IRIS Accounts Production v24.2.0.383 05147540 Board of Directors 30.3.23 29.3.24 29.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh051475402023-03-29051475402024-03-29051475402023-03-302024-03-29051475402022-03-29051475402022-03-302023-03-29051475402023-03-2905147540ns15:EnglandWales2023-03-302024-03-2905147540ns14:PoundSterling2023-03-302024-03-2905147540ns10:Director12023-03-302024-03-2905147540ns10:PrivateLimitedCompanyLtd2023-03-302024-03-2905147540ns10:SmallEntities2023-03-302024-03-2905147540ns10:AuditExempt-NoAccountantsReport2023-03-302024-03-2905147540ns10:SmallCompaniesRegimeForDirectorsReport2023-03-302024-03-2905147540ns10:SmallCompaniesRegimeForAccounts2023-03-302024-03-2905147540ns10:FullAccounts2023-03-302024-03-290514754012023-03-302024-03-2905147540ns10:Director22023-03-302024-03-2905147540ns10:CompanySecretary12023-03-302024-03-2905147540ns10:RegisteredOffice2023-03-302024-03-2905147540ns5:CurrentFinancialInstruments2024-03-2905147540ns5:CurrentFinancialInstruments2023-03-2905147540ns5:Non-currentFinancialInstruments2024-03-2905147540ns5:Non-currentFinancialInstruments2023-03-2905147540ns5:ShareCapital2024-03-2905147540ns5:ShareCapital2023-03-2905147540ns5:RetainedEarningsAccumulatedLosses2024-03-2905147540ns5:RetainedEarningsAccumulatedLosses2023-03-2905147540ns5:NetGoodwill2023-03-302024-03-2905147540ns5:PlantMachinery2023-03-302024-03-2905147540ns5:NetGoodwill2023-03-2905147540ns5:NetGoodwill2024-03-2905147540ns5:NetGoodwill2023-03-2905147540ns5:PlantMachinery2023-03-2905147540ns5:PlantMachinery2024-03-2905147540ns5:PlantMachinery2023-03-2905147540ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-2905147540ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-2905147540ns5:Secured2024-03-2905147540ns5:Secured2023-03-2905147540ns5:AcceleratedTaxDepreciationDeferredTax2024-03-2905147540ns5:AcceleratedTaxDepreciationDeferredTax2023-03-2905147540ns5:DeferredTaxation2024-03-29
REGISTERED NUMBER: 05147540 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2024

FOR

WILLOW ELECTRONICS UK LIMITED

WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILLOW ELECTRONICS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 MARCH 2024







DIRECTORS: P J Clack
Mrs L C Clack





SECRETARY: Mrs L C Clack





REGISTERED OFFICE: Unit 5 Sovereign
Business Park
Albert Drive
BURGESS HILL
West Sussex
RH15 9TY





REGISTERED NUMBER: 05147540 (England and Wales)





ACCOUNTANTS: Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ

WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

BALANCE SHEET
29 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 4,001 7,334
Tangible assets 5 15,927 4,049
19,928 11,383

CURRENT ASSETS
Stocks 175,000 150,000
Debtors 6 389,119 266,926
Cash at bank and in hand 70,611 34,764
634,730 451,690
CREDITORS
Amounts falling due within one year 7 (336,318 ) (267,572 )
NET CURRENT ASSETS 298,412 184,118
TOTAL ASSETS LESS CURRENT
LIABILITIES

318,340

195,501

CREDITORS
Amounts falling due after more than one year 8 (22,896 ) (27,442 )

PROVISIONS FOR LIABILITIES 10 (3,982 ) -
NET ASSETS 291,462 168,059

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 291,362 167,959
SHAREHOLDERS' FUNDS 291,462 168,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

BALANCE SHEET - continued
29 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





P J Clack - Director


WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis as the directors believe that the company will continue to meet its liabilities as they fall due.

Turnover
Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the sale of goods is recognised when the following conditions are satisfied:
- the significant risks and rewards of ownership are transferred to the customer;
- the company does not retain managerial involvement, nor control over the goods sold;
- the amount of turnover can be reliably measured;
- the right to consideration due for the transaction is probable; and
- the costs incurred, or to be incurred, can be reliably measured.

Turnover is recognised upon dispatch or collection of the goods by the customer.

Monies received in respect of advanced orders are treated as deposits until the criteria for recognition as turnover is met.

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Turnover recognised but not billed at the reporting date is treated as amounts recoverable on contracts due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of thirty years.

This was originally amortised over five years and revised in 2008.

WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

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

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.

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

Cost is calculated using the cost of purchase of finished goods for resale.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to the estimated realisable value, and the impairment is immediately recognised in the statement of income and retained earnings.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are depreciated over the term of the lease, or useful economic life if shorter.

Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of finance charges allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions payable to the company's pension scheme are recognised in the statement of income and retained earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Cash and cash equivalents
Cash is represented by cash in hand and bank current and short term deposit accounts.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 26 ) .

WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 30 March 2023
and 29 March 2024 100,000
AMORTISATION
At 30 March 2023 92,666
Charge for year 3,333
At 29 March 2024 95,999
NET BOOK VALUE
At 29 March 2024 4,001
At 29 March 2023 7,334

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 30 March 2023 40,759
Additions 14,618
At 29 March 2024 55,377
DEPRECIATION
At 30 March 2023 36,710
Charge for year 2,740
At 29 March 2024 39,450
NET BOOK VALUE
At 29 March 2024 15,927
At 29 March 2023 4,049

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 349,181 209,384
Amounts recoverable on contract 39,938 57,542
389,119 266,926

WILLOW ELECTRONICS UK LIMITED (REGISTERED NUMBER: 05147540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,531 9,770
Trade creditors 114,077 91,713
Taxation and social security 201,438 159,311
Other creditors 7,272 6,778
336,318 267,572

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 22,896 27,442

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 36,427 37,212

A bank loan is secured by fixed and floating charges over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 3,982 -

Deferred
tax
£   
Deferred tax 3,982
Balance at 29 March 2024 3,982

11. PENSION COMMITMENTS

At the balance sheet date, the amount of £2,513 (2023: £2,513) is included in Other Creditors in respect of unpaid pension contributions.

12. RELATED PARTY DISCLOSURES

During the year, the company paid rent for its premises totalling £39,500 (2023: £33,000) to P Clack.