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REGISTERED NUMBER: 02678507 (England and Wales)











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: R C Prentice
K A F Bodman
S R White
J J Woodlands



SECRETARY: Mrs J Woodlands



REGISTERED OFFICE: Unit 20
Optima Park
Thomas Road
Crayford
Kent
DA1 4QX



REGISTERED NUMBER: 02678507 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Joanne Brown



AUDITORS: Sargeant Partnership LLP
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:




K A F Bodman - Director



WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

31 July 2024

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:

J Woodlands - resigned 31 December 2022
Mrs J Woodlands - resigned 31 December 2022
G J Hall - resigned 31 December 2022
A Faratro - resigned 31 December 2022
R C Prentice - appointed 1 January 2023
K A F Bodman - appointed 1 January 2023
S R White - appointed 1 January 2023
J J Woodlands - appointed 1 January 2023

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:





K A F Bodman - Director


31 July 2024

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.




Joanne Brown (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

31 July 2024

WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507)

INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 16,134,719 15,426,809

Cost of sales 12,788,796 12,088,061
GROSS PROFIT 3,345,923 3,338,748

Administrative expenses 2,949,797 2,922,943
396,126 415,805

Other operating income - 5,400
OPERATING PROFIT 4 396,126 421,205

Interest receivable and similar income 105 46
396,231 421,251

Interest payable and similar expenses 5 95,705 54,382
PROFIT BEFORE TAXATION 300,526 366,869

Tax on profit 6 (46,727 ) 130,384
PROFIT FOR THE FINANCIAL
YEAR

347,253

236,485

WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 347,253 236,485


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

347,253

236,485

WOODLANDS SITE SERVICES LIMITED (REGISTERED NUMBER: 02678507)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,091,013 3,171,192

CURRENT ASSETS
Stocks 9 266,634 231,161
Debtors 10 5,283,984 5,196,866
Cash in hand 299 354
5,550,917 5,428,381
CREDITORS
Amounts falling due within one year 11 3,639,793 3,727,587
NET CURRENT ASSETS 1,911,124 1,700,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,002,137

4,871,986

CREDITORS
Amounts falling due after more than one
year

12

(1,323,429

)

(1,524,365

)

PROVISIONS FOR LIABILITIES 16 (520,433 ) (443,266 )
NET ASSETS 3,158,275 2,904,355

CAPITAL AND RESERVES
Called up share capital 17 10,000 10,000
Retained earnings 18 3,148,275 2,894,355
SHAREHOLDERS' FUNDS 3,158,275 2,904,355

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





K A F Bodman - Director


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 10,000 2,797,870 2,807,870

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 236,485 236,485
Balance at 31 October 2022 10,000 2,894,355 2,904,355

Changes in equity
Dividends - (93,333 ) (93,333 )
Total comprehensive income - 347,253 347,253
Balance at 31 October 2023 10,000 3,148,275 3,158,275

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 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off 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 - 4% per annum on cost
Fixtures and fittings - 15% per annum on cost
Motor vehicles - 20% per annum on reducing balance
Computer equipment - 15% per annum 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.

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 2,002,940 2,019,629
Social security costs 199,750 203,738
Other pension costs 34,266 35,471
2,236,956 2,258,838

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
41 42

2023 2022
£    £   
Directors' remuneration 268,334 160,000
Directors' pension contributions to money purchase schemes 4,843 2,642

Information regarding the highest paid director for the year ended 31 October 2023 is as follows:
2023
£   
Emoluments etc 66,667
Pension contributions to money purchase schemes 1,211

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Plant hire and maintenance 515,313 401,067
Depreciation - owned assets 157,795 154,703
Depreciation - assets on hire purchase contracts 35,281 35,338
Loss/(profit) on disposal of fixed assets 866 (9,495 )
Auditors' remuneration 13,000 13,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 79,753 41,988
Hire purchase 15,952 12,394
95,705 54,382

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 (133,982 ) (53,612 )
Prior period corporation tax 10,088 -
Total current tax (123,894 ) (53,612 )

Deferred tax 77,167 183,996
Tax on profit (46,727 ) 130,384

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 300,526 366,869
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2022 - 19%)

75,132

69,705

Effects of:
Expenses not deductible for tax purposes 103,368 202,125
Capital allowances in excess of depreciation (649 ) (23,320 )
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 93,333 140,000

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 November 2022 4,202,073 40,283 139,401 97,974 4,479,731
Additions 80,773 - 32,990 - 113,763
Disposals - - (10,650 ) - (10,650 )
At 31 October 2023 4,282,846 40,283 161,741 97,974 4,582,844
DEPRECIATION
At 1 November 2022 1,108,006 39,112 75,285 86,136 1,308,539
Charge for year 170,940 426 15,571 6,139 193,076
Eliminated on disposal - - (9,784 ) - (9,784 )
At 31 October 2023 1,278,946 39,538 81,072 92,275 1,491,831
NET BOOK VALUE
At 31 October 2023 3,003,900 745 80,669 5,699 3,091,013
At 31 October 2022 3,094,067 1,171 64,116 11,838 3,171,192

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 504,547 62,525 567,072
Additions 57,210 32,990 90,200
Reclassification/transfer 41,808 - 41,808
At 31 October 2023 603,565 95,515 699,080
DEPRECIATION
At 1 November 2022 28,931 15,064 43,995
Charge for year 23,040 12,241 35,281
Reclassification/transfer 381 - 381
At 31 October 2023 52,352 27,305 79,657
NET BOOK VALUE
At 31 October 2023 551,213 68,210 619,423
At 31 October 2022 475,616 47,461 523,077

9. STOCKS
2023 2022
£    £   
Stocks 266,634 231,161

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 4,811,262 4,590,745
Amounts owed by group undertakings 102,930 30,215
Tax 133,982 328,612
VAT 109,464 174,166
Prepayments and accrued income 126,346 73,128
5,283,984 5,196,866

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) 858,063 211,475
Hire purchase contracts (see note 14) 118,185 107,278
Trade creditors 1,686,289 2,573,609
Amounts owed to group undertakings 175,457 -
Social security and other taxes 65,441 122,247
Other creditors 345,718 313,673
Net Pay Control 87,866 82,568
Credit card 18,703 18,352
Accruals and deferred income 284,071 298,385
3,639,793 3,727,587

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans (see note 13) 421,622 518,730
Hire purchase contracts (see note 14) 277,035 292,126
Other creditors 624,772 79,000
Directors' loan accounts - 634,509
1,323,429 1,524,365

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 760,607 115,478
Bank loans 97,456 95,997
858,063 211,475

Amounts falling due between one and two years:
Bank loans - 1-5 years 304,938 348,373

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 118,185 107,278
Between one and five years 277,035 292,126
395,220 399,404

Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,200 2,838
Between one and five years 5,317 6,050
7,517 8,888

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 760,607 115,478
Bank loans 519,078 614,727
1,279,685 730,205

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 443,266
Accelerated capital allowances 77,167
Balance at 31 October 2023 520,433

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1.00 10,000 10,000

18. RESERVES
Retained
earnings
£   

At 1 November 2022 2,894,355
Profit for the year 347,253
Dividends (93,333 )
At 31 October 2023 3,148,275

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.