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Registered number: 08877039
Woodee Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Martin Nye Limited
Chartered Certified Accountants
186 High Street
Winslow
Buckinghamshire
MK18 3DQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08877039
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 20,000 -
Tangible Assets 5 76,620 81,304
96,620 81,304
CURRENT ASSETS
Stocks 6 7,491 12,305
Debtors 7 7,438 5,365
Cash at bank and in hand 3,608 16,464
18,537 34,134
Creditors: Amounts Falling Due Within One Year 8 (70,761 ) (51,124 )
NET CURRENT ASSETS (LIABILITIES) (52,224 ) (16,990 )
TOTAL ASSETS LESS CURRENT LIABILITIES 44,396 64,314
Creditors: Amounts Falling Due After More Than One Year 9 (33,750 ) (33,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (1,807 ) (2,508 )
NET ASSETS 8,839 28,056
CAPITAL AND RESERVES
Called up share capital 12 2 2
Profit and Loss Account 8,837 28,054
SHAREHOLDERS' FUNDS 8,839 28,056
Page 1
Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Louise Wright
Director
21st August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Woodee Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08877039 . The registered office is Garden House Chapel Lane, Dorstone, Hereford, HR3 6AP. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are in respect of capitalised research and development costs , it is amortised to profit and loss account over its estimated economic life of 10 years. No depreciation has been charged in the year of acquisition.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases. Freehold property is depreciated after due consideration of residual value:
Freehold 1% Straight line
Plant & Machinery 25% Reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 4
2 4
4. Intangible Assets
Other
£
Cost
As at 1 September 2022 -
Additions 20,000
As at 31 August 2023 20,000
Net Book Value
As at 31 August 2023 20,000
As at 1 September 2022 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 September 2022 62,581 36,695 99,276
As at 31 August 2023 62,581 36,695 99,276
Depreciation
As at 1 September 2022 - 17,972 17,972
Provided during the period - 4,684 4,684
As at 31 August 2023 - 22,656 22,656
Net Book Value
As at 31 August 2023 62,581 14,039 76,620
As at 1 September 2022 62,581 18,723 81,304
6. Stocks
2023 2022
£ £
Stock 7,491 12,305
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,600 1,675
Prepayments and accrued income 1,063 1,136
Other debtors 597 2,509
Corporation tax recoverable assets 923 -
VAT 3,255 45
7,438 5,365
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 20,590 8,708
Bank loans and overdrafts 27,381 23,578
Corporation tax - 932
Other creditors - 227
Accruals and deferred income 3,211 4,891
Directors' loan accounts 19,579 12,788
70,761 51,124
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 33,750 33,750
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 1,807 2,508
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2022 2,508 2,508
Reversals (701 ) (701)
Balance at 31 August 2023 1,807 1,807
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
Page 5