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REGISTERED NUMBER: 02024404 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Certwood Limited

Certwood Limited (Registered number: 02024404)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


Certwood Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr R Courtnell
Mr M O'Sullivan





SECRETARY: Mrs I E Courtnell





REGISTERED OFFICE: 4 Cromwell Court
New Street
Aylesbury
Buckinghamshire
HP20 2PB





REGISTERED NUMBER: 02024404 (England and Wales)

Certwood Limited (Registered number: 02024404)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 257,280 324,434
Tangible assets 5 944,054 1,267,759
1,201,334 1,592,193

CURRENT ASSETS
Stocks 1,715,398 1,688,438
Debtors 6 818,560 692,928
Cash at bank and in hand 35,926 98,567
2,569,884 2,479,933
CREDITORS
Amounts falling due within one year 7 (1,434,843 ) (1,515,609 )
NET CURRENT ASSETS 1,135,041 964,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,336,375

2,556,517

CREDITORS
Amounts falling due after more than one
year

8

(597,837

)

(473,123

)

PROVISIONS FOR LIABILITIES (260,798 ) (266,258 )
NET ASSETS 1,477,740 1,817,136

CAPITAL AND RESERVES
Called up share capital 11 110,000 110,000
Retained earnings 1,367,740 1,707,136
SHAREHOLDERS' FUNDS 1,477,740 1,817,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Certwood Limited (Registered number: 02024404)

Balance Sheet - continued
30 November 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2024 and were signed on its behalf by:





Mr R Courtnell - Director


Certwood Limited (Registered number: 02024404)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Certwood Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principle place of business is:

Laporte Way
Luton
Beds
LU4 8EF

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

A sale is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts and VAT.

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.

Development costs are being amortised evenly over their estimated useful life of ten 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.
Short leasehold - 10% on cost
Improvements to property - 10% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance

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 Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Certwood Limited (Registered number: 02024404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Research and development
Research and development expenditure is written off in the year in which it is incurred, except that development expenditure incurred on an individual project is carried forward when its future reconcilability can reasonably be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life so as to match the expenditure with the anticipated sales from the related project.

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.

Fixed assets
All fixed assets are initially recorded at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 43 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022
and 30 November 2023 671,540
AMORTISATION
At 1 December 2022 347,106
Charge for year 67,154
At 30 November 2023 414,260
NET BOOK VALUE
At 30 November 2023 257,280
At 30 November 2022 324,434

Certwood Limited (Registered number: 02024404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. INTANGIBLE FIXED ASSETS - continued

In 2022 £44,155 of development costs additions in the year relate to:

OUTDOOR FLOORING PANEL PRODUCT
These are flooring panels for temporary concert venues, car parking surfaces, temporary roadways, walkways and pitch cover ground protection in the construction and events industries.

OUTDOOR FLOORING PRODUCT
To redesign a stronger clip system that locks multiple panels together eliminating breakages due to excessive wear & fatigue in use.

EDUCATION STORAGE PRODUCT
To design and manufacture a custom tray storage solution for an education furniture manufacturer with a focus on strength and durability.

EDUCATION STORAGE PRODUCT
To investigate new mould flow characteristics, model sample and develop a new process to achieve a lighter but stronger storage tray product.

CONSTRUCTION ROOFING PRODUCT
To redesign a roofing tile product clip system.

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to Plant and and
leasehold property machinery fittings Totals
£    £    £    £    £   
COST
At 1 December 2022 25,454 89,034 3,346,824 79,297 3,540,609
Additions - - 2,999 761 3,760
Disposals - - (221,258 ) - (221,258 )
At 30 November 2023 25,454 89,034 3,128,565 80,058 3,323,111
DEPRECIATION
At 1 December 2022 8,697 86,812 2,105,549 71,792 2,272,850
Charge for year 2,545 370 102,052 1,240 106,207
At 30 November 2023 11,242 87,182 2,207,601 73,032 2,379,057
NET BOOK VALUE
At 30 November 2023 14,212 1,852 920,964 7,026 944,054
At 30 November 2022 16,757 2,222 1,241,275 7,505 1,267,759

Certwood Limited (Registered number: 02024404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 December 2022 435,000
Transfer to ownership (235,000 )
At 30 November 2023 200,000
DEPRECIATION
At 1 December 2022 146,580
Charge for year 14,580
Transfer to ownership (92,380 )
At 30 November 2023 68,780
NET BOOK VALUE
At 30 November 2023 131,220
At 30 November 2022 288,420

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 792,816 585,132
Other debtors 25,744 107,796
818,560 692,928

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 236,854 89,812
Hire purchase contracts (see note 9) 52,101 83,083
Trade creditors 263,904 794,292
Taxation and social security 131,334 19,287
Other creditors 750,650 529,135
1,434,843 1,515,609

The company has an agreement to sell its existing and future trade debts to UK customers, to an invoice discounting company. The company continued to bear significant benefits and risks relating to them and ultimately the invoice discounting company could exercise recourse for debts not paid on time and any outstanding at the end of the agreement. The charges incurred in connection with the invoice discounting were as follows: £65,914 (2022 : £38,145). Included within other creditors is an amount of £618,654 (2022 - £308,822) due to the company in relation to the invoice discounting company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 502,066 267,795
Hire purchase contracts (see note 9) 30,785 56,667
Other creditors 64,986 148,661
597,837 473,123

Certwood Limited (Registered number: 02024404)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 52,101 83,083
Between one and five years 30,785 56,667
82,886 139,750

Non-cancellable operating leases
2023 2022
£    £   
Within one year 8,574 -
Between one and five years - 43,007
In more than five years 1,978,343 2,326,931
1,986,917 2,369,938

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 738,920 357,607
Other loans 142,114 255,341
Hire purchase contracts 82,886 139,750
Invoice discounting company 618,654 308,822
1,582,574 1,061,520

The bank loans and hire purchase contracts are secured on the assets concerned.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
110,000 Ordinary £1 110,000 110,000

12. GOVERNMENT GRANTS

During the year ended 30th November 2001 the company received a Government Enterprise Grant to help implement a project to purchase two moulding machines and two robots. Government Grants are included in the profit and loss for the year of £7,276 (2022 : £808). Deferred Government Grants of £NIL (2022 : £7,276) will be included in future years profit and loss accounts.