The loan is interest free and repayable on demand.

SSAS Pension Scheme

Included within other debtors at the year end is an amount of £765 (2022 - £765) due from SSAS Pension Scheme. The loan is interest free and repayable on demand.

11. PENSION COMMITMENTS

The company operates a defined contribution scheme for the benefit of the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the funds and amounted to £3,122 (2022 - £2,142). Contributions totalling £785 (2022 - £297) were payable to the fund at the balance sheet date and are included in creditors.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
J Wood Leathers Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J Wood Leathers Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of J Wood Leathers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J Wood Leathers Limited and state those matters that we have agreed to state to the Board of Directors of J Wood Leathers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Wood Leathers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J Wood Leathers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J Wood Leathers Limited. You consider that J Wood Leathers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J Wood Leathers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ


Date: .............................................