Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31false322022-11-01falseNo description of principal activity39truefalse 02867824 2022-11-01 2023-10-31 02867824 2021-11-01 2022-10-31 02867824 2023-10-31 02867824 2022-10-31 02867824 2021-11-01 02867824 5 2022-11-01 2023-10-31 02867824 5 2021-11-01 2022-10-31 02867824 d:CompanySecretary1 2022-11-01 2023-10-31 02867824 d:Director1 2022-11-01 2023-10-31 02867824 d:Director2 2022-11-01 2023-10-31 02867824 d:RegisteredOffice 2022-11-01 2023-10-31 02867824 e:MotorVehicles 2022-11-01 2023-10-31 02867824 e:MotorVehicles 2023-10-31 02867824 e:MotorVehicles 2022-10-31 02867824 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02867824 e:FurnitureFittings 2022-11-01 2023-10-31 02867824 e:FurnitureFittings 2023-10-31 02867824 e:FurnitureFittings 2022-10-31 02867824 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02867824 e:ComputerEquipment 2022-11-01 2023-10-31 02867824 e:ComputerEquipment 2023-10-31 02867824 e:ComputerEquipment 2022-10-31 02867824 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02867824 e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 02867824 e:CurrentFinancialInstruments 2023-10-31 02867824 e:CurrentFinancialInstruments 2022-10-31 02867824 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 02867824 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 02867824 e:ReportableOperatingSegment1 2022-11-01 2023-10-31 02867824 e:ReportableOperatingSegment1 2021-11-01 2022-10-31 02867824 e:UKTax 2022-11-01 2023-10-31 02867824 e:UKTax 2021-11-01 2022-10-31 02867824 e:ShareCapital 2023-10-31 02867824 e:ShareCapital 2022-10-31 02867824 e:SharePremium 2023-10-31 02867824 e:SharePremium 2022-10-31 02867824 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02867824 e:RetainedEarningsAccumulatedLosses 2023-10-31 02867824 e:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 02867824 e:RetainedEarningsAccumulatedLosses 2022-10-31 02867824 e:RetainedEarningsAccumulatedLosses 2021-11-01 02867824 d:OrdinaryShareClass1 2022-11-01 2023-10-31 02867824 d:OrdinaryShareClass1 2023-10-31 02867824 d:OrdinaryShareClass1 2022-10-31 02867824 d:FRS102 2022-11-01 2023-10-31 02867824 d:Audited 2022-11-01 2023-10-31 02867824 d:FullAccounts 2022-11-01 2023-10-31 02867824 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02867824 e:WithinOneYear 2023-10-31 02867824 e:WithinOneYear 2022-10-31 02867824 e:BetweenOneFiveYears 2023-10-31 02867824 e:BetweenOneFiveYears 2022-10-31 02867824 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02867824 e:AcceleratedTaxDepreciationDeferredTax 2022-10-31 02867824 e:TaxLossesCarry-forwardsDeferredTax 2023-10-31 02867824 e:TaxLossesCarry-forwardsDeferredTax 2022-10-31 02867824 f:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02867824







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


WOODLAND COMMERCIAL LIMITED






































img6a69.png                        

 


WOODLAND COMMERCIAL LIMITED
 


 
COMPANY INFORMATION


Directors
K. J. A. Furey 
S. P. Archer 




Company secretary
K. J. A. Furey



Registered number
02867824



Registered office
Ashcombe House
5 The Crescent

Leatherhead

Surrey

KT22 8DY




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


WOODLAND COMMERCIAL LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 22


 


WOODLAND COMMERCIAL LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Principal activities and business review
 
The principal activity of the Company during the year was that of supply of building, maintenance and insurance repair activities.
The profit for the financial year on ordinary activities before taxation was £1.17m(2023: £1.05m).
Turnover increased by 10% during the year, mainly due to new customers and increased activity with existing customers. Margins improved and profits further increased which were somewhat offset by increased labour costs. At the year end the Company had net assets of £3.16m and cash of £2.02m. 

Risks and uncertainties
 
The Company’s principal commercial risk is the pressure on maintaining margins caused by competition and increased inflationary costs.
The Company's activities expose the company to several risks including liquidity risk, price risk and credit risk.
The Company manages these risks as follows:
Liquidity risk
Cash flow is monitored weekly, a positive position has been achieved throughout the year. Therefore, due to a further significant increase in cash reserves, demonstrating that there is minimal current liquidity risk within the Company.
Price risk
The Company seeks to limit its exposure to raw material and transport cost fluctuations by negotiating contracts over longer fixed periods.
Credit risk
The Company operates effective credit control procedures, and the level of trade receivables has been controlled in recent years. The Company is not exposed to a small number of clients.

Future developments
The Company's objective is to continue developing systems and procedures to improve customer relations. This is with a view to give customers the best possible experience and help promote additional sales. Together with ongoing logistical development and expansion of the product portfolio, it is anticipated there will be continued growth with existing and new customers.

Financial key performance indicators
 
The Company uses a series of key performance indicators to monitor the performance of the business. They include, but are not limited to, the following;
a) the quarterly turnover achieved compared with the Company's forecasts
b) the gross profit margin
Turnover at £15.7m was better than the previous year of £14.3m due to increased customer activity.
Actual gross margins of 18.9% was better than the previous year 17.7%. The Company is currently seeing increased  urnover compared to the 2024/25 Budget, whilst maintaining similar margins during the first half of the coming year.

Page 1

 


WOODLAND COMMERCIAL LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


This report was approved by the board and signed on its behalf.





K. J. A. Furey
Director

Date: 31 July 2024

Page 2

 


WOODLAND COMMERCIAL LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £914,780 (2022 - £857,398).
During the year a dividend of £193,480 (2022 - £193,480) was paid.

Directors

The directors who served during the year were:

K. J. A. Furey 
S. P. Archer 

Future developments

Client to provide.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 


WOODLAND COMMERCIAL LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 487 (2) of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





K. J. A. Furey
Director

Date: 31 July 2024

Page 4

 


WOODLAND COMMERCIAL LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODLAND COMMERCIAL LIMITED

Opinion


We have audited the financial statements of Woodland Commercial Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 


WOODLAND COMMERCIAL LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODLAND COMMERCIAL LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 


WOODLAND COMMERCIAL LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODLAND COMMERCIAL LIMITED (CONTINUED)

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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: 

The Companies Act 2006;
Financial Reporting Standard 102;
UK Employment Legislation;
General Data Protection Regulations;
UK Tax Legislation; and
Health and Safety Legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedure on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures and the Company secretary. 

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Company engagement team included;

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas;

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual and complex transactions; and
The use of management override of controls to manipulate the results or to cause the Company to enter into transactions not in it's best interests. 

Page 7

 


WOODLAND COMMERCIAL LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOODLAND COMMERCIAL LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Andrew Hookway (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

31 July 2024
Page 8

 


WOODLAND COMMERCIAL LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

  

Turnover
 4 
15,694,223
14,259,642

Cost of sales
  
(12,728,100)
(11,728,628)

Gross profit
  
2,966,123
2,531,014

Administrative expenses
  
(1,799,300)
(1,482,683)

Operating profit
 5 
1,166,823
1,048,331

Interest payable and similar expenses
 9 
-
(2,077)

Profit before tax
  
1,166,823
1,046,254

Tax on profit
 10 
(252,043)
(188,856)

Profit after tax
  
914,780
857,398

  

  

Retained earnings at the beginning of the year
  
2,432,072
1,768,154

  
2,432,072
1,768,154

Profit for the year
  
914,780
857,398

Dividends declared and paid
  
(193,480)
(193,480)

Retained earnings at the end of the year
  
3,153,372
2,432,072
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 22 form part of these financial statements.

Page 9

 


WOODLAND COMMERCIAL LIMITED
REGISTERED NUMBER:02867824



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
16,209
18,207

  
16,209
18,207

Current assets
  

Debtors: amounts falling due within one year
 12 
6,304,808
6,130,661

Cash at bank and in hand
  
2,020,383
520,278

  
8,325,191
6,650,939

Creditors: amounts falling due within one year
 13 
(5,179,971)
(4,225,778)

Net current assets
  
 
 
3,145,220
 
 
2,425,161

Total assets less current liabilities
  
3,161,429
2,443,368

Provisions for liabilities
  

Deferred tax
 14 
(712)
(3,951)

  
 
 
(712)
 
 
(3,951)

Net assets
  
3,160,717
2,439,417


Capital and reserves
  

Share capital
 15 
106
106

Share premium account
  
7,239
7,239

Profit and loss account
  
3,153,372
2,432,072

  
3,160,717
2,439,417


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K. J. A. Furey
S. P. Archer
Director
Director


Date: 31 July 2024

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 


WOODLAND COMMERCIAL LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
914,780
857,398

Adjustments for:

Depreciation of tangible assets
11,370
12,280

Interest paid
-
2,077

Taxation charge
252,043
188,856

(Increase) in debtors
(173,090)
(2,656,250)

Increase in creditors
1,094,482
942,097

Corporation tax (paid)/received
(396,628)
12,017

Net cash generated from operating activities

1,702,957
(641,525)


Cash flows from investing activities

Purchase of tangible fixed assets
(9,372)
(9,477)

Net cash from investing activities

(9,372)
(9,477)

Cash flows from financing activities

Dividends paid
(193,480)
(193,480)

Interest paid
-
(2,077)

Net cash used in financing activities
(193,480)
(195,557)

Net increase/(decrease) in cash and cash equivalents
1,500,105
(846,559)

Cash and cash equivalents at beginning of year
520,278
1,366,837

Cash and cash equivalents at the end of year
2,020,383
520,278


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,020,383
520,278

2,020,383
520,278


The notes on pages 13 to 22 form part of these financial statements.

Page 11

 


WOODLAND COMMERCIAL LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023



At 1 November 2022
At 31 October 2023
£

£

Cash at bank and in hand

520,278

520,278

Debt due within 1 year

(3,586)

(3,586)


516,692
516,692

The notes on pages 13 to 22 form part of these financial statements.

Page 12

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Woodland Commercial Limited is a private company limited by shares incorporated in England and Wales. The trading address is 117 Windmill Road, Sunbury on Thames, TW16 7EF.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents the total amount receivable by the Company in respect of general construction and civil
engineering work, excluding value added tax and trade discounts. Further details of revenue recognition can be found under the accounting policy for construction contracts. Retention's are recognised when received.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% on cost
Fixtures and fittings
-
25% straight line basis
Computer equipment
-
25% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

  
2.7

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.
Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue.
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each product. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Page 14

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for  revenues and expenses during the year. These estimates and judgements are continually reviewed and are based   on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Contract Valuations
The Company enters into commercial contracts and at period ends is required to assess the level of completion of   these contracts. The estimation of completion, which affects profitability, requires assessment of the stage of completion by project managers, based on an evaluation of its progress, together with an assessment of the cost to  complete.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction contracts
15,694,223
14,259,642

15,694,223
14,259,642


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
45,598
39,379

Depreciation
11,370
12,280


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

10,050
7,750
Page 16

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,487,147
1,387,019

Social security costs
164,036
155,157

Cost of defined contribution scheme
55,388
35,849

1,706,571
1,578,025


The average monthly number of employees, including directors, during the year was 39 (2022 - 32).


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
158,886
176,029

Company contributions to defined contribution pension schemes
9,525
6,889

168,411
182,918


During the year retirement benefits were accruing to two directors (2022 - two) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
-
2,077

-
2,077

Page 17

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
254,918
199,327

Adjustments in respect of previous periods
364
(9,940)


255,282
189,387


Total current tax
255,282
189,387

Deferred tax


Origination and reversal of timing differences
(3,239)
(531)

Total deferred tax
(3,239)
(531)


Tax on profit
252,043
188,856

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,166,823
1,046,254


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.52% (2022 - 19%)
251,120
198,788

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,514
732

Fixed asset differences
284
(193)

Remeasurement of deferred tax for unexplained changes in rates
(3,239)
(531)

Adjustments to tax charge in respect of prior periods
364
(9,940)

Total tax charge for the year
252,043
188,856


Factors that may affect future tax charges

The main rate of UK corporation tax is due to increase to 25% from 1 April 2023. The Company may be subject to a potential increase in tax rates if they meet the higher profits threshold.

Page 18

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
11,015
21,464
75,393
107,872


Additions
-
692
8,680
9,372



At 31 October 2023

11,015
22,156
84,073
117,244



Depreciation


At 1 November 2022
8,262
21,043
60,360
89,665


Charge for the year on owned assets
2,753
177
8,440
11,370



At 31 October 2023

11,015
21,220
68,800
101,035



Net book value



At 31 October 2023
-
936
15,273
16,209



At 31 October 2022
2,753
421
15,033
18,207


12.


Debtors

2023
2022
£
£


Trade debtors
4,181,002
3,678,085

Other debtors
132,465
133,461

Prepayments and accrued income
4,060
4,060

Amounts recoverable on long-term contracts
1,987,281
2,315,055

6,304,808
6,130,661


Page 19

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
580,288
285,294

Trade creditors
2,466,793
2,117,349

Corporation tax
255,282
395,571

Other taxation and social security
1,644,235
974,140

Other creditors
149,873
113,153

Accruals and deferred income
83,500
340,271

5,179,971
4,225,778



14.


Deferred taxation




2023


£






At beginning of year
(3,951)


Charged to profit or loss
3,239



At end of year
(712)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(4,052)
(4,552)

Short term timing differences
3,340
601

(712)
(3,951)

Page 20

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



106 (2022 - 106) Ordinary shares shares of £1.00 each
106
106

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.



16.


Pension commitments

The pension cost charge represents the Company's contribution to the defined contribution pension scheme and amounted to £55,388 (2023 £35,849). At the year end outstanding contributions amounted to £13,363 (2023 £3,586) as contained within other creditors above.


17.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
86,633
74,046

Later than 1 year and not later than 5 years
52,290
88,677

138,923
162,723


18.


Transactions with the directors

Personal indemnity and security have been provided to the Company's bankers by some of the directors.
As at 31 October 2023 the Company was owed £99,176 (2022 - £99,176) by K Furey a director, during the year he did not receive any advances (2022 - £Nil) and did not make any repayments (2022 - £Nil). No interest has been charged on this loan and it is repayable on demand.


19.


Pension committments

As at 31 October 2023 £13,363 (2022 - £3,586) was owed by the Company in respect of pension contributions.


20.


Related party transactions

As at 31 October 2023 the Company owed £24,000 (2022 - £Nil) as shown in other creditors in note 13 above to Boochfu Developments Limited, a company under the control of K. J. A. Furey and S. P. Archer. No interest has been charged on this amount.

Page 21

 


WOODLAND COMMERCIAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

21.


Controlling party

There is no ultimate controlling party.

 
Page 22