IRIS Accounts Productionv24.1.4.3300132673Board of Directors1.12.2230.11.2330.11.23truetruefalsetruetruefalsefalsefalsetruefalseOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh001326732022-11-30001326732023-11-30001326732022-12-012023-11-30001326732021-11-30001326732021-12-012022-11-30001326732022-11-3000132673ns15:EnglandWales2022-12-012023-11-3000132673ns14:PoundSterling2022-12-012023-11-3000132673ns10:Director12022-12-012023-11-3000132673ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3000132673ns10:FRS1022022-12-012023-11-3000132673ns10:Audited2022-12-012023-11-3000132673ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-3000132673ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-012023-11-3000132673ns10:FullAccounts2022-12-012023-11-300013267312022-12-012023-11-3000132673ns10:OrdinaryShareClass12022-12-012023-11-3000132673ns10:Director22022-12-012023-11-3000132673ns10:RegisteredOffice2022-12-012023-11-3000132673ns5:CurrentFinancialInstruments2023-11-3000132673ns5:CurrentFinancialInstruments2022-11-3000132673ns5:ShareCapital2023-11-3000132673ns5:ShareCapital2022-11-3000132673ns5:RetainedEarningsAccumulatedLosses2023-11-3000132673ns5:RetainedEarningsAccumulatedLosses2022-11-3000132673ns5:ShareCapital2021-11-3000132673ns5:RetainedEarningsAccumulatedLosses2021-11-3000132673ns5:FurtherSpecificReserve1ComponentTotalEquity2021-11-3000132673ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-3000132673ns5:FurtherSpecificReserve1ComponentTotalEquity2021-12-012022-11-3000132673ns5:FurtherSpecificReserve1ComponentTotalEquity2022-11-3000132673ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3000132673ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-012023-11-3000132673ns5:FurtherSpecificReserve1ComponentTotalEquity2023-11-3000132673ns5:LeaseholdImprovements2022-12-012023-11-3000132673ns5:PlantMachinery2022-12-012023-11-3000132673ns5:FurnitureFittings2022-12-012023-11-3000132673ns5:MotorVehicles2022-12-012023-11-300013267312022-12-012023-11-3000132673ns15:UnitedKingdom2022-12-012023-11-3000132673ns15:UnitedKingdom2021-12-012022-11-3000132673ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-12-012023-11-3000132673ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-12-012022-11-3000132673ns10:HighestPaidDirector2022-12-012023-11-3000132673ns5:OwnedAssets2022-12-012023-11-3000132673ns5:OwnedAssets2021-12-012022-11-3000132673ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-012023-11-3000132673ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-12-012022-11-300013267312022-12-012023-11-300013267312021-12-012022-11-3000132673ns10:OrdinaryShareClass12021-12-012022-11-3000132673ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-11-3000132673ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-11-3000132673ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-11-3000132673ns5:LeaseholdImprovements2022-11-3000132673ns5:PlantMachinery2022-11-3000132673ns5:FurnitureFittings2022-11-3000132673ns5:MotorVehicles2022-11-3000132673ns5:LeaseholdImprovements2023-11-3000132673ns5:PlantMachinery2023-11-3000132673ns5:FurnitureFittings2023-11-3000132673ns5:MotorVehicles2023-11-3000132673ns5:LeaseholdImprovements2022-11-3000132673ns5:PlantMachinery2022-11-3000132673ns5:FurnitureFittings2022-11-3000132673ns5:MotorVehicles2022-11-3000132673ns5:CostValuation2022-11-3000132673ns5:Subsidiary12022-12-012023-11-3000132673ns5:Subsidiary112022-12-012023-11-3000132673ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3000132673ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3000132673ns5:DeferredTaxation2022-11-3000132673ns5:DeferredTaxation2022-12-012023-11-3000132673ns5:DeferredTaxation2023-11-3000132673ns10:OrdinaryShareClass12023-11-3000132673ns5:RetainedEarningsAccumulatedLosses2022-11-300013267312022-12-012023-11-30

REGISTERED NUMBER: 00132673 (England and Wales)
















Strategic Report,

Report of the Directors and

Financial Statements

for the year ended

30 November 2023

for


Woodlands Home & Garden Group Limited


Woodlands Home & Garden Group Limited (Registered number: 00132673)







Contents of the Financial Statements

for the year ended 30 November 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

5



Report of the Independent Auditors  

7



Statement of Comprehensive Income

9



Balance Sheet  

10



Statement of Changes in Equity  

11



Notes to the Financial Statements

12




Woodlands Home & Garden Group Limited


Company Information

for the year ended 30 November 2023









DIRECTORS:

R P D Moran


G Lees







REGISTERED OFFICE:

Woodlands


Calverley Lane


Leeds


West Yorkshire


LS13 1NP







REGISTERED NUMBER:

00132673 (England and Wales)







AUDITORS:

Just Audit Limited


Chartered Accountants and Statutory Auditors


Strelley Hall


Main Street


Strelley


Nottingham


NG8 6PE


Woodlands Home & Garden Group Limited (Registered number: 00132673)


Strategic Report

for the year ended 30 November 2023


The directors present their strategic report for the year ended 30 November 2023.


BUSINESS REVIEW AND FUTURE DEVELOPMENTS

Turnover for the year has decreased by 2.74% to £22,528,776. Gross profit has increased by 8.76% to £6,528,125 and the gross margin has increased from 25.91% in 2022 to 28.98% in 2023. The change in margin is largely attributed to the fluctuations in raw material cost during the year, particularly the easing of the timber prices, which combined with improved operational performance and pricing controls has improved the gross margin.


During the year, the company incurred qualifying R&D expenditure of £nil (2022: £1,114,088).


The company has made a profit before tax this year of £1,202,154 an increase on the 2022 profit before tax of £847,419.  This increase is as a result of the lower timber prices and improved operational control and margin realisation.


The balance sheet on page 10 of the financial statements shows that the net assets of the company have reduced from £9,759,023 to £5,333,463. This is due to the payment of a dividend to the immediate parent Woodlands Home & Garden Group (Holdings) Limited.


Given the continued challenging global economic conditions, challenging retail market and the unstable landscape created by the Russian invasion of Ukraine, the directors consider the overall results to be satisfactory.


The company's long-term focus continues to be the development of a unified, unique and leading home improvement offer, driving our digital capability, and optimising our operational efficiency.


CHANGE OF OWNERSHIP

As of 20th January 2023, the business opted to make the move into employee ownership with the formation of a new employee ownership trust (EOT). The trust bought 100% of the shares of the holding company from the previous shareholders on behalf of the employees, as ultimate beneficiaries.


The deal  was structured to maintain the long-term stability of the business with the  directors Ross Moran and Ged Lees both continuing in their roles, and the existing senior leadership team all remaining in place to support the business's growth plans. See note 23 for further details.


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the company relate to volatility in ongoing market conditions, competition and UK consumer confidence, particularly in light of the recent cost of living crisis.


The other types of risks identified include external factors (such as competitor, environment and regulation), systems and infrastructure, health and safety, employee risk, adapting to consumer trends and the fluctuating costs of the raw materials.


TIMBER PRICING

During 2023 timber prices have stabilised and appear to have settled at a relatively low base level which provides a positive foundation for the company to better plan its pricing strategy to manage its margin going forward.



Woodlands Home & Garden Group Limited (Registered number: 00132673)


Strategic Report

for the year ended 30 November 2023


CREDIT RISK

The company's principal financial assets are bank balances and cash, trade and other debtors.


The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.


The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.


LIQUIDITY RISK

The company regularly reviews the level of cash and debt facilities required to fund its day-to-day activities.


ECONOMIC RISK

Uncertainty surrounding the resilience of the UK economy and ongoing effectiveness of fiscal stimulus and monetary measures continue to impact consumer confidence and present a difficult trading outlook across the retail sector, particularly in terms of delivering opportunities for growth. The company is focused on self-help actions to manage the difficult economic environment.


The rising levels of inflation across fuel, energy and all other major product groups in the UK during the early part of 2023 contributed to a general rise in the cost of production. The company will continue to mitigate this by adjusting pricing as required to maintain margin.


The instability of the UK economy has provided further challenges to consumer confidence and retail spending.


The company continues to benefit from the security of strong cash reserves in the business which have been built up through profitable trading.


SYSTEMS AND INFRASTRUCTURE RISK

The company has a programme to ensure that it focuses its information technology resources on both maintaining or extending the useful lives of its existing technologies and developing solutions that support revenue and generate opportunities and productivity initiatives. Where possible, the company is also seeking to eliminate complex or heavily bespoke technologies to reduce our running costs.


HEALTH AND SAFETY RISK

There is a risk that repeated health and safety failures could result in a major incident that is directly attributable to either a systematic or institutionalised failure in our health and safety management systems. This would result in damage to our reputation through adverse publicity, prosecution and censure. The directors are committed to creating and sustaining a safe environment for both our employees and customers, and regularly review and challenge health and safety arrangements.


The directors have a specific responsibility for health and safety. They are responsible for ensuring that a written health and safety policy is communicated to all employees, that appropriate health and safety arrangements are in place to protect our employees and that we comply with local regulatory requirements.


EMPLOYEE RISK

Retail is a business and there is a risk that, given economic pressures, we fail to maintain necessary investment in our people to ensure that we have the appropriate calibre of staff for specific roles, and that skills and experience are deployed in the best interests of the individual and the company.


The company continues to invest in our people and is committed to ensuring that our people are given opportunities to develop themselves to the benefit of the organisation and its customers. This is done through a wide range of development opportunities from store-based training programmes, supported by delivery of nationally accredited and recognised qualifications and apprenticeship schemes, to leadership academy programmes for our senior managers.


The company also remains committed to the ongoing assessment and measurement of our people's engagement with the business, with employee satisfaction surveys completed across the business.


POST BALANCE SHEET EVENT

On the 1st December 2023 the company promoted existing staff members Agata Choma, Graham Parlett and Lauren Coley to positions within the board of directors.



Woodlands Home & Garden Group Limited (Registered number: 00132673)


Strategic Report

for the year ended 30 November 2023


KEY PERFORMANCE INDICATORS

The directors monitor progress on overall company strategy by reference to four KPIs. Performance during the year together with historical trend data is set out below:


  -   Sales (decrease) 2.74% (2022: decrease 9.37%).

  -   Gross Profit Margin, (increase) 28.98% from 25.91% (2022 - 25.91% decrease from 28.52%).

  -    Net Profit Margin Before Tax (increase) 5.34% from 3.66% (2022 - 3.66% decrease from 15.71%).

  -   Current Ratio 2.48 (2022: 4.49).


The directors consider that the company's performance in the current market is satisfactory.


ON BEHALF OF THE BOARD:






R P D Moran - Director



6 August 2024


Woodlands Home & Garden Group Limited (Registered number: 00132673)


Report of the Directors

for the year ended 30 November 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.


PRINCIPAL ACTIVITY

The principal activity of the company during the year was the importation of timber, sale of timber buildings and DIY materials and the manufacture of garden sheds.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2023 was £5,351,100.


Dividends paid after date total £1,600,000.


EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.


R P D Moran

G Lees


The following directors were appointed on 1 December 2023.


GJ Parlett

LGS Coley

AK Choma

SC Davison


DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with section 414C(11) of the Companies Act 2006 to include certain matters in its Strategic Report that would otherwise be required to be disclosed in this Report of the Directors. The Strategic Report can be found on page 2 of these accounts.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Woodlands Home & Garden Group Limited (Registered number: 00132673)


Report of the Directors

for the year ended 30 November 2023



STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:






R P D Moran - Director



6 August 2024


Report of the Independent Auditors to the Members of

Woodlands Home & Garden Group Limited


Opinion

We have audited the financial statements of Woodlands Home & Garden Group Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Report of the Independent Auditors to the Members of

Woodlands Home & Garden Group Limited



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


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.


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:


We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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.


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.





Rachel Davis BA FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE


6 August 2024


Woodlands Home & Garden Group Limited (Registered number: 00132673)


Statement of Comprehensive Income

for the year ended 30 November 2023


2023

2022



Notes

£

£


TURNOVER

4

22,528,776


23,164,259




Cost of sales

16,000,651


17,161,942



GROSS PROFIT

6,528,125


6,002,317




Administrative expenses

5,114,393


4,767,701



1,413,732


1,234,616




Other operating income

74,687


167,317



OPERATING PROFIT

6

1,488,419


1,401,933




Exceptional costs

7

448,500


577,340



1,039,919


824,593




Interest receivable and similar income

164,708


24,880



1,204,627


849,473




Interest payable and similar expenses

8

2,473


2,054



PROFIT BEFORE TAXATION

1,202,154


847,419




Tax on profit

9

276,614


(157,397

)


PROFIT FOR THE FINANCIAL YEAR

925,540


1,004,816




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

925,540


1,004,816




Woodlands Home & Garden Group Limited (Registered number: 00132673)


Balance Sheet

30 November 2023


2023

2022



Notes

£

£

£

£

FIXED ASSETS

Intangible assets

11

51,089


32,189



Tangible assets

12

814,465


902,080



Investments

13

100


100



865,654


934,369




CURRENT ASSETS

Stocks

14

1,932,493


2,138,870



Debtors

15

1,515,510


2,125,114



Cash at bank and in hand

4,339,880


7,337,996



7,787,883


11,601,980



CREDITORS

Amounts falling due within one year

16

3,134,931


2,583,311



NET CURRENT ASSETS

4,652,952


9,018,669



TOTAL ASSETS LESS CURRENT

LIABILITIES

5,518,606


9,953,038




PROVISIONS FOR LIABILITIES

17

185,143


194,015



NET ASSETS

5,333,463


9,759,023




CAPITAL AND RESERVES

Called up share capital

18

1,675


1,675



Retained earnings

19

5,331,788


9,757,348



SHAREHOLDERS' FUNDS

5,333,463


9,759,023




The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:






R P D Moran - Director



Woodlands Home & Garden Group Limited (Registered number: 00132673)


Statement of Changes in Equity

for the year ended 30 November 2023


Called up



share

Retained

Other

Total


capital

earnings

reserves

equity



£

£

£

£

Balance at 1 December 2021

1,675


9,068,527


221,016


9,291,218




Changes in equity

Dividends

-


(315,995

)

-


(315,995

)


Total comprehensive income

-


1,004,816


(221,016

)

783,800



Balance at 30 November 2022

1,675


9,757,348


-


9,759,023




Changes in equity

Dividends

-


(5,351,100

)

-


(5,351,100

)


Total comprehensive income

-


925,540


-


925,540



Balance at 30 November 2023

1,675


5,331,788


-


5,333,463




Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements

for the year ended 30 November 2023


1.

STATUTORY INFORMATION



Woodlands Home & Garden Group Limited is a private company limited by shares incorporated in England and Wales.  The registered office is Woodlands, Calverley Lane, Leeds, LS13 1NP and the company registration number is 00132673.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.



The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.



The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.



Group financial statements


The financial statements contain information about Woodlands Home & Garden Group Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Woodlands Home & Garden Group (Holdings) Limited. This is both the smallest and largest group in which the company's accounts are consolidated.



Going Concern


At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.



Financial Reporting Standard 102 - reduced disclosure exemptions


The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows.



Turnover


Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.



Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Improvements to property

-

20% on cost


Plant and machinery

-  

20% on cost and 15% on reducing balance


Fixtures and fittings

-  

33% on cost and 15% on reducing balance


Motor vehicles

-

25% on reducing balance


Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and impairment losses.


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.


Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


2.

ACCOUNTING POLICIES - continued



Stocks


Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.



Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity.  Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.



At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.



Hire purchase and leasing commitments

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


Pension costs and other post-retirement benefits

The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions to this scheme are charged to the statement of comprehensive income as they become payable.

Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


3.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY


In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Determining whether there is any indication of impairment to the tangible assets held by the company. Factors considered when reviewing the assets include the economic viability and expected future financial performance of the assets both on a standalone basis and as part of the whole company.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible Fixed Assets
Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

4.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by geographical market is given below:


2023

2022



£

£


United Kingdom

22,528,776


23,164,259



22,528,776


23,164,259




5.

EMPLOYEES AND DIRECTORS

2023

2022



£

£


Wages and salaries

4,694,743


4,330,408




Social security costs

407,946


396,129




Other pension costs

83,254


79,539



5,185,943


4,806,076





The average number of employees during the year was as follows:

2023

2022




Administration

35


36




Production

92


88




Distribution

47


44



174


168




The average number of employees includes directors.

Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


5.

EMPLOYEES AND DIRECTORS - continued


2023

2022



£

£


Directors' remuneration

218,007


197,500




Directors' pension contributions to money purchase schemes  

4,500


4,500





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

1


1





Information regarding the highest paid director for the year ended 30 November 2023 is as follows:

2023




£


Emoluments etc

140,507




6.

OPERATING PROFIT



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


2023

2022



£

£


Other operating leases

486,305


484,919




Depreciation - owned assets

183,287


189,996




Loss/(profit) on disposal of fixed assets

1,988


(226,016

)



Website development costs amortisation

11,499


10,027




Auditors' remuneration

22,758


14,250




7.

EXCEPTIONAL ITEMS


There was an exceptional cost of £448,500 during the year in respect of management charges from the parent company, recharging various group restructuring expenses and other costs.

Exceptional costs in 2022 of £577,340 relate principally to the cost of replacing the timber contracts which had to be cancelled as a result of sanctions against Russia (£475,967).

In addition, advertising costs included within administrative expenses increased by £1.4m in 2022 as a result of new marketing campaigns.

8.

INTEREST PAYABLE AND SIMILAR EXPENSES


2023

2022



£

£


Bank interest

2,473


2,054




9.

TAXATION



Analysis of the tax charge/(credit)


The tax charge/(credit) on the profit for the year was as follows:

2023

2022



£

£


Current tax:


UK corporation tax

285,487


109,492




Research and Development claim

-


(275,180

)



Under/(over) provision in prior year

-


4,632




Total current tax

285,487


(161,056

)




Deferred tax

(8,873

)

3,659




Tax on profit

276,614


(157,397

)



Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


9.

TAXATION - continued



Reconciliation of total tax charge/(credit) 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

1,202,154


847,419




Profit multiplied by the standard rate of corporation tax in the UK of

23.011% (2022 - 19%)  

276,628


161,010





Effects of:


Adjustments to tax charge in respect of previous periods

-


4,632




Other  

(588

)

-





Research and Development claim  

-


(275,180

)



Super deduction claim  

(131

)

(8,575

)



Deferred tax for the year provided at future tax rates  

705


3,659




for deferred tax



Adjustments due to disposal of non qualifying assets  

-


(42,943

)




Total tax charge/(credit)

276,614


(157,397

)



10.

DIVIDENDS

2023

2022



£

£


Ordinary shares of £1 each


Interim

5,351,100


315,995




11.

INTANGIBLE FIXED ASSETS

Website


development


costs



£


COST


At 1 December 2022

99,621




Additions

30,399




At 30 November 2023

130,020




AMORTISATION


At 1 December 2022

67,432




Amortisation for year

11,499




At 30 November 2023

78,931




NET BOOK VALUE


At 30 November 2023

51,089




At 30 November 2022

32,189




Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


12.

TANGIBLE FIXED ASSETS

Fixtures



Improvements

Plant and

and

Motor



to property

machinery

fittings

vehicles

Totals



£

£

£

£

£


COST


At 1 December 2022

983,585


2,574,343


247,265


428,018


4,233,211




Additions

12,000


18,728


45,432


40,000


116,160




Disposals

-


-


-


(49,950

)

(49,950

)



At 30 November 2023

995,585


2,593,071


292,697


418,068


4,299,421




DEPRECIATION


At 1 December 2022

813,490


2,091,916


146,691


279,034


3,331,131




Charge for year

47,122


65,085


30,511


40,569


183,287




Eliminated on disposal

-


-


-


(29,462

)

(29,462

)



At 30 November 2023

860,612


2,157,001


177,202


290,141


3,484,956




NET BOOK VALUE


At 30 November 2023

134,973


436,070


115,495


127,927


814,465




At 30 November 2022

170,095


482,427


100,574


148,984


902,080




13.

FIXED ASSET INVESTMENTS

Shares in


group


undertakings



£


COST


At 1 December 2022


and 30 November 2023

100




NET BOOK VALUE


At 30 November 2023

100




At 30 November 2022

100





The company's investments at the Balance Sheet date in the share capital of companies include the following:



Woodlands (GB) Ltd


Registered office: Woodlands, Calverley Lane, Leeds, LS13 1NP


Nature of business: Dormant

%



Class of shares:

holding



Ordinary

100.00



14.

STOCKS

2023

2022



£

£


Raw materials

1,476,807


1,691,828




Finished goods

455,686


447,042



1,932,493


2,138,870




Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


15.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



£

£


Trade debtors

1,071,123


1,279,721




Amounts owed by group undertakings

292,875


515,434




Other debtors

12,631


31,020




Tax

-


165,688




Prepayments and accrued income

138,881


133,251



1,515,510


2,125,114




16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



£

£


Trade creditors

1,475,384


1,151,880




Amounts owed to group undertakings

100


100




Tax

285,487


-




Social security and other taxes

409,396


611,533




Other creditors

58,492


20,752




Accruals and deferred income

906,072


799,046



3,134,931


2,583,311




17.

PROVISIONS FOR LIABILITIES

2023

2022



£

£


Deferred tax

185,143


194,015




Deferred tax



£


Balance at 1 December 2022

194,015




Credit to Statement of Comprehensive Income during year

(8,872

)



Balance at 30 November 2023

185,143




18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022


value:


£

£


1,675

Ordinary

£1

1,675


1,675




19.

RESERVES

Retained


earnings



£



At 1 December 2022

9,757,348




Profit for the year

925,540




Dividends

(5,351,100

)



At 30 November 2023

5,331,788




20.

OTHER FINANCIAL COMMITMENTS


The company enters into forward contracts to purchase raw materials. As at 30 November 2023, the commitment totalled £93,608 (2022: £902,250).




Woodlands Home & Garden Group Limited (Registered number: 00132673)


Notes to the Financial Statements - continued

for the year ended 30 November 2023


21.

RELATED PARTY DISCLOSURES



Transactions with directors

2023

2022



£

£


Rent paid  

486,305


484,919




Amount due from director  

-


18,931




Amount due to director  

(3,795

)

(3,795

)



Amounts advanced to director  

-


6,013





The loans to and from the directors are interest free and repayable on demand.



The investment property was sold in the previous year to a related party for £280,000.


22.

POST BALANCE SHEET EVENTS


The business is developing more distribution channels by setting up franchise agreements.

23.

ULTIMATE CONTROLLING PARTY


On 20 January 2023, ownership of the holding company was transferred to Woodlands Home & Garden Group Trustees Limited.

As explained in the strategic report, on 20th January 2023, the business opted to make the move into employee ownership with the formation of a new employee ownership trust (EOT). The trust bought 100% of the shares of the holding company from the previous shareholders on behalf of the employees, as ultimate beneficiaries. As part of the transaction the company paid a dividend of £5.2m to Woodlands Home & Garden Group (Holdings) Limited.

Until 20 January 2023, the ultimate controlling party was Mr R Moran. On 20 January 2023 it became Woodlands Home & Garden Group Trustees Limited on behalf of Woodlands Home & Garden Group EOT.

24.

PARENT COMPANY



The company is a wholly owned subsidiary of Woodlands Home & Garden Group (Holdings) Limited. The results of the company are included within the consolidated accounts of Woodlands Home & Garden Group (Holdings) Limited and the consolidated accounts can be obtained from the parent's registered office address at Woodlands, Calverley Lane, Leeds, LS13 1NP.