REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
WOODLANDS SITE SERVICES LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
WOODLANDS SITE SERVICES LIMITED |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
WOODLANDS SITE SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their strategic report for the financial year ended 31 October 2023. |
REVIEW OF BUSINESS |
The company provides temporary and semi-permanent site services to a number of construction projects throughout London, the South East and the Midlands. The vast majority of the company's operations relate to Electrical and Mechanical services, but the company also provides other services such as security systems, underground utilities and data services. The company operates from its head office and training facility in Crayford, Kent as well as its office in central London. |
The financial year to 31 October 2023 has seen a further improvement in trading conditions from the previous accounting period. As a result, the company has seen further growth in turnover in this financial year totalling £16,134,719, an increase of 4.59%. During the year, prolonged high inflation along with The Bank of England's Monetary Policy Committee voting to further increase interest rates has inevitably caused some margin pressures. Despite this, the company has largely been able to mitigate against rising costs to maintain a level of profitability in keeping with recent years. As a result, the company continues to increase its available working capital whilst also further reducing its gearing. |
In the opinion of the directors, their client led approach and delivery of a fully compliant, quality service continues to bring success in securing future works, most notably in the award of several government infrastructure projects. Whilst the majority of the company's client base are predominately longstanding key clients, it has also been successful in diversifying its portfolio in obtaining works with new clients. The directors are pleased with the continued progress in delivering their business plan and expect the financial performance and robustness of the business to continue to improve further. |
The company continues to promote innovation in developing energy saving, eco-friendly products and solutions for its clients. With increasing focus on environment factors, these products enable clients to act ethically in reducing the carbon footprint of construction as well as generating substantial cost savings and enhancing site safety. As a gold member of the Supply Chain Sustainability School, an award-winning industry wide collaboration, the company is invested in delivering a sustainable future. |
The directors believe investing in their workforce will ensure high levels of competence and will continue to enhance standards of work. The health and wellbeing of the workforce remains a key area in which all staff have access to a qualified inhouse nurse offering health monitoring, walk in clinics and drugs & alcohol testing. They also remain committed to developing the next generation of construction workers partnering with selected clients and organisations to provide apprenticeship opportunities for local people. |
Social media platforms give the company the opportunity to promote local community projects and charitable events, as well as supporting industry initiatives such as women in construction and national apprenticeship week. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties which are likely to affect the company are expected to be due to future economic and political developments and how this will affect the wider Construction industry. |
The directors are fully aware that prolonged high inflation and the conflict in Ukraine will continue to impact costs across the business. However, given these are challenges faced throughout the industry it's likely that these price pressures will be felt across the board and so are unlikely to have a detrimental effect on the business. The company continues to work closely with its key supply chain partners in order to identify and forecast potential price rises so that where possible it can mitigate against these increases. |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
One of the company's primary material costs is cable, the cost of which is linked to wholesale copper prices. As the price of copper is determined by several economic factors globally, the company manages this risk through constant monitoring and forecasting of copper prices. Although the current economic climate has caused some volatility in the commodities markets, the directors consider current controls to be adequate in managing any risk. The company has previously explored the possibility of limiting its exposure by hedging against potential price rises; however, this has not proved to be financially viable. |
The nature of construction dictates that there will always be emphasis on the management of health and safety risks. The company continues to embrace a health and safety culture by investing in key staff and training of its workforce such as mental first aiders to maintain good working standards and procedures across the company. |
The directors remain vigilant, especially surrounding future economic factors and the recent change of government but are confident that where possible adequate procedures/controls are in place to identify and manage risks to an acceptable level. |
FUTURE DEVELOPMENTS |
The new labour government have vowed to "get Britain building" as part of their plan to deliver economic stability and boost growth which has been broadly welcomed across the construction industry. |
With inflation having been reduced to The Bank of England's target of 2%, it is widely expected that the Bank's Monetary Policy Committee will start to reduce interest rates before the end of this year. |
The directors anticipate that these factors will remove many of the barriers which led to many projects previously being delayed or suspended and expect the outlook for the remainder of 2024 and 2025 to continue to improve. |
The company has secured a number of projects with an increasingly diverse client base which will maintain core business levels for several years to come. |
KEY PERFORMANCE INDICATORS |
The directors monitor a number of key performance indicators to enable them to measure the financial performance and standing of the company: |
Profitability |
Gross Profit % | 20.74% | (2022: 21.64%) |
Profit before Tax % | 1.86% | (2022: 2.38%) |
EBITDA | 3.65% | (2022: 3.96%) |
ROCE | 11.80% | (2022: 12.55%) |
Liquidity |
Current Ratio | 1.52 | (2022: 1.46) |
Quick Ratio | 1.45 | (2022: 1.39) |
ON BEHALF OF THE BOARD: |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 October 2023. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 October 2023 will be £93,333. |
DIRECTORS |
The directors who have held office during the period from 1 November 2022 to the date of this report are as follows: |
FINANCIAL INSTRUMENTS |
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions. |
DONATIONS |
There were donations in the year totalling £3,912. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOODLANDS SITE SERVICES LIMITED |
Opinion |
We have audited the financial statements of Woodlands Site Services Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOODLANDS SITE SERVICES LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOODLANDS SITE SERVICES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. |
During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks. |
In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK GAAP, UK corporate taxation laws and the Data Protection Act. |
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors of known or suspected instances of fraud and non-compliance with laws and regulations. These enquiries are corroborated through follow up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
-We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
a) Identifying the controls management has put in place to prevent and detect fraud; |
b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
c) Challenging assumptions and judgements made by management in its significant accounting estimates; and |
d) We designed our audit procedures to respond to the assessment of the risk of fraud through management override of controls. This includes the identification and testing of related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature and a review of profit margins. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOODLANDS SITE SERVICES LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
396,126 | 415,805 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
396,231 | 421,251 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Deferred tax |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Woodlands Site Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial accounts are presented in sterling (£) which is also the functional currency. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements. estimates and assumptions about the carrying value assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Provisions for amounts recoverable on long term contracts |
Applications for payment are raised by quantity surveyors based on the value of services delivered at the time of the application for payment. A provision is included against any uncollected amount where its recoverability may be uncertain. This estimate is based on management's knowledge and experience of the customer and prior business experience. The determination of the quantum of the provision is judgemental. · |
Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual vaiues are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents net invoices and applications for payment, based on the estimated value of services provided and recognised in accordance with the stage of completion of the contract, excluding value added tax. |
Amounts recoverable on long term contracts, which are included in debtors, represent applications for payment which remain uncollected at the year end. These balances are stated at the net sales value of the work done after provisions. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Employee benefits |
Short term employee benefits, including holiday pay entitlement and other non-monetary benefits, and contributions to personal pension schemes are recognised as an expense in the period in which they are incurred. The company has no further responsibility in respect of those schemes. |
Short term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
Cash and cash equivalents: |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 4 | 4 |
Management & administration | 20 | 23 |
Warehouse | 3 | 3 |
Drivers | 1 | 1 |
Mechanical & electrical | 13 | 11 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director for the year ended 31 October 2023 is as follows: |
2023 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Plant hire and maintenance |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Hire purchase |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Prior period corporation tax | 10,088 | - |
Total current tax | ( |
) | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Loss carried forward | (100,901 | ) | - |
(Profit) / Loss on disposal of assets | 217 | (1,804 | ) |
R&D claim | (123,894 | ) | (123,288 | ) |
Group relief | - | 6,966 |
Total tax (credit)/charge | (46,727 | ) | 130,384 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 October 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Cost or valuation at 31 October 2023 is represented by: |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2019 | 4,282,846 | 40,283 | 161,741 | 97,974 | 4,582,844 |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
Reclassification/transfer |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Reclassification/transfer |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Stock is valued at the lower of cost and net realisable value on a first in, first out basis. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
VAT |
Prepayments and accrued income |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Net Pay Control | 87,866 | 82,568 |
Credit card | 18,703 | 18,352 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
Other creditors |
Directors' loan accounts | - | 634,509 |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 116,684 | 170,357 |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
National Westminster Bank PLC holds a fixed and floating charge. The floating charge covers all the property or undertaking of the company. Contains a negative pledge. |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 520,433 | 443,266 |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Accelerated capital allowances | 77,167 |
Balance at 31 October 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 10,000 | 10,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |
19. | ULTIMATE PARENT COMPANY |
The company is a wholly owned subsidiary of Woodlands Group Holdings Limited, a company incorporated in England and Wales. Woodlands Group Holdings Limited is the ultimate parent company by virtue of its shareholding. |
The results of Woodlands Site Services Limited are included by full consolidation in the consolidated accounts prepared by it's parent Woodlands Group Holdings Limited for the year ended 31st October 2023 and a copy of the accounts and audit report can be found at Companies House. |
WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, £nil was owed to or from the directors. |
During the year the directors received the following benefits in kind: |
Mr R Prentice £552, |
Mr K Bodman £1,028, |
Mr S White £539, |
Mr J J Woodlands £668. |
In 2022 amounts were owed to Mr & Mrs Woodlands of £237,509 and to Mr A Faratro of £397,000. These parties resigned as directors during 2023 and have therefore been reclassified. |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year, the company made purchases from close family member companies totalling £Nil (2022: £22,843). |
During the year, the company was loaned £79,000 (2022: £79,000) from close family members. |
During the year, the company loaned £Nil (2022: £Nil) to companies outside of the group with the same directors. The company was loaned £337,130 (2022: £309,145) from companies outside of the group with the same directors. Woodlands Site Services made sales of £25,391 (2022: £239,456) to these companies and there was a total trade debtor balance as at the year end of £391,403 (2022: £504,777). |
Other than the directors the only other key management personnel is J T Woodlands, J E Woodlands, A Faratro, G Hall and R McQueen all Associate Directors at the year end. Directors' remuneration is reported in note 3. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr & Mrs J Woodlands by virtue of their shareholding in Woodlands Group Holdings Limited. |