Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false88false2023-01-01The Company's principal activity during the year continued to be worldwide freight services, specifically of entertainment related goods (CD's, DVD's and pressed vinyl).true 05226314 2023-01-01 2023-12-31 05226314 2022-01-01 2022-12-31 05226314 2023-12-31 05226314 2022-12-31 05226314 2022-01-01 05226314 c:Director1 2023-01-01 2023-12-31 05226314 d:Buildings 2023-12-31 05226314 d:Buildings 2022-12-31 05226314 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05226314 d:Buildings d:LongLeaseholdAssets 2023-12-31 05226314 d:Buildings d:LongLeaseholdAssets 2022-12-31 05226314 d:LandBuildings 2023-12-31 05226314 d:LandBuildings 2022-12-31 05226314 d:MotorVehicles 2023-12-31 05226314 d:MotorVehicles 2022-12-31 05226314 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05226314 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05226314 d:CurrentFinancialInstruments 2023-12-31 05226314 d:CurrentFinancialInstruments 2022-12-31 05226314 d:Non-currentFinancialInstruments 2023-12-31 05226314 d:Non-currentFinancialInstruments 2022-12-31 05226314 d:Non-currentFinancialInstruments 3 2023-12-31 05226314 d:Non-currentFinancialInstruments 3 2022-12-31 05226314 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05226314 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05226314 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05226314 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05226314 d:ShareCapital 2023-12-31 05226314 d:ShareCapital 2022-12-31 05226314 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 05226314 d:CapitalRedemptionReserve 2023-12-31 05226314 d:CapitalRedemptionReserve 2022-12-31 05226314 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05226314 d:RetainedEarningsAccumulatedLosses 2023-12-31 05226314 d:RetainedEarningsAccumulatedLosses 2022-12-31 05226314 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05226314 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05226314 d:OtherDeferredTax 2023-12-31 05226314 d:OtherDeferredTax 2022-12-31 05226314 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05226314 c:OrdinaryShareClass1 2023-12-31 05226314 c:OrdinaryShareClass1 2022-12-31 05226314 c:OrdinaryShareClass2 2023-01-01 2023-12-31 05226314 c:OrdinaryShareClass2 2023-12-31 05226314 c:OrdinaryShareClass2 2022-12-31 05226314 c:FRS101 2023-01-01 2023-12-31 05226314 c:Audited 2023-01-01 2023-12-31 05226314 c:FullAccounts 2023-01-01 2023-12-31 05226314 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05226314 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05226314 2 2023-01-01 2023-12-31 05226314 d:CurrentFinancialInstruments 7 2023-12-31 05226314 d:CurrentFinancialInstruments 7 2022-12-31 05226314 d:Buildings d:Right-of-useAssets 2023-01-01 2023-12-31 05226314 d:Buildings d:Right-of-useAssets 2022-01-01 2022-12-31 05226314 d:MotorVehicles d:Right-of-useAssets 2023-01-01 2023-12-31 05226314 d:MotorVehicles d:Right-of-useAssets 2022-01-01 2022-12-31 05226314 d:Right-of-useAssets 2023-01-01 2023-12-31 05226314 d:Right-of-useAssets 2022-01-01 2022-12-31 05226314 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05226314










WOODLAND ENTERTAINMENT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WOODLAND ENTERTAINMENT LIMITED
REGISTERED NUMBER: 05226314

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Fixed assets
  

Tangible assets
 4 
52,714
82,528

  
52,714
82,528

Current assets
  

Debtors: amounts falling due within one year
 5 
1,794,314
1,948,770

Cash at bank and in hand
 6 
1,105,307
730,701

  
2,899,621
2,679,471

Creditors: amounts falling due within one year
 7 
(1,261,896)
(1,524,421)

Net current assets
  
 
 
1,637,725
 
 
1,155,050

Total assets less current liabilities
  
1,690,439
1,237,578

  

Creditors: amounts falling due after more than one year
 8 
(23,917)
(53,930)

  

  

Net assets
  
1,666,522
1,183,648


Capital and reserves
  

Called up share capital 
 10 
100
100

Capital redemption reserve
 11 
2,000
2,000

Profit and loss account
 11 
1,664,422
1,181,548

  
1,666,522
1,183,648


Page 1

 
WOODLAND ENTERTAINMENT LIMITED
REGISTERED NUMBER: 05226314
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




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

The notes on pages 3 to 14 form part of these financial statements.

Page 2

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

1.


General information

Woodland Entertainment Limited (the 'Company') is a private Company limited by shares incorporated and domiciled in England and Wales (Company Registration Number: 05226314). 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.

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 3

 
WOODLAND ENTERTAINMENT 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 £1,637,725 (2022 - £1,155,050) and net assets of £1,666,522 (2022 - £1,183,648).
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 both the Group and our principal customers. Accordingly, the Directors believe that it is appropriate to adopt the going concern basis in preparing these financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Turnover

Turnover represents amounts receivable for goods and services net of value added tax and trade discounts. Turnover mainly consists of freight forwarding services. Turnover is recognised on delivery of goods for imports or on delivery to port for exports at a point in time once the obligations of the Company have been met.

Page 4

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

2.Accounting policies (continued)

 
2.6

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

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 the 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 on 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 the non-lease components are separately identifiable.

Page 5

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

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 6

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

2.Accounting policies (continued)

 
2.11

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.

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.

The estimated useful lives range as follows:

Land and buildings
-
Over the length of the lease
Plant, equipment, fixtures and fittings
-
33% straight line
Motor vehicles
-
50% straight line

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.

Page 7

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

2.Accounting policies (continued)

  
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:
Basic financial instruments are initially recognised at transaction cost and then subsequently at amortised cost. For short term items discounting is not applied and they will be stated at the amount of cash expected to be paid or received.
Basic financial instruments include:
• Cash
• Demand and fixed-term deposits when the entity is the depositor
• Commercial paper and commercial bills held
• Accounts, notes and loans receivable and payable
• Investments in non-convertible preference shares and non-puttable ordinary and preference shares
The Company only holds basic financial instruments.
Financial assets
At amortised cost
Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.
Impairment of financial assets
The Company always recognises lifetime expected credit losses ("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
Amortised cost is calculated using the effective interest method. The effective interest rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amoritsed cost of a financial liability.

  
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

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

Accruals for consignment costs

The level of accruals for consignment costs is estimated based on individual job costings, with a reasonable allocation of time afforded by the Directors for the final cost invoices to be received and reconciled prior to closing the consignment and actualising the final level of accrual.


3.


Employees

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


        2023
        2022
            No.
            No.







Sales, Administration and Management
8
8


4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
54,445
34,996
89,441



At 31 December 2023

54,445
34,996
89,441



Depreciation


At 1 January 2023
3,025
3,888
6,913


Charge for the year on right-of-use assets
18,148
11,666
29,814



At 31 December 2023

21,173
15,554
36,727



Net book value



At 31 December 2023
33,272
19,442
52,714



At 31 December 2022
51,420
31,108
82,528

Page 9

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

           4.Tangible fixed assets (continued)




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


2023
2022
£
£

Short-term leasehold
33,272
51,420

33,272
51,420



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
-
-

Right-of-use tangible fixed assets
52,714
82,528

52,714
82,528

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

Net book value

2023
2022
£
£

Land and buildings
33,272
51,420

Motor vehicles
19,442
31,108

52,714
82,528

Depreciation charge for the year ended

2023
2022
£
£

Land and buildings
18,148
17,766

Motor vehicles
11,666
3,888

29,814
21,654

Page 10

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

           4.Tangible fixed assets (continued)


Additions to right-of-use assets

2023
2022
£
£

Additions to right-of-use assets
-
89,441


5.


Debtors

2023
2022
£
£


Trade debtors
588,649
1,146,973

Amounts owed by group undertakings
1,193,205
785,141

Other debtors
11,414
11,500

Prepayments and accrued income
464
2,948

Deferred taxation
582
2,208

1,794,314
1,948,770



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,105,307
730,701

1,105,307
730,701


Page 11

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
163,019
169,385

Amounts owed to group undertakings
311,909
733,338

Corporation tax
66,758
-

Other taxation and social security
20,279
19,220

Lease liabilities
30,013
29,127

Other creditors
1,710
2,370

Accruals and deferred income
668,208
570,981

1,261,896
1,524,421



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
23,917
53,930

23,917
53,930



9.


Deferred taxation




2023
2022


£

£






At beginning of year
2,208
785


Charged to profit or loss
(1,626)
1,423



At end of year
582
2,208

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
422
514

Other temporary differences
160
1,694

582
2,208

Page 12

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

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80 (2022 - 80) Ordinary A shares of £1.00 each
80
80
20 (2022 - 20) Ordinary B shares of £1.00 each
20
20

100

100

Class A and Class B shares have equal rights in respect of dividends, voting powers and distribution upon winding up.



11.


Reserves

Capital redemption reserve

The Capital redemption reserve represents the nominal value of shares repurchased and still held at the end of the reporting period. This reserve is non-distributable.

Retained earnings

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


12.


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 Ireland 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).


13.


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 £7,850 (2022 - £8,363). Contributions totalling £1,711 (2022 - £1,712) were payable to the fund at the Balance Sheet date and are included within other creditors.

Page 13

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

14.


Related party transactions

The Company rents out property to Mr M Piroddi, a Director, at arm's length. Rent of £13,975 (2022 - £13,975) was charged by the Company during the year. M Piroddi has also a Directors loan account with the Company. At the year end, the Company was owed £9,324 (2022 - £3,794) from M Piroddi.


15.


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.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 6 September 2024 by Cara Miller ACCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 14