Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueThe Company's principal activity during the year continued to be contract logistics.2272023-01-01falsefalse228 05151477 2023-01-01 2023-12-31 05151477 2022-01-01 2022-12-31 05151477 2023-12-31 05151477 2022-12-31 05151477 2022-01-01 05151477 2 2023-01-01 2023-12-31 05151477 2 2022-01-01 2022-12-31 05151477 3 2023-01-01 2023-12-31 05151477 3 2022-01-01 2022-12-31 05151477 5 2023-01-01 2023-12-31 05151477 5 2022-01-01 2022-12-31 05151477 6 2023-01-01 2023-12-31 05151477 6 2022-01-01 2022-12-31 05151477 d:CompanySecretary1 2023-01-01 2023-12-31 05151477 d:Director1 2023-01-01 2023-12-31 05151477 d:Director2 2023-01-01 2023-12-31 05151477 d:Director3 2023-01-01 2023-12-31 05151477 d:Director4 2023-01-01 2023-12-31 05151477 d:RegisteredOffice 2023-01-01 2023-12-31 05151477 d:Agent1 2023-01-01 2023-12-31 05151477 e:Buildings 2023-12-31 05151477 e:Buildings 2022-12-31 05151477 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 05151477 e:Buildings e:LongLeaseholdAssets 2023-12-31 05151477 e:Buildings e:LongLeaseholdAssets 2022-12-31 05151477 e:LandBuildings 2023-12-31 05151477 e:LandBuildings 2022-12-31 05151477 e:PlantMachinery 2023-01-01 2023-12-31 05151477 e:PlantMachinery 2023-12-31 05151477 e:PlantMachinery 2022-12-31 05151477 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05151477 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05151477 e:MotorVehicles 2023-01-01 2023-12-31 05151477 e:MotorVehicles 2023-12-31 05151477 e:MotorVehicles 2022-12-31 05151477 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05151477 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05151477 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05151477 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05151477 e:Goodwill 2023-01-01 2023-12-31 05151477 e:Goodwill 2023-12-31 05151477 e:Goodwill 2022-12-31 05151477 e:CurrentFinancialInstruments 2023-12-31 05151477 e:CurrentFinancialInstruments 2022-12-31 05151477 e:Non-currentFinancialInstruments 2023-12-31 05151477 e:Non-currentFinancialInstruments 2022-12-31 05151477 e:Non-currentFinancialInstruments 3 2023-12-31 05151477 e:Non-currentFinancialInstruments 3 2022-12-31 05151477 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 05151477 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 05151477 e:UKTax 2023-01-01 2023-12-31 05151477 e:UKTax 2022-01-01 2022-12-31 05151477 e:ShareCapital 2023-12-31 05151477 e:ShareCapital 2022-12-31 05151477 e:ShareCapital 2022-01-01 05151477 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05151477 e:RetainedEarningsAccumulatedLosses 2023-12-31 05151477 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05151477 e:RetainedEarningsAccumulatedLosses 2022-12-31 05151477 e:RetainedEarningsAccumulatedLosses 2022-01-01 05151477 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05151477 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05151477 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 05151477 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 05151477 e:RetirementBenefitObligationsDeferredTax 2023-12-31 05151477 e:RetirementBenefitObligationsDeferredTax 2022-12-31 05151477 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05151477 d:OrdinaryShareClass1 2023-12-31 05151477 d:OrdinaryShareClass1 2022-12-31 05151477 d:FRS101 2023-01-01 2023-12-31 05151477 d:Audited 2023-01-01 2023-12-31 05151477 d:FullAccounts 2023-01-01 2023-12-31 05151477 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05151477 e:Subsidiary1 2023-01-01 2023-12-31 05151477 e:Subsidiary1 1 2023-01-01 2023-12-31 05151477 e:FinancialLiabilitiesAmortisedCost 2023-01-01 2023-12-31 05151477 e:CurrentFinancialInstruments 7 2023-12-31 05151477 e:CurrentFinancialInstruments 7 2022-12-31 05151477 e:Buildings e:Right-of-useAssets 2023-01-01 2023-12-31 05151477 e:Buildings e:Right-of-useAssets 2022-01-01 2022-12-31 05151477 e:PlantMachinery e:Right-of-useAssets 2023-01-01 2023-12-31 05151477 e:PlantMachinery e:Right-of-useAssets 2022-01-01 2022-12-31 05151477 e:MotorVehicles e:Right-of-useAssets 2023-01-01 2023-12-31 05151477 e:MotorVehicles e:Right-of-useAssets 2022-01-01 2022-12-31 05151477 e:Right-of-useAssets 2023-01-01 2023-12-31 05151477 e:Right-of-useAssets 2022-01-01 2022-12-31 05151477 e:WithinOneYear 2023-12-31 05151477 e:WithinOneYear 2022-12-31 05151477 e:BetweenOneFiveYears 2023-12-31 05151477 e:BetweenOneFiveYears 2022-12-31 05151477 e:MoreThanFiveYears 2023-12-31 05151477 e:MoreThanFiveYears 2022-12-31 05151477 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05151477










WOODLAND LOGISTICS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WOODLAND LOGISTICS LIMITED
 
 
COMPANY INFORMATION


Directors
S S Kirby 
K G Stevens 
J P Stubbings 
C P Watts 




Company secretary
J P Stubbings



Registered number
05151477



Registered office
Arlington House
West Station Business Park

Spital Road

Maldon

CM9 6FF




Independent auditor
MHA

Colchester Business Park

910 The Crescent

Colchester

Essex

CO4 9YQ




Bankers
National Westminster Bank plc
46 High Street

Brentwood

Essex

CM14 4AN





Barclays Bank PLC

1 Churchill Place

London

E14 5HP

 
WOODLAND LOGISTICS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 32


 
WOODLAND LOGISTICS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the Strategic Report of Woodland Logistics Ltd (the "Company") for the year ended 31 December 2023.

Principal activity

The Company's principal activity during the year ended 31 December 2023 continued to be contract logistics. The Company is a proud member of the Woodland Group.
Independently owned, we continuously challenge ourselves and our teams to innovate and adapt, provide expert solutions, and create opportunities for clients, team members, partners, and communities. Our culture thrives on a drive for excellence and innovation, collaboration, agility through independence, opportunities to learn and develop, our diversity and relationship building, and our desire to bring skills and passion to a quickly changing and fast-paced environment.

Business review and financial key performance indicators
 
The Company’s key performance indicators (KPIs) are turnover, gross profit, operating profit and profit before tax.
The Company increased turnover in 2023 to £27,130,037
 (2022 £26,732,622) and this activity saw increased margins as spot haulage rates for the market generally returned to a normal level. The results of the Company for the year ended 31 December 2023 are set out on page 10. The operating profit rose to £822,396 (2022 - £180,117) and profit before tax was £301,635 (2022 - loss of £222,729). There was an increase in gross profit to £5,566,100 (2022 - £4,421,406). This was achieved following increased volume and margin from our general haulage operations.
The Company continues to have a strong Balance Sheet with net assets standing at £4,164,013 as of 31 December 2023 
(2022 - £3,800,839).

Future developments

Woodland Logistics Limited is a business with purpose – we are conscious of our impact on our communities, the industries we work in, and our planet. We strive to initiate and support positive change, whether through the latest technology, our in-house training furthering personal and professional development and by empowering and supporting our teams, partners, and clients in making a difference. Alongside our community work and partnerships, we continue to invest in and develop carbon-conscious initiatives in the hope of assisting industry-wide change through industry initiatives and taskforces that facilitate change through collaboration.
The Company’s success is down to our dedicated and experienced teams across the globe. In line with our purpose to create opportunity and deliver sustainable supply chains, we invest heavily into the growth of our Woodlanders through in-house training, apprenticeship schemes (we’re now an official apprenticeship provider) and international career paths, all to deliver a diverse and impactful set of opportunities for our people and wider communities. 
At Woodland Logistics Limited, our culture embraces and encourages innovation and out of the box thinking to create opportunity for all stakeholders and deliver forward-thinking, sustainable supply chain solutions.

Page 1

 
WOODLAND LOGISTICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The Directors have taken steps over the last few years to minimise the impact on the business of risks which had previously been identified. Risk reviews are undertaken in order that management can deal with any issues as they arise.
Liquidity risk:
The Company manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of its business.
Interest rate risk:
The Company has exposure to fair value interest rate risk on its fixed rate borrowing and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.
Foreign currency risk:
The Company has almost no exposure to FX risk as all revenues and almost all costs are in Great British Pounds (GBP), the functional currency. For the few costs received in foreign currency these are converted and paid at spot rates.
Credit risk:
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on a weekly basis and provision is made for doubtful debts where necessary.
Commercial and pricing risk:
All commercial cost exposures experienced in drivers' wages and fuel increases are managed by a constant review of the prices charged so as to ensure that not only are they competitive but that we also make a recovery. Several of our commercial contracts are on a cost plus or open book basis of account. 


This report was approved by the Board and signed on its behalf.



................................................
J P Stubbings
Director
Date: 5 September 2024

Page 2

 
WOODLAND LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' Responsibilities Statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £363,174 (2022 - loss £269,636).

No dividends were declared in respect of 2023 (2022 - £NIL). The total dividend amounted to £NIL (2022 - £NIL) per share.

Directors

The Directors who served during the year were:

S S Kirby 
K G Stevens 
J P Stubbings 
C P Watts 

Employment policy

The Company is an equal opportunity employer and bases decisions on individual ability regardless of race, religion, gender, age, or disability. The Company's policy is designed to ensure that, as far as possible, opportunities for training, career development and prospects of disabled persons should be identical to those for other employees. Employees are kept informed of the financial and economic performance of the Company by means of regular briefings and prospects of disabled persons should be identical to those for other employees.

Page 3

 
WOODLAND LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Qualifying third party indemnity provisions

The Company has made qualifying third-party indemnity provisions for the benefit of its Directors and senior managers during the year. These provisions remain in force at the reporting date.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. The Company has net current assets of £627,696 (2022 - £730,302) and net assets of £4,164,013 (2022 - £3,800,839).
The Company has and continues to consider the impact of the Russia/Ukraine conflict on the operational and financial performance of its business. The Company’s financial forecasts, taking into consideration the current environment, show that the Company is expected to remain profitable and generate positive cash flows giving the Company the ability to operate for the foreseeable future. We continue to closely monitor the ongoing situation, staying alert to the impact of any economic recession on the trading position of the Company and our principal customers.
Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Greenhouse gas emissions, energy consumption and energy efficiency action

Environmental and Social Governance (ESG) are very much at the forefront of what Woodland delivers upon. We have issued our second ESG report and a copy can be found on our website at https://www.woodlandgroup .com/reports/sustainability -report -2023 where we outline our social, environmental and governance credentials, KPIs and vision and review our energy emissions.
In May 2023 we achieved the Gold rating from EcoVadis that validates corporate adherence to 21 recognized CSR criteria which follow verifiable international CSR standards (the Global Compact Principles, the International Labour Organization conventions, the Global Reporting Initiative standard, the ISO 26000). This places Woodland amongst the top 5% of the 90,000+ companies that have been assessed through the program thus far.

Matters covered in the Strategic Report

In accordance with section 414c (11) of the Companies Act 2006 the Directors have chosen to include the following items in the Strategic Report:

Principal risks and uncertainties
Future developments

Page 4

 
WOODLAND LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post Balance Sheet events

Bankers
Following a strategic review the Group has moved their banking needs to Barclays Bank over the period December 2023 to May 2024. With the new products being used the Group earns more interest on its cash balances whilst having sufficient access to funding, bonds and credit cards. The Company is a member of the guarantee on sums owed.
Other than this, there have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf.
 





................................................
J P Stubbings
Director
Date: 5 September 2024

Page 5

 
WOODLAND LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND LOGISTICS LIMITED
 

Opinion


We have audited the financial statements of Woodland Logistics Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
WOODLAND LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND LOGISTICS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 7

 
WOODLAND LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND LOGISTICS LIMITED (CONTINUED)


Auditor's 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 an Auditor's Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and    claims;
• Enquiry of the entity staff in compliance functions to identify any instances of non-compliance with laws    and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal    entries and other adjustments for appropriateness, evaluating the business rationale of significant     transactions outside the normal course of business for reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance; and
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


Page 8

 
WOODLAND LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND LOGISTICS LIMITED (CONTINUED)


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 2006Our 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 an Auditor's Report 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.





Cara Miller ACCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Colchester, United Kingdom

6 September 2024
Page 9

 
WOODLAND LOGISTICS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
27,130,037
26,732,622

Cost of sales
  
(21,563,937)
(22,311,216)

Gross profit
  
5,566,100
4,421,406

Administrative expenses
  
(4,729,669)
(4,224,747)

Other operating charges
  
(14,035)
(16,542)

Operating profit
 5 
822,396
180,117

Loss on disposal of fixed assets
  
(57,930)
(111,371)

Interest payable and similar expenses
 9 
(462,831)
(291,475)

Profit/(loss) before tax
  
301,635
(222,729)

Tax on profit/(loss)
 10 
61,539
(46,907)

Profit/(loss) for the financial year
  
363,174
(269,636)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 32 form part of these financial statements.

Page 10

 
WOODLAND LOGISTICS LIMITED
REGISTERED NUMBER: 05151477

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Goodwill
 11 
325,630
325,630

Tangible assets
 12 
11,433,616
12,146,961

Investments
 13 
42,200
42,200

  
11,801,446
12,514,791

Current assets
  

Fixed assets held for sale
  
-
383,730

Stocks
 15 
28,557
28,282

Debtors: amounts falling due within one year
 16 
6,118,676
5,698,881

Cash at bank and in hand
 17 
709,001
328,070

  
6,856,234
6,438,963

Creditors: amounts falling due within one year
 18 
(5,909,444)
(5,538,019)

Corporation tax payable
 18 
(319,094)
(170,642)

Net current assets
  
 
 
627,696
 
 
730,302

Total assets less current liabilities
  
12,429,142
13,245,093

Creditors: amounts falling due after more than one year
 19 
(7,104,740)
(7,714,876)

  Provisions for liabilities
  

Deferred taxation
 21 
(1,160,389)
(1,729,378)

Net assets
  
4,164,013
3,800,839


Capital and reserves
  

Called up share capital 
 22 
50,000
50,000

Retained earnings
 23 
4,114,013
3,750,839

  
4,164,013
3,800,839


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J P Stubbings
Director
Date: 5 September 2024

The notes on pages 13 to 32 form part of these financial statements.

Page 11

 
WOODLAND LOGISTICS LIMITED
 

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


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 January 2022
50,000
4,020,475
4,070,475


Comprehensive income for the year

Loss for the year
-
(269,636)
(269,636)



At 1 January 2023
50,000
3,750,839
3,800,839


Comprehensive income for the year

Profit for the year
-
363,174
363,174


At 31 December 2023
50,000
4,114,013
4,164,013


The notes on pages 13 to 32 form part of these financial statements.

Page 12

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Woodland Logistics Limited (the 'Company') is a private Company limited by shares incorporated and domiciled in England and Wales (Company Registration Number: 05151477). Its registered office is Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
 
The requirement to publish a Statement of Cash Flows and related notes;
The requirement to disclose the future impact of new but not yet effective IFRSs;
The requirement to disclose compensation for key management between short term employee benefits, post-employment benefits and other long-term benefits;
Disclosure of the categories of financial instruments and nature and extent of risks arising on these financial instruments;
Disclosure of the objectives, policies and processes for managing capital; 
Related party disclosures for transactions with the parent or wholly owned members of the Group;
Certain disclosures required under IFRS15 "Revenue from contracts with customers", including disaggregation of revenue, details of changes in contract assets and liabilities, and details of incomplete performance obligations;
Comparative period reconciliations for share capital; and
The requirement to provide detailed comparative information for tangible fixed assets.

This information is included in the consolidated financial statements of Woodland Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 13

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.  The Company has net current assets of £627,696 (2022 - £730,302) and net assets of £4,164,013 (2022 - £3,800,839).
The Company has and continues to consider the impact of the Russia/Ukraine conflict on the operational and financial performance of its business. The Company’s financial forecasts, taking into consideration the current environment, show that the Company is expected to remain profitable and generate positive cash flows giving the Company the ability to operate for the foreseeable future. We continue to closely monitor the ongoing situation, staying alert to the impact of any economic recession on the trading position of the Company and our principal customers.
Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

 
2.4

Turnover

Turnover represents amounts receivable for services supplied by the Company once the service is delivered, net of value added tax a trade discounts. Turnover consists of transport and distribution services. The turnover for these services is recognised on delivery of the goods at a point in time.

 
2.5

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;

the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and

payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is included in 'Creditors' on the Balance Sheet.

Page 14

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Leases (continued)

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
Payments associated with short-term leases of equipment and vehicles together with leases of low value assets are recognised on a straight-line basis as an expense in Profit or Loss. Short-term leases are leases with a lease term of 12 months or less. Low value assets comprise IT equipment and small items of office furniture.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in Note 2.12.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient where these non-lease components are separately identifiable.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.9

Goodwill

Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued.
Goodwill is capitalised as an intangible asset and is not amortised. Instead, it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
over the term of the underlying lease
Plant, equipment, fixtures and fittings
-
25% or 33.3% straight line
Motor vehicles
-
20% - 25% straight line or over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Financial instruments



The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Page 17

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 18

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Useful economic lives of fixed assets
The useful economic life of fixed assets is reviewed by the Directors having regard to the primary lease term for those assets financed by finance leases and the type of assets for owned assets. The residual values of all assets are regularly assessed by the Directors.
Lease accounting
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.


4.


Turnover

The whole of the turnover is attributable to contract logistics.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
384,648
848,226

Depreciation of assets held under leases
2,793,080
2,730,139

Short-term rentals
232,550
323,356

Hire of equipment
14,269
16,964

Loss on disposal of fixed assets
57,930
111,371

Charitable donations
3,819
720

Page 19

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
37,600
35,000


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
9,719,176
9,434,972

Social security costs
934,786
1,050,210

Cost of defined contribution scheme
199,101
227,239

10,853,063
10,712,421


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Operations
190
189



Sales, Administration and Management
38
38

228
227

Page 20

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
224,362
206,582

Company contributions to defined contribution pension schemes
13,321
13,321

237,683
219,903


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £224,362 (2022 - £206,582).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £13,321 (2022 - £13,321).


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
819

Interest on lease liabilities
452,387
256,359

Other interest payable
10,444
34,297

462,831
291,475

Page 21

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
188,406
-

Adjustments in respect of previous periods
(39,955)
(945)


Group taxation relief
358,999
(1,481,492)


Total current tax
507,450
(1,482,437)

Deferred tax


Origination and reversal of timing differences
(568,989)
1,445,507

Adjustment in respect of previous periods
-
83,837

Total deferred tax
(568,989)
1,529,344


Tax on profit/(loss)
(61,539)
46,907

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
301,635
(222,729)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
70,945
(42,319)

Effects of:


Expenses not deductible for tax purposes
7,648
7,864

Adjustments to tax charge in respect of prior periods - corporation tax
(39,955)
(945)

Deferred tax adjustments
(10,580)
432,892

Fixed asset temporary differences
90,025
(434,422)

Other permanent differences
(179,622)
83,837

Total tax charge for the year
(61,539)
46,907

Page 22

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and took effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.


11.


Goodwill





2023

£



Cost


At 1 January 2023
325,630



At 31 December 2023

325,630






Net book value



At 31 December 2023
325,630



At 31 December 2022
325,630

The goodwill arose on the hive-up of the trade, assets and undertaking of Courier Elite Limited which happened on the 1 July 2017. The Directors now consider the investment in Courier Elite Limited to be more fairly represented as goodwill rather than investments. The goodwill is considered to have an indefinite useful economic life and is not amortised. 
The recoverable amount has been calculated with reference to its value in use, estimated based on the discounted future cash flows for the cash generating unit.
The key assumptions used in the estimation of the recoverable amount are:
Discount rate 7% (2022 - 6.5%)
Risk free interest rate 1% (2022 - 1%)
Terminal value growth rate 2.25% (2022 - 2.25%)

All the assumptions are made based on management's assessment of what judgements a market participant would make. The cashflow projections include specific estimates for two years of budgeted EBITDA and a terminal growth rate thereafter. Budgeted EBITDA was estimated taking into account past experience and adjusted for the future business plan and expected changes in the market place and cost base. The estimated recoverable amount of the Courier Elite Limited trade exceeds its carrying amount. Management have not identified any reasonable possibility that changes in the assumptions used would cause an impairment. Management have therefore not impaired the assets. There is at least 10% headroom on each of management's impairment models.


Page 23

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Land and buildings
Plant, equipment, fixtures and fittings
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
831,882
7,821,180
12,591,856
21,244,918


Additions
327,499
2,479,970
23,450
2,830,919


Disposals
-
(1,888,280)
(212,925)
(2,101,205)



At 31 December 2023

1,159,381
8,412,870
12,402,381
21,974,632



Depreciation


At 1 January 2023
494,029
4,033,221
4,570,707
9,097,957


Charge for the year on owned assets
-
118,875
265,773
384,648


Charge for the year on right-of-use assets
133,662
1,214,314
1,445,104
2,793,080


Disposals
-
(1,584,832)
(149,837)
(1,734,669)



At 31 December 2023

627,691
3,781,578
6,131,747
10,541,016



Net book value



At 31 December 2023
531,690
4,631,292
6,270,634
11,433,616



At 31 December 2022
337,853
3,787,959
8,021,149
12,146,961




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short-term leasehold
531,690
337,853

531,690
337,853


Page 24

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
1,220,428
827,903

Right-of-use tangible fixed assets
10,213,188
11,319,058

11,433,616
12,146,961

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Land and buildings
531,690
337,853

Plant, equipment, fixtures and fittings
4,304,122
3,612,435

Motor vehicles
5,377,375
7,368,770

10,213,188
11,319,058

Depreciation charge for the year ended

2023
2022
£
£

Land and buildings
133,662
204,244

Plant, equipment, fixtures and fittings
1,214,314
1,116,954

Motor vehicles
1,445,104
1,408,941

2,793,080
2,730,139

Additions relating to right-of-use assets was £2,536,949 (2022 - £8,225,336).

Page 25

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in subsidiary company

£



Cost


At 1 January 2023
42,200



At 31 December 2023
42,200





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Courier Elite Limited
04247450
Ordinary
100%

The registered office of Courier Elite Limited is Arlington House, Spital Road, Maldon, Essex, CM9 6FF. The subsidiary was dormant during both the current and previous reporting periods.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Courier Elite Limited
76,069
-


14.


Fixed assets held for sale

During the year, fixed assets held for sale relating to motor vehicles with a net book value of £383,730 were disposed of resulting in a loss on disposal of £37,880.

Page 26

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stock

2023
2022
£
£

Raw materials and consumables
28,557
28,282

28,557
28,282




16.


Debtors

2023
2022
£
£


Trade debtors
5,589,454
5,096,775

Amounts owed by group undertakings
381,981
433,680

Other debtors
826
10,778

Prepayments and accrued income
146,415
157,648

6,118,676
5,698,881



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
709,001
328,070

709,001
328,070


Page 27

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,259,874
1,060,100

Amounts owed to group undertakings
197,983
635,479

Corporation tax
319,094
170,642

Other taxation and social security
707,135
160,505

Lease liabilities
2,710,215
3,025,352

Other creditors
21,740
41,237

Accruals and deferred income
1,012,497
615,346

6,228,538
5,708,661


The Company has access to an invoice discount facility secured on the trade debtors under full recourse. This was undrawn during the year and the balance owing was  £Nil (2022 - £Nil) at the year end. Obligations are secured over the assets to which they relate.
The Company has guarantees which are detailed in Note 24.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
7,104,740
7,714,876

7,104,740
7,714,876


Page 28

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.

Leases

Company as a lessee

The Company leases various warehouses, offices, vehicles, plant and equipment. Rental contracts are typically made for fixed periods of 1 to 10 years but may have extension options or break clauses.

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
2,710,215
3,025,352

Between one year and five years
7,067,383
7,413,817

Later than five years
37,357
301,059

9,814,955
10,740,228


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
452,387
256,359

The total cash outflow for leases during the year was £3,914,607 (2022 - £3,611,902).

Page 29

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
1,729,378
200,034


(Credited) / charged to profit or loss
(568,989)
1,529,344



At end of year
1,160,389
1,729,378

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,213,473
1,782,462

Capital gains
(4,014)
(4,014)

Other temporary differences
(49,070)
(49,070)

1,160,389
1,729,378


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000

All shares rank equally with regards to voting rights, dividend rights and rights in any distributions made including winding up.



23.


Reserves

Retained earnings

Retained earnings represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.

Page 30

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Financial commitments, guarantees and contingent liabilities

The Company has entered into an intercompany guarantee for banking facilities with certain fellow group and related party undertakings totalling £4,230,000 (2022 - £5,092,069) at the year-end. This includes overdraft facilities of £4,000,000 (2022 - £4,000,000) which were undrawn at the year-end. In addition, the Group held United Kingdom and Irish customs bonds amounting to £282,030 (2022 - £997,601)
The Company has entered into an intercompany guarantee for the VAT payments due with certain fellow group companies and the amount payable at the year-end amounted to £132,362 
(2022 receivable - £297,758).


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £199,101 (2022 - £227,239). Contributions totalling £21,055 (2022 - £43,162) were payable to the fund at the Balance Sheet date and are included within other creditors.


26.


Related party transactions

The Company has taken the FRS 101 exemption from the requirements in 'IAS 24 Related Party Disclosures' to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
L&G Techit UK Limited is a related party as K G Stevens, the ultimate controlling party, is a shareholder. Furthermore, S S Kirby, a Director of the Company, is also a shareholder of L&G Techit UK Limited. During the year, the Company made payments to L&G Techit UK Limited of £NIL
 (2022 - £6,222) with £NIL (2022 - £100) payable at the year end.
Port Express Limited is a related party as K G Stevens, the ultimate controlling party, is a shareholder of their holding company. During the year, the Company made purchases from Port Express Limited of £60 
(2022 - £5,427). There were no amounts payable at the year end (2022 - £NIL).
International Food Link Limited is a related party as the Group owns 57% of its share capital. During the year, the Company made sales of £1,767 
(2022 - £1,743) to International Food Link Limited. No amounts were receivable at the year end (2022 - £NIL).

Page 31

 
WOODLAND LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Controlling party

The Company's ultimate parent was Woodland Group Holdings Limited (Company Registered Number: (14078193), a company incorporated in England and Wales. The immediate parent company is Woodland Global Ltd (Company Registered Number: 02278005), a company incorporated in England and Wales.
The smallest and largest group of undertakings for which consolidated accounts have been drawn up is Woodland Group Holdings Limited. The consolidated financial statements of Woodland Group Holdings Limited are publicly available and can be obtained from Companies House. The registered office of Woodland Group Holdings Limited is Arlington House, West Station Business Park, Spital Road, Maldon, CM9 6FF.
Mr K G Stevens is this Company's ultimate controlling party by virtue of his majority shareholding in the ultimate parent company.

 
Page 32