YARCOMBE WOODLAND PRODUCTS LIMITED

Company Registration Number:
01583838 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2023

Period of accounts

Start date: 1 November 2022

End date: 31 October 2023

YARCOMBE WOODLAND PRODUCTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2023

Balance sheet
Additional notes
Balance sheet notes

YARCOMBE WOODLAND PRODUCTS LIMITED

Balance sheet

As at 31 October 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 302,871 345,534
Total fixed assets: 302,871 345,534
Current assets
Stocks: 4 426,116 425,686
Debtors: 5 545,042 513,956
Cash at bank and in hand: 54,017 80,290
Total current assets: 1,025,175 1,019,932
Creditors: amounts falling due within one year: 6 ( 222,646 ) ( 199,539 )
Net current assets (liabilities): 802,529 820,393
Total assets less current liabilities: 1,105,400 1,165,927
Creditors: amounts falling due after more than one year: 7 ( 60,961 ) ( 98,266 )
Provision for liabilities: ( 20,270 ) ( 31,106 )
Total net assets (liabilities): 1,024,169 1,036,555
Capital and reserves
Called up share capital: 10,000 10,000
Profit and loss account: 1,014,169 1,026,555
Total Shareholders' funds: 1,024,169 1,036,555

The notes form part of these financial statements

YARCOMBE WOODLAND PRODUCTS LIMITED

Balance sheet statements

For the year ending 31 October 2023 the company was entitled to exemption 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 directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 July 2024
and signed on behalf of the board by:

Name: Stephen Ruell
Status: Director

The notes form part of these financial statements

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net ofsales/value added tax, returns, rebates and discounts.The company recognises revenue when:The amount of revenue can be reliably measured;it is probable that future economic benefits will flow to the entity;and specific criteria have been met for each of the company's activities.

    Tangible fixed assets depreciation policy

    Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.Asset class Depreciation method and rateLand and buildings - Straight line method over 25 yearsFurniture, fittings and equipment - Straight line method over 3 yearsMotor vehicles - 25% reducing balancePlant and machinery - 20% reducing balance

    Other accounting policies

    Basis of preparationThese financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.TaxThe tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.Cash and cash equivalentsCash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.Trade debtorsTrade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.StocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.Trade creditorsTrade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an Unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.BorrowingsInterest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.Share capitalOrdinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a presentvalue basis.Defined contribution pension obligationA defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 13 11

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 November 2022 371,724 251,257 23,135 188,273 834,389
Additions 13,045 1,769 14,814
Disposals
Revaluations
Transfers
At 31 October 2023 371,724 264,302 24,904 188,273 849,203
Depreciation
At 1 November 2022 142,716 197,312 19,241 129,586 488,855
Charge for year 14,155 25,193 3,458 14,671 57,477
On disposals
Other adjustments
At 31 October 2023 156,871 222,505 22,699 144,257 546,332
Net book value
At 31 October 2023 214,853 41,797 2,205 44,016 302,871
At 31 October 2022 229,008 53,945 3,894 58,687 345,534

Included within the net book value of land and buildings above is £214,849 (2022 - £229,008) in respect of short leasehold land and buildings.

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

4. Stocks

2023 2022
£ £
Stocks 426,116 425,686
Total 426,116 425,686

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

5. Debtors

2023 2022
£ £
Trade debtors 128,007 114,789
Prepayments and accrued income 2,035 4,167
Other debtors 415,000 395,000
Total 545,042 513,956

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 27,273 27,273
Amounts due under finance leases and hire purchase contracts 10,033 9,556
Trade creditors 78,557 55,140
Taxation and social security 35,796 51,870
Accruals and deferred income 69,670 54,530
Other creditors 1,317 1,170
Total 222,646 199,539

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 43,182 70,454
Amounts due under finance leases and hire purchase contracts 17,779 27,812
Total 60,961 98,266

YARCOMBE WOODLAND PRODUCTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

8. Financial Commitments

Hire purchase - 1 to 2 years = £10,509 (2022: £10,033)Hire purchase - 2 to 5 years = £7,270 (2022: £17,779)Bank loan - 1 to 2 years = £27,273 (2022: £27,273)Bank loan - 2 to 5 years = £15,909 (2022: £43,181)Total loans and borrowings due after more than one year = £60,961 (2022: £98,266)