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REGISTERED NUMBER: 01330011 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Woodley Engineering (Stockport) Limited

Woodley Engineering (Stockport) Limited (Registered number: 01330011)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Woodley Engineering (Stockport) Limited (Registered number: 01330011)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 41,750 45,925
Tangible assets 5 841,126 808,499
882,876 854,424

CURRENT ASSETS
Stocks 86,565 100,715
Debtors 6 96,236 86,849
Cash at bank and in hand 219,799 253,560
402,600 441,124
CREDITORS
Amounts falling due within one year 7 (82,889 ) (96,297 )
NET CURRENT ASSETS 319,711 344,827
TOTAL ASSETS LESS CURRENT LIABILITIES 1,202,587 1,199,251

CREDITORS
Amounts falling due after more than one
year

8

(57,277

)

(57,792

)

PROVISIONS FOR LIABILITIES (121,310 ) (104,589 )
NET ASSETS 1,024,000 1,036,870

CAPITAL AND RESERVES
Called up share capital 42,745 42,745
Capital redemption reserve 36,110 36,110
Fair value reserve 10 373,801 373,801
Retained earnings 571,344 584,214
SHAREHOLDERS' FUNDS 1,024,000 1,036,870

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Woodley Engineering (Stockport) Limited (Registered number: 01330011)

Balance Sheet - continued
31 December 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 16 July 2024 and were signed on its behalf by:





Mrs D Cummings - Director


Woodley Engineering (Stockport) Limited (Registered number: 01330011)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Woodley Engineering (Stockport) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01330011

Registered office: Whitefield Road
Bredbury
Stockport
Cheshire
SK6 2QR

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Office equipment - 33% on cost

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.


Woodley Engineering (Stockport) Limited (Registered number: 01330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 83,500
AMORTISATION
At 1 January 2023 37,575
Amortisation for year 4,175
At 31 December 2023 41,750
NET BOOK VALUE
At 31 December 2023 41,750
At 31 December 2022 45,925

Woodley Engineering (Stockport) Limited (Registered number: 01330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Office
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 450,000 1,294,161 51,502 13,698 1,809,361
Additions - 98,905 - - 98,905
At 31 December 2023 450,000 1,393,066 51,502 13,698 1,908,266
DEPRECIATION
At 1 January 2023 - 938,946 48,912 13,004 1,000,862
Charge for year - 65,542 389 347 66,278
At 31 December 2023 - 1,004,488 49,301 13,351 1,067,140
NET BOOK VALUE
At 31 December 2023 450,000 388,578 2,201 347 841,126
At 31 December 2022 450,000 355,215 2,590 694 808,499

The freehold property was valued by Roberts & Roberts Chartered Surveyors who are external to the company. The basis of this valuation was open market valuation.

The director is of the opinion that this valuation is still accurate in the market as of the year end.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 207,890
Additions 41,938
Transfer to ownership (72,890 )
At 31 December 2023 176,938
DEPRECIATION
At 1 January 2023 54,309
Charge for year 36,749
Transfer to ownership (44,187 )
At 31 December 2023 46,871
NET BOOK VALUE
At 31 December 2023 130,067
At 31 December 2022 153,581

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 92,672 83,476
Other debtors 3,564 3,373
96,236 86,849

Woodley Engineering (Stockport) Limited (Registered number: 01330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 36,520 25,720
Trade creditors 7,210 18,515
Taxation and social security 36,892 50,008
Other creditors 2,267 2,054
82,889 96,297

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 57,277 57,792

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 93,797 83,512

Hire purchase creditors are secured on the assets to which they relate.

10. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 373,801