REGISTERED NUMBER: 10853713 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
WOODLANDS GROUP HOLDINGS LIMITED |
REGISTERED NUMBER: 10853713 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
WOODLANDS GROUP HOLDINGS LIMITED |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
WOODLANDS GROUP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Joanne Brown |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
GROUP 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 group provides temporary and semi-permanent site services to a number of construction projects throughout London, the South East, the Midlands and across Europe. The vast majority of the group's operations relate to Electrical and Mechanical services, but the group also provides other services such as security systems, underground utilities and data services. The group operates from its head office and training facility in Crayford, Kent as well as its office in central London and other locations around Europe. |
The financial year to 31 October 2023 has seen a further improvement in trading conditions from the previous accounting period. As a result, the group has seen further growth in turnover in this financial year totalling £19,238,255, an increase of 9.82%. 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 group has largely been able to mitigate against rising costs to maintain a level of profitability in keeping with recent years. As a result, the group 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 group'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 group 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 group 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 group 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 group 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 group 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 GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
One of the group'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 group 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 group 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 group 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 group. |
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 group 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 group: |
Profitability |
Gross Profit % | 17.02% | (2022: 21.09%) |
Profit before Tax % | 0.62% | (2022: 3.95%) |
EBITDA | 2.17% | (2022: 5.41%) |
ROCE | 6.03% | (2022: 13.74%) |
Liquidity |
Current Ratio | 1.36 | (2022: 1.41) |
Quick Ratio | 1.30 | (2022: 1.36) |
ON BEHALF OF THE BOARD: |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company and the group 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 shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DONATIONS |
There were donations in the year totalling £3,912. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
AUDITORS |
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOODLANDS GROUP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Woodlands Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 October 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 GROUP HOLDINGS 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOODLANDS GROUP HOLDINGS 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 group 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 group 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 group'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 GROUP HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 19,238,255 | 17,517,927 |
Cost of sales | 15,963,489 | 13,824,262 |
GROSS PROFIT | 3,274,766 | 3,693,665 |
Administrative expenses | 3,060,156 | 2,942,709 |
214,610 | 750,956 |
Other operating income | - | 5,400 |
OPERATING PROFIT | 4 | 214,610 | 756,356 |
Interest receivable and similar income | 105 | 46 |
214,715 | 756,402 |
Interest payable and similar expenses | 5 | 94,630 | 65,090 |
PROFIT BEFORE TAXATION | 120,085 | 691,312 |
Tax on profit | 6 | (29,770 | ) | 130,384 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 149,855 | 560,928 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 149,855 | 560,928 |
OTHER COMPREHENSIVE INCOME |
Deferred tax |
Exchange rate variance on consolidation | 1,990 | 10,381 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
1,990 |
10,381 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
151,845 |
571,309 |
Total comprehensive income attributable to: |
Owners of the parent | 151,845 | 571,309 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
CONSOLIDATED BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 3,176,728 | 3,189,551 |
Investments | 10 | - | - |
Investment property | 11 | 2,038,874 | 2,038,874 |
5,215,602 | 5,228,425 |
CURRENT ASSETS |
Stocks | 12 | 266,634 | 231,161 |
Debtors | 13 | 6,143,277 | 6,000,038 |
Cash at bank and in hand | 59,519 | 7,279 |
6,469,430 | 6,238,478 |
CREDITORS |
Amounts falling due within one year | 14 | 4,770,494 | 4,428,114 |
NET CURRENT ASSETS | 1,698,936 | 1,810,364 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,914,538 |
7,038,789 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,569,241 |
) |
(1,829,171 |
) |
PROVISIONS FOR LIABILITIES | 19 | (520,433 | ) | (443,266 | ) |
NET ASSETS | 4,824,864 | 4,766,352 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 10,000 | 10,000 |
Other reserves | 21 | 5,167 | 3,177 |
Retained earnings | 21 | 4,809,697 | 4,753,175 |
SHAREHOLDERS' FUNDS | 4,824,864 | 4,766,352 |
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: |
Mrs J Woodlands - Director |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
COMPANY BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,000,000 | 1,000,000 |
Share premium | 21 | 673,183 | 673,183 |
Retained earnings | 21 | 1,638,516 | 1,636,275 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 95,574 | 181,077 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 | 10,000 | 4,332,247 | (7,204 | ) | 4,335,043 |
Changes in equity |
Dividends | - | (140,000 | ) | - | (140,000 | ) |
Total comprehensive income | - | 560,928 | 10,381 | 571,309 |
Balance at 31 October 2022 | 10,000 | 4,753,175 | 3,177 | 4,766,352 |
Changes in equity |
Dividends | - | (93,333 | ) | - | (93,333 | ) |
Total comprehensive income | - | 149,855 | 1,990 | 151,845 |
Balance at 31 October 2023 | 10,000 | 4,809,697 | 5,167 | 4,824,864 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | (140,000 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | (93,333 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 October 2023 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (680,296 | ) | 1,067,654 |
Interest paid | (78,678 | ) | (52,696 | ) |
Interest element of hire purchase payments paid |
(15,952 |
) |
(12,394 |
) |
Tax paid | 315,926 | 305,312 |
Net cash from operating activities | (459,000 | ) | 1,307,876 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (190,097 | ) | (189,310 | ) |
Sale of tangible fixed assets | - | 13,432 |
Interest received | 105 | 46 |
Net cash from investing activities | (189,992 | ) | (175,832 | ) |
Cash flows from financing activities |
Loan repayments in year | (154,643 | ) | (403,266 | ) |
Capital repayments in year | (4,184 | ) | 129,215 |
Amount introduced by directors | 545,772 | 237,509 |
Amount withdrawn by directors | (237,509 | ) | (234,245 | ) |
Equity dividends paid | (93,333 | ) | (140,000 | ) |
Net cash from financing activities | 56,103 | (410,787 | ) |
(Decrease)/increase in cash and cash equivalents | (592,889 | ) | 721,257 |
Cash and cash equivalents at beginning of year |
2 |
(108,199 |
) |
(829,456 |
) |
Cash and cash equivalents at end of year |
2 |
(701,088 |
) |
(108,199 |
) |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 120,085 | 691,312 |
Depreciation charges | 202,054 | 191,661 |
Loss/(profit) on disposal of fixed assets | 866 | (9,495 | ) |
Exchange difference on reserves | 1,990 | 10,381 |
Finance costs | 94,630 | 65,090 |
Finance income | (105 | ) | (46 | ) |
419,520 | 948,903 |
(Increase)/decrease in stocks | (35,473 | ) | 49,275 |
Increase in trade and other debtors | (293,149 | ) | (1,280,892 | ) |
(Decrease)/increase in trade and other creditors | (771,194 | ) | 1,350,368 |
Cash generated from operations | (680,296 | ) | 1,067,654 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 59,519 | 7,279 |
Bank overdrafts | (760,607 | ) | (115,478 | ) |
(701,088 | ) | (108,199 | ) |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 7,279 | 14,994 |
Bank overdrafts | (115,478 | ) | (844,450 | ) |
(108,199 | ) | (829,456 | ) |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/11/22 | Cash flow | At 31/10/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 7,279 | 52,240 | 59,519 |
Bank overdrafts | (115,478 | ) | (645,129 | ) | (760,607 | ) |
(108,199 | ) | (592,889 | ) | (701,088 | ) |
Debt |
Finance leases | (399,404 | ) | 4,184 | (395,220 | ) |
Debts falling due within 1 year | (154,992 | ) | (1,459 | ) | (156,451 | ) |
Debts falling due after 1 year | (823,536 | ) | 156,102 | (667,434 | ) |
(1,377,932 | ) | 158,827 | (1,219,105 | ) |
Total | (1,486,131 | ) | (434,062 | ) | (1,920,193 | ) |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Woodlands Group Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial accounts are presented in sterling (£) which is also the functional currency. |
Basis of consolidation |
The financial statements consolidate the accounts of Woodlands Group Holdings Limited and all of its subsidiary undertakings. |
These conform to group accounting policies. |
As a consolidated group profit and loss is published, a separate profit and loss for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
Turnover |
Turnover for the subsidiary company 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. |
Turnover for the parent company represents net invoiced rental income, excluding value added tax from the subsidiary. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 Consolidated 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. |
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. |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group'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. |
Significant judgements & estimates: |
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. |
Valuation of investment |
Investments in subsidiaries are measured at cost less accumulated impairment. |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,694,383 | 2,437,416 |
Social security costs | 376,084 | 331,259 |
Other pension costs | 34,266 | 35,471 |
3,104,733 | 2,804,146 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 4 | 2 |
Management & administration | 25 | 26 |
Warehouse | 3 | 3 |
Drivers | 1 | 1 |
Mechanical & electrical | 21 | 21 |
Portugal | 7 | - |
The average number of employees by undertakings that were proportionately consolidated during the year was 61 (2022 - 53 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 160,000 | - |
Directors' pension contributions to money purchase schemes | 2,202 | - |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Plant hire & maintenance | 735,917 | 471,024 |
Depreciation - owned assets | 166,773 | 156,323 |
Depreciation - assets on hire purchase contracts | 35,281 | 35,338 |
Loss/(profit) on disposal of fixed assets | 866 | (9,495 | ) |
Auditors' remuneration | 31,850 | 32,528 |
Foreign exchange differences | 5,100 | 11,500 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 79,949 | 41,988 |
Overdue tax | 63 | - |
Mortgage interest | 20,299 | 10,708 |
Loan Write Off | (21,633 | ) | - |
Hire purchase | 15,952 | 12,394 |
94,630 | 65,090 |
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 | (120,456 | ) | (53,612 | ) |
Prior period corporation tax | 13,519 | - |
Total current tax | (106,937 | ) | (53,612 | ) |
Deferred tax | 77,167 | 183,996 |
Tax on profit | (29,770 | ) | 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 | 120,085 | 691,312 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
30,021 |
131,349 |
Effects of: |
Expenses not deductible for tax purposes | 107,088 | 193,147 |
Income not taxable for tax purposes | (45,482 | ) | (2,540 | ) |
Capital allowances in excess of depreciation | (15,789 | ) | (27,675 | ) |
R&D claim | (123,894 | ) | (123,288 | ) |
Tax not posted in the accounts | - | (40,609 | ) |
HMRC Interest | 3,431 | - |
Difference between varying tax rates used across the group | 14,855 | - |
Total tax (credit)/charge | (29,770 | ) | 130,384 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
6. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax |
Exchange rate variance on consolidation | 1,990 | - | 1,990 |
1,990 | - | 1,990 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax |
Exchange rate variance on consolidation | 10,381 | - | 10,381 |
10,381 | - | 10,381 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim | 93,333 | 140,000 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2022 | 1,400 | 4,202,073 | 40,283 |
Additions | - | 80,773 | - |
Disposals | - | - | - |
At 31 October 2023 | 1,400 | 4,282,846 | 40,283 |
DEPRECIATION |
At 1 November 2022 | 508 | 1,108,006 | 39,112 |
Charge for year | 210 | 170,940 | 426 |
Eliminated on disposal | - | - | - |
At 31 October 2023 | 718 | 1,278,946 | 39,538 |
NET BOOK VALUE |
At 31 October 2023 | 682 | 3,003,900 | 745 |
At 31 October 2022 | 892 | 3,094,067 | 1,171 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 | 158,278 | 97,974 | 4,500,008 |
Additions | 109,324 | - | 190,097 |
Disposals | (10,650 | ) | - | (10,650 | ) |
At 31 October 2023 | 256,952 | 97,974 | 4,679,455 |
DEPRECIATION |
At 1 November 2022 | 76,695 | 86,136 | 1,310,457 |
Charge for year | 24,339 | 6,139 | 202,054 |
Eliminated on disposal | (9,784 | ) | - | (9,784 | ) |
At 31 October 2023 | 91,250 | 92,275 | 1,502,727 |
NET BOOK VALUE |
At 31 October 2023 | 165,702 | 5,699 | 3,176,728 |
At 31 October 2022 | 81,583 | 11,838 | 3,189,551 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
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 |
Company |
Improvem |
to |
property |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakin |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 | 2,038,874 |
NET BOOK VALUE |
At 31 October 2023 | 2,038,874 |
At 31 October 2022 | 2,038,874 |
Company |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 266,634 | 231,161 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 5,809,595 | 5,457,975 |
Other debtors | 26,973 | 20,515 |
Tax | 178,702 | 328,612 |
VAT | - | 119,808 |
Prepayments and accrued income | 128,007 | 73,128 |
6,143,277 | 6,000,038 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 917,058 | 270,470 |
Hire purchase contracts (see note 17) | 118,185 | 107,278 |
Trade creditors | 2,572,863 | 3,046,114 |
Creditor provision | (132,456 | ) | - | - | - |
Amounts owed to group undertakings | - | - |
Tax | 59,079 | - |
Social security and other taxes | 121,358 | 153,433 |
VAT | 52,020 | - | 2,710 | 1,790 |
Other creditors | 648,301 | 399,732 |
Net Pay Control | 89,065 | 121,303 | - | - |
Credit card | 18,703 | 18,352 | - | - |
Accruals and deferred income | 306,318 | 311,432 |
4,770,494 | 4,428,114 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 667,434 | 823,536 |
Hire purchase contracts (see note 17) | 277,035 | 292,126 |
Other creditors | 79,000 | 476,000 |
Directors' loan accounts | 545,772 | 237,509 | - | - |
1,569,241 | 1,829,171 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 760,607 | 115,478 |
Bank loans - less than 1 yr | 156,451 | 154,992 | 58,995 | 58,995 |
917,058 | 270,470 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 540,917 | 584,352 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 126,517 | 239,184 | 9,833 | 68,827 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
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 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
17. | LEASING AGREEMENTS - continued |
Group |
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 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 823,885 | 978,528 |
A fixed and floating charge with a negative pledge over all the property or undertaking of the parent company. |
A fixed charge and negative pledge is held over the property at Unit 1, 8 Tyers Gate, London, SE1 3HX. |
A debenture including a fixed and floating charge is held over the assets of the subsidiary company. |
A first legal charge is held over the property at 20 Optima Park Crayford. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 520,433 | 443,266 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | 443,266 |
Provided during year | 77,167 |
Balance at 31 October 2023 | 520,433 |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 10,000 | 10,000 |
21. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 November 2022 | 4,753,175 | 3,177 | 4,756,352 |
Profit for the year | 149,855 | 149,855 |
Dividends | (93,333 | ) | (93,333 | ) |
Exchange reserve current year | - | 1,990 | 1,990 |
At 31 October 2023 | 4,809,697 | 5,167 | 4,814,864 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 November 2022 | 1,636,275 | 673,183 | 2,309,458 |
Profit for the year | 95,574 | 95,574 |
Dividends | (93,333 | ) | (93,333 | ) |
At 31 October 2023 | 1,638,516 | 2,311,699 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the group owed Mr & Mrs Woodlands £195,772 (2022: £237,509), Mr A Faratro £350,000 and Mr G Hall £nil. |
During the year the group paid dividends of £93,333 to Mr & Mrs Woodlands. |
During the year the directors received the following benefits in kind: |
Mr & Mrs J Woodlands £3,567 |
Mr A Faratro £2,666 |
Mr G Hall £2,422 |
During the year Mr A Faratro and Mr G Hall became directors, therefore any loans they had in the prior year will be classified separately and comparatives will not be shown above. |
WOODLANDS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 10853713) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
23. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, the group made purchases from close family member companies totalling £nil (2022: £22,843). |
As at the balance sheet date, the group owed £79,000 (2022: £79,000) to close family members. |
During the year, the group loaned £24,564 (2022: £18,798) to companies outside of the group with the same directors. The group was loaned £640,155 (2022: £395,204) from companies outside of the group with the same directors. The group 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: £386,518). There was a total trade creditor balance as at the year end of £5,104 (2022: £4,380). |
Other than the directors the only other key management personnel is R McQueen who is an Associate Director. K Bodman, S White & R Prentice and A Neale who are directors of the subsidiaries. The remuneration of the directors of the parent are consolidated in note 3. |
At the balance sheet date, the group owed the directors of the subsidiaries £nil. |
During the year the directors of the subsidiaries received the following: |
- benefits in kind in total of £2,787 |
- remuneration in total £270,833 |
- pension contributions to money purchase scheme £4,404 |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party during the period was Mr J Woodlands and Mrs J Woodlands by virtue of their shareholding in the company. |