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REGISTERED NUMBER: 02168053 (England and Wales)















G.D. WOODWORKING LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


G.D. WOODWORKING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G M Ducker
A N Ducker
M C Ducker
N L Hyde
S R Louw



SECRETARY: L Ducker



REGISTERED OFFICE: Canklow Meadows Industrial Estate
West Bawtry Road
Rotherham
South Yorkshire
S60 2XL



REGISTERED NUMBER: 02168053 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU



BANKERS: Yorkshire Bank
1 Frederick Street
Rotherham
South Yorkshire
S60 1QP

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year and financial position of G.D.Woodworking Limited ("the Company") are shown in the annexed financial statements.

The Company is a privately owned staircase manufacturer. The strategy of the Company is to produce high quality products whilst maintaining strong customer relationships with effectively managed employees.

CURRENT BUSINESS & PERFORMANCE REVIEW

Despite the in-year high and varying levels of inflation and global political unrest, the Company have navigated the macro-environmental challenges faced to a strong performance in the year. Strong and proactive leadership from the management team has enabled this to occur with a daily, hands on approach central to their successes.

The trading environment continues to look demanding with the new-build housing sector continuing to throw it's challenges however the directors believe the Company is appropriately poised to turn these challenges in opportunities for further growth, as it has done in recent years to great success.

The Company has invested in capital equipment in recent years and has continued to do so in the current period which has reduced bottlenecks, delivering increased production and ultimately growth. The directors believe that the investment will continue to deliver growth in future years to which the benefits will be delivered in terms of efficiency, turnover and profitability.


FINANCIAL KEY PERFORMANCE INDICATORS

2023 2022

Turnover £16,210,619 £15,424,835
Gross Profit £6,972,948 £5,648,796

Gross Profit Margin 43.01% 36.62%

Net Profit Before Tax £3,231,904 £2,739,231

Net Current Assets £4,577,482 £3,835,252
Net Assets £9,884,783 £8,297,094


2022 - 2023 was a relatively strong year for the Company given the challenges faced in the UK economy. Turnover increased from £15.4m to £16.2m as a result of inflationary price increases s a result of increased supplier and local costs incurred. Heavy investment in new machinery in the prior and current year has enabled the Company to operate at a greater efficiency with reduced overheads and product wastage. This has resulted in an increased gross profit margin of 43.20% compared to 36.62% in the prior period.

Whilst the Report of the directors and Financial Statements are focused on the financial results from 2023, the company's directors are mindful of the impacts of the macroeconomic conditions on the short to medium term resilience of the company. Due to the uncertainty caused by the macroeconomic landscape, the directors have looked at the resilience of the company to stay in business over the next 12 months. Three key measures have been looked at to determine if that position is reasonable, namely, income, expenditure, and cash flow. Based on a forecast of the likely activity in each of these areas the directors are satisfied that this position remains appropriate.

Based on the forecasted income and expenditure cash flow remains at a level above which is required to meet the debts of the company as they fall due.


G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The Board regularly considers the main risks that the Company faces and how to mitigate them. The most significant risks are as follows:

Business Risk
- that the Company strategy and business model does not deliver positive results;
- that unforeseen or unexpected events beyond the control of the Company result in a significant worsening of market conditions;
- that rationalisation in the Company's traditional business sectors occurs at a rate where the Company cannot react to the changing environment quickly enough.

Credit Risk
The Company monitors outstanding balances on a monthly basis to identify potential problems and liaises with its customers. If this does not resolve the problem debt collection proceedings are initiation in order to minimise risk.

EMPLOYEE MATTERS
The Company continues to supplement staff competencies in key technical areas through internal skills development and training. The Company remains an equal opportunities employer and implements rigorous health and safety management processes.

ENVIRONMENTAL MATTERS
The Company is committed to minimising the impact of its activities on the environment and to continually improve its environmental performance.

ON BEHALF OF THE BOARD:





G M Ducker - Director


10 June 2024

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £40.02 was paid on the Ordinary A shares. The directors recommend that no final dividend be paid on these shares.

An interim dividend of £210,000 per share was paid on the Ordinary B shares. The directors recommend that no final dividend be paid on these shares.

An interim dividend of £250,000 per share was paid on the Ordinary C shares. The directors recommend that no final dividend be paid on these shares.

An interim dividend of £210,000 per share was paid on the Ordinary D shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2023 will be £870,000

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

G M Ducker
A N Ducker
M C Ducker
N L Hyde
S R Louw

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G M Ducker - Director


10 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.D. WOODWORKING LIMITED


Opinion
We have audited the financial statements of G.D. Woodworking Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.D. WOODWORKING LIMITED


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.D. WOODWORKING LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to construction, building and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation on the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procures performed by the engagement team include:
- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

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. Also, 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 misrepresentation, or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.D. WOODWORKING LIMITED


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.




Andrew Cribb FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

17 June 2024

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 16,210,619 15,424,835

Cost of sales 9,237,671 9,776,039
GROSS PROFIT 6,972,948 5,648,796

Administrative expenses 3,812,616 2,965,437
3,160,332 2,683,359

Other operating income 62,011 52,463
OPERATING PROFIT 5 3,222,343 2,735,822

Interest receivable and similar income 9,561 4,052
3,231,904 2,739,874

Interest payable and similar expenses 6 - 643
PROFIT BEFORE TAXATION 3,231,904 2,739,231

Tax on profit 7 774,145 594,819
PROFIT FOR THE FINANCIAL YEAR 2,457,759 2,144,412

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,457,759 2,144,412


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,457,759

2,144,412

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 6,033,557 4,878,542

CURRENT ASSETS
Stocks 10 1,106,165 856,807
Debtors 11 2,365,820 2,276,411
Cash at bank and in hand 2,997,781 2,845,938
6,469,766 5,979,156
CREDITORS
Amounts falling due within one year 12 1,892,284 2,143,904
NET CURRENT ASSETS 4,577,482 3,835,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,611,039

8,713,794

PROVISIONS FOR LIABILITIES 13 726,256 416,770
NET ASSETS 9,884,783 8,297,024

CAPITAL AND RESERVES
Called up share capital 14 5,000 5,000
Retained earnings 15 9,879,783 8,292,024
SHAREHOLDERS' FUNDS 9,884,783 8,297,024

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2024 and were signed on its behalf by:





G M Ducker - Director


G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,000 6,905,612 6,910,612

Changes in equity
Dividends - (758,000 ) (758,000 )
Total comprehensive income - 2,144,412 2,144,412
Balance at 31 December 2022 5,000 8,292,024 8,297,024

Changes in equity
Dividends - (870,000 ) (870,000 )
Total comprehensive income - 2,457,759 2,457,759
Balance at 31 December 2023 5,000 9,879,783 9,884,783

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,357,774 3,111,407
Interest paid - (643 )
Tax paid (777,633 ) (275,717 )
Net cash from operating activities 3,580,141 2,835,047

Cash flows from investing activities
Purchase of tangible fixed assets (2,550,041 ) (872,472 )
Sale of tangible fixed assets 382,082 71,740
Interest received 9,561 4,052
Net cash from investing activities (2,158,398 ) (796,680 )

Cash flows from financing activities
Amount withdrawn by directors (399,900 ) -
Equity dividends paid (870,000 ) (758,000 )
Net cash from financing activities (1,269,900 ) (758,000 )

Increase in cash and cash equivalents 151,843 1,280,367
Cash and cash equivalents at beginning of
year

2

2,845,938

1,565,571

Cash and cash equivalents at end of year 2 2,997,781 2,845,938

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 3,231,904 2,739,231
Depreciation charges 882,538 451,664
Loss on disposal of fixed assets 130,406 10,945
Finance costs - 643
Finance income (9,561 ) (4,052 )
4,235,287 3,198,431
Increase in stocks (249,358 ) (107,393 )
Decrease/(increase) in trade and other debtors 309,011 (390,976 )
Increase in trade and other creditors 62,834 411,345
Cash generated from operations 4,357,774 3,111,407

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,997,781 2,845,938
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,845,938 1,565,571


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,845,938 151,843 2,997,781
2,845,938 151,843 2,997,781
Total 2,845,938 151,843 2,997,781

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


1. STATUTORY INFORMATION

G.D. Woodworking 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.

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 have been prepared under the historical cost convention.

At the balance sheet date of 31 December 2023, the Company made a profit for the year after tax of £2,457,759 (2022: £2,144,412) and had net assets at that date of £9,884,783 (2022: £8,297,024) and the directors are expecting further growth to be achieved over the next 12 months.

The directors believe that the Company is well placed to manage its business risks successfully. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Critical accounting 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

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.

Useful economic life of fixed assets
Tangible fixed assets are depreciated over their useful lives taking in to 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; technological innovation, product life cycles and maintenance programmes are taken in to account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and the projected disposal values.

Stock valuation
The company converts raw materials to finished goods. Stock values include any costs such as labour and overheads attributable to generating finished goods, as management believe this is the most suitable costing method to take into account the matching concept of accounting. The Company uses the FIFO method to determine stock valuation.

Bad debt provision
Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and therefore are able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents invoiced product sales after turnover rebates, excluding value added tax and is recognised having been delivered. Installation of the product is left with the responsibility of the customer and therefore contract revenue and work in progress accruals are not applied nor relevant to the company's financial statements. Turnover rebates are recognised according to customer contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

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

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

Closing stock is made up of raw materials and finished goods. Finished goods are raw materials with an absorption of overheads. The final product is usually custom, specific to customer requirements. Once orders are released, the finished product is usually made and despatched on the same day which helps keep finished goods held on site to a minimum.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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


G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


2. ACCOUNTING POLICIES - continued
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.

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.

Government grants
Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable.

3. 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 16,210,619 15,424,835
16,210,619 15,424,835

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,357,097 3,329,526
Social security costs 339,190 350,431
Other pension costs 310,264 248,964
4,006,551 3,928,921

The average number of employees during the year was as follows:
2023 2022

Directors 5 5
Production 69 68
Admin 17 16
91 89

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 265,350 228,333
Directors' pension contributions to money purchase schemes 188,032 143,595

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 82,600 73,333
Pension contributions to money purchase schemes 4,569 855

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 882,538 451,664
Loss on disposal of fixed assets 130,406 10,945
Auditors' remuneration 8,750 7,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Corporation tax interest - 643

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 464,659 433,561

Deferred tax 309,486 161,258
Tax on profit 774,145 594,819

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


7. TAXATION - continued

Reconciliation of total tax charge 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 3,231,904 2,739,231
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

807,976

520,454

Effects of:
Expenses not deductible for tax purposes 50,570 11,765
Income not taxable for tax purposes - (8,876 )
Adjustments to tax charge in respect of previous periods - 81,835
Change in tax rates (51,607 ) -
Super allowances (14,022 ) (29,131 )
Fixed asset deposit (18,772 ) 18,772
Total tax charge 774,145 594,819

8. DIVIDENDS

20232022
££
Ordinary shares of £1 each - Interim870,000758,000

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 2,754,905 4,350,941 110,789 630,018 7,846,653
Additions 405,755 1,706,205 15,281 422,800 2,550,041
Disposals - (1,359,317 ) - (205,743 ) (1,565,060 )
At 31 December 2023 3,160,660 4,697,829 126,070 847,075 8,831,634
DEPRECIATION
At 1 January 2023 283,209 2,371,448 43,122 270,332 2,968,111
Charge for year 54,910 659,310 11,330 156,988 882,538
Eliminated on disposal - (911,195 ) - (141,377 ) (1,052,572 )
At 31 December 2023 338,119 2,119,563 54,452 285,943 2,798,077
NET BOOK VALUE
At 31 December 2023 2,822,541 2,578,266 71,618 561,132 6,033,557
At 31 December 2022 2,471,696 1,979,493 67,667 359,686 4,878,542

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


10. STOCKS
2023 2022
£    £   
Stocks 1,106,165 856,807

The composition of the closing stock at the year end was 100% raw materials (2022: 100%), 0% finished goods (2022: 0%).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,884,921 2,113,521
Other debtors 20 20
Directors' current accounts 398,420 -
Prepayments and accrued income 82,459 162,870
2,365,820 2,276,411

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,281,247 1,067,474
Tax 120,587 433,561
Social security and other taxes 171,990 164,274
VAT 226,145 382,715
Other creditors 3,774 8,796
Directors' current accounts - 1,480
Accrued expenses 88,541 85,604
1,892,284 2,143,904

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 726,256 416,770

Deferred
tax
£   
Balance at 1 January 2023 416,770
Charge to Income Statement during year 309,486
Balance at 31 December 2023 726,256

G.D. WOODWORKING LIMITED (REGISTERED NUMBER: 02168053)

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


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:


Class:
Nominal
Value:


2023


2022
£    £   
5000 Ordinary A £1 4,997 4,997
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
Total 5,000 5,000


Voting Rights
Ordinary A - Full Voting Rights and Dividend Earning
Ordinary B - Dividend Earning but Non-Voting
Ordinary C - Dividend Earning but Non-Voting
Ordinary D - Dividend Earning but Non-Voting

15. RESERVES
Retained
earnings
£   

At 1 January 2023 8,292,024
Profit for the year 2,457,759
Dividends (870,000 )
At 31 December 2023 9,879,783

16. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 855,000 725,000

During the year, the company has invested heavily in new machinery which has continued into 2024.

17. RELATED PARTY DISCLOSURES

Included within debtors is £398,520 (2022: £1,480 creditor) due to the company from the directors. The balance has been repaid in full after the year end. The loan is interest free and has no formal repayment terms.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is both L Ducker and G Ducker by their virtue holding of 75.95% of the Ordinary A share capital of G.D.Woodworking Limited.