Registered number
08817034
Woods New Forest Limited
Filleted Accounts
31 December 2023
Woods New Forest Limited
Registered number: 08817034
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 14,510 19,347
Current assets
Stocks 168,612 229,914
Debtors 5 158,475 8,100
Cash at bank and in hand 3,037 23,285
330,124 261,299
Creditors: amounts falling due within one year 6 (181,183) (106,694)
Net current assets 148,941 154,605
Total assets less current liabilities 163,451 173,952
Creditors: amounts falling due after more than one year 7 (19,088) (29,167)
Net assets 144,363 144,785
Capital and reserves
Called up share capital 120 120
Shareholders loan 240,000 240,000
Profit and loss account (95,757) (95,335)
Shareholder's funds 144,363 144,785
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Woods
Director
Approved by the board on 24 January 2024
Woods New Forest Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and investment property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Plant and equipment over 4 years straight line
Fixtures and fittings over 8 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 27,000
At 31 December 2023 27,000
Amortisation
At 1 January 2023 27,000
At 31 December 2023 27,000
Net book value
At 31 December 2023 -
Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Plant and equipment Vehicles Total
£ £ £
Cost
At 1 January 2023 35,985 3,372 39,357
At 31 December 2023 35,985 3,372 39,357
Depreciation
At 1 January 2023 17,700 2,310 20,010
Charge for the year 4,571 266 4,837
At 31 December 2023 22,271 2,576 24,847
Net book value
At 31 December 2023 13,714 796 14,510
At 31 December 2022 18,285 1,062 19,347
5 Debtors 2023 2022
£ £
Trade debtors 149,875 (500)
Other debtors 8,600 8,600
158,475 8,100
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts - 35,035
Trade creditors 101,929 48,300
Accruals 4,605 2,994
Taxation and social security costs 6,740 2,895
Other creditors 57,909 7,470
181,183 106,694
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,088 29,167
8 Controlling party
The company is controlled by the director by virtue of him holding the total issued share capital.
9 Other information
Woods New Forest Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Forecourt
Christchurch Road
Downton
Lymington
SO41 0LA
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