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REGISTERED NUMBER: 06791312 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

FOR

ROUND WOOD OF MAYFIELD LIMITED

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 42,419 63,312
Tangible assets 6 1,149,689 1,273,864
Investments 7 5,957 5,957
1,198,065 1,343,133

CURRENT ASSETS
Stocks 1,410,811 1,578,074
Debtors 8 607,570 643,659
Cash at bank and in hand 11,320 8,796
2,029,701 2,230,529
CREDITORS
Amounts falling due within one year 9 1,297,018 1,401,773
NET CURRENT ASSETS 732,683 828,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,930,748

2,171,889

CREDITORS
Amounts falling due after more than
one year

10

(702,005

)

(939,757

)

PROVISIONS FOR LIABILITIES 12 (188,650 ) (163,988 )
NET ASSETS 1,040,093 1,068,144

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 1,039,993 1,068,044
SHAREHOLDERS' FUNDS 1,040,093 1,068,144

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





Mr Z J Soudain - Director


ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

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


1. STATUTORY INFORMATION

Round Wood of Mayfield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06791312

Registered office: Round Wood
Newick Lane
Mayfield
East Sussex
TN20 6RG

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost and 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 15% on cost
Equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 29 ) .

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 63,312
AMORTISATION
Charge for year 20,893
At 31 December 2023 20,893
NET BOOK VALUE
At 31 December 2023 42,419
At 31 December 2022 63,312

6. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 January 2023 251,433 1,127,199 159,848
Additions 1,411 7,542 2,500
Disposals - (27,500 ) -
At 31 December 2023 252,844 1,107,241 162,348
DEPRECIATION
At 1 January 2023 - 450,977 77,193
Charge for year - 106,332 20,029
Eliminated on disposal - (19,376 ) -
At 31 December 2023 - 537,933 97,222
NET BOOK VALUE
At 31 December 2023 252,844 569,308 65,126
At 31 December 2022 251,433 676,222 82,655

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2023 438,352 40,572 2,017,404
Additions 55,820 2,577 69,850
Disposals - - (27,500 )
At 31 December 2023 494,172 43,149 2,059,754
DEPRECIATION
At 1 January 2023 181,340 34,030 743,540
Charge for year 56,454 3,086 185,901
Eliminated on disposal - - (19,376 )
At 31 December 2023 237,794 37,116 910,065
NET BOOK VALUE
At 31 December 2023 256,378 6,033 1,149,689
At 31 December 2022 257,012 6,542 1,273,864

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 January 2023 841,376 260,945 1,102,321
Additions - 55,820 55,820
Transfer to ownership (93,924 ) - (93,924 )
At 31 December 2023 747,452 316,765 1,064,217
DEPRECIATION
At 1 January 2023 199,471 8,557 208,028
Charge for year 96,036 52,972 149,008
Transfer to ownership (73,517 ) - (73,517 )
At 31 December 2023 221,990 61,529 283,519
NET BOOK VALUE
At 31 December 2023 525,462 255,236 780,698
At 31 December 2022 641,905 252,388 894,293

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 5,957
NET BOOK VALUE
At 31 December 2023 5,957
At 31 December 2022 5,957

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,625 62,652
Provision for doubtful debts (84 ) (331 )
Amounts receivable on contracts 232,552 293,101
The Pot Company (UK)
intercompany 330,124 243,308
The Round Wood (Group)
intercompany 7,816 28,425
Prepayments and accrued income 1,537 16,504
607,570 643,659

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 148,217 283,610
Hire purchase contracts 121,384 193,438
Payments on account 136,970 68,877
Trade creditors 288,389 280,472
Corporation tax 19,234 18,552
PAYE and social security 155,343 42,625
VAT 224,063 296,662
Other creditors 17,216 216
Wages control account 310 330
Pension fund 4,178 9,305
Director's current account 68,022 65,801
Accruals and deferred income 113,692 141,885
1,297,018 1,401,773

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 148,164 148,164
Bank loans - 2-5 years 269,129 432,684
Hire purchase contracts 284,712 358,909
702,005 939,757

11. SECURED DEBTS

Metro Bank Plc has a fixed and floating charge over all assets owned by the company.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 188,650 163,988

Deferred
tax
£   
Balance at 1 January 2023 163,988
Provided during year 24,662
Balance at 31 December 2023 188,650

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

14. RELATED PARTY DISCLOSURES

Included in other debtors is £7,816 (2022: £28,425) owed by the parent company, The Round Wood (Group) Limited. Also included in other debtors is £330,124 (2022: £243,308) owed by The Pot Company (UK) Ltd, which is also a wholly owned subsidiary of The Round Wood (Group) Limited.

During the year, the company made a recharge to The Pot Company (UK) Ltd for the use of its assets and services amounting to £70,081 (2022: £64,090), there were also recharges to The Pot Company (UK) Ltd for the provision of staff throughout the year, this amounted to £218,995 (2022: £110,037), these have been recharged at market rate.

ROUND WOOD OF MAYFIELD LIMITED (REGISTERED NUMBER: 06791312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is The Round Wood (Group) Limited.

16. PARENT COMPANY

The company is a wholly owned subsidiary of The Round Wood (Group) Limited whose address is Roundwood, Newick Lane, Mayfield, East Sussex, TN20 6RG.