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Wanted Wood Recycling Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11143110
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 117,188 115,643
117,188 115,643
CURRENT ASSETS
Stocks 4 22,500 25,000
Debtors 5 45,007 148,773
Cash at bank and in hand 57 31,658
67,564 205,431
Creditors: Amounts Falling Due Within One Year 6 (38,002 ) (84,667 )
NET CURRENT ASSETS (LIABILITIES) 29,562 120,764
TOTAL ASSETS LESS CURRENT LIABILITIES 146,750 236,407
Creditors: Amounts Falling Due After More Than One Year 7 (37,023 ) (58,564 )
NET ASSETS 109,727 177,843
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 109,627 177,743
SHAREHOLDERS' FUNDS 109,727 177,843
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Caroline Kelly
Director
10/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Straight Line
1.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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 applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 5 (2022: 5)
5 5
3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2022 96,500 44,300 20,473 814 162,087
Additions 4,945 28,300 4,733 - 37,978
As at 30 June 2023 101,445 72,600 25,206 814 200,065
Depreciation
As at 1 July 2022 17,762 22,150 6,125 407 46,444
Provided during the period 15,217 18,150 2,862 204 36,433
As at 30 June 2023 32,979 40,300 8,987 611 82,877
Net Book Value
As at 30 June 2023 68,466 32,300 16,219 203 117,188
As at 1 July 2022 78,738 22,150 14,348 407 115,643
4. Stocks
2023 2022
£ £
Stock - materials 22,500 25,000
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,829 65,621
Directors' loan accounts - 72,285
Amounts owed by associates 42,178 10,867
45,007 148,773
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 24,950 23,637
Trade creditors 7,353 24,796
Corporation tax - 11,042
Other taxes and social security 1,837 3,606
VAT 1,233 20,386
Accruals and deferred income 1,200 1,200
Directors' loan accounts 1,429 -
38,002 84,667
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 7,437 19,363
Bank loans 29,586 39,201
37,023 58,564
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 28,612 27,006
Between one and five years 8,688 22,479
37,300 49,485
Less: Finance charges allocated to future periods 4,913 6,485
32,387 43,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2022 Amounts advanced Amounts repaid Amounts written off As at 30 June 2023
£ £ £ £ £
Mr David Clark 35,655 - 35,655 - -
Ms Caroline Kelly 36,631 - 36,631 - -
The above loan is unsecured, interest free and repayable on demand.
11. General Information
Wanted Wood Recycling Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11143110 . The registered office is The Recycling Centre Hackworth Industrial Estate, Shildon, County Durham, DL4 1HF.
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