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COMPANY REGISTRATION NUMBER: 13830254
WOODCRAFT WORLD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
WOODCRAFT WORLD LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
301,361
317,995
CURRENT ASSETS
Stocks
24,530
6,822
Debtors
6
92,190
84,950
Cash at bank and in hand
2,757
29,466
---------
---------
119,477
121,238
CREDITORS: amounts falling due within one year
7
403,294
293,684
---------
---------
NET CURRENT LIABILITIES
283,817
172,446
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
17,544
145,549
CREDITORS: amounts falling due after more than one year
8
176,657
214,557
---------
---------
NET LIABILITIES
( 159,113)
( 69,008)
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
10
10
Profit and loss account
( 159,123)
( 69,018)
---------
--------
SHAREHOLDERS DEFICIT
( 159,113)
( 69,008)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WOODCRAFT WORLD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 August 2024 , and are signed on behalf of the board by:
Mr K L Baker
Director
Company registration number: 13830254
WOODCRAFT WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the directors. On this basis, the directors considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 3 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
326,868
12,995
4,795
344,658
Additions
9,826
37,045
4,322
51,193
---------
--------
-------
---------
At 31 December 2023
336,694
50,040
9,117
395,851
---------
--------
-------
---------
Depreciation
At 1 January 2023
26,118
433
112
26,663
Charge for the year
61,661
4,365
1,801
67,827
---------
--------
-------
---------
At 31 December 2023
87,779
4,798
1,913
94,490
---------
--------
-------
---------
Carrying amount
At 31 December 2023
248,915
45,242
7,204
301,361
---------
--------
-------
---------
At 31 December 2022
300,750
12,562
4,683
317,995
---------
--------
-------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
92,190
47,147
Other debtors
37,803
--------
--------
92,190
84,950
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
55,978
39,678
Social security and other taxes
23,343
2,279
Other creditors
323,973
251,727
---------
---------
403,294
293,684
---------
---------
Within Other Creditors there is hire purchase of £56,293 (2022 £53,987). The hire purchase are secured on the assets concerned.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
176,657
214,557
---------
---------
Within Other Creditors there is hire purchase of £176,657 (2022 £214,557). The hire purchase are secured on the assets concerned.
9. GOING CONCERN
The directors have considered the period to August 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.
10. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 31 December 2023 the amount due from the company was £ 185,573 (2022 - £ 195,150 ). This loan is interest free and repayable on demand.