Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-292024-04-29true2023-04-30falseNo description of principal activity2525falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC190704 2023-04-30 2024-04-29 SC190704 2022-03-30 2023-04-29 SC190704 2024-04-29 SC190704 2023-04-29 SC190704 c:CompanySecretary1 2023-04-30 2024-04-29 SC190704 c:Director1 2023-04-30 2024-04-29 SC190704 c:RegisteredOffice 2023-04-30 2024-04-29 SC190704 d:Buildings 2023-04-30 2024-04-29 SC190704 d:Buildings 2024-04-29 SC190704 d:Buildings 2023-04-29 SC190704 d:Buildings d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 SC190704 d:PlantMachinery 2023-04-30 2024-04-29 SC190704 d:PlantMachinery 2024-04-29 SC190704 d:PlantMachinery 2023-04-29 SC190704 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 SC190704 d:MotorVehicles 2023-04-30 2024-04-29 SC190704 d:MotorVehicles 2024-04-29 SC190704 d:MotorVehicles 2023-04-29 SC190704 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 SC190704 d:OwnedOrFreeholdAssets 2023-04-30 2024-04-29 SC190704 d:Goodwill 2023-04-30 2024-04-29 SC190704 d:Goodwill 2024-04-29 SC190704 d:Goodwill 2023-04-29 SC190704 d:CurrentFinancialInstruments 2024-04-29 SC190704 d:CurrentFinancialInstruments 2023-04-29 SC190704 d:Non-currentFinancialInstruments 2024-04-29 SC190704 d:Non-currentFinancialInstruments 2023-04-29 SC190704 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-29 SC190704 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-29 SC190704 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-29 SC190704 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-29 SC190704 d:ShareCapital 2024-04-29 SC190704 d:ShareCapital 2023-04-29 SC190704 d:CapitalRedemptionReserve 2024-04-29 SC190704 d:CapitalRedemptionReserve 2023-04-29 SC190704 d:RetainedEarningsAccumulatedLosses 2024-04-29 SC190704 d:RetainedEarningsAccumulatedLosses 2023-04-29 SC190704 c:OrdinaryShareClass1 2023-04-30 2024-04-29 SC190704 c:OrdinaryShareClass1 2024-04-29 SC190704 c:FRS102 2023-04-30 2024-04-29 SC190704 c:AuditExempt-NoAccountantsReport 2023-04-30 2024-04-29 SC190704 c:FullAccounts 2023-04-30 2024-04-29 SC190704 c:PrivateLimitedCompanyLtd 2023-04-30 2024-04-29 SC190704 e:PoundSterling 2023-04-30 2024-04-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC190704










IVAN WOOD & SONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024

 
IVAN WOOD & SONS LIMITED
 

COMPANY INFORMATION


Director
Mr E I Wood 




Company secretary
Mr E I Wood



Registered number
SC190704



Registered office
Fresh Produce Unit
Eastfield

Navity Farm

Ballingry

Fife

KY5 8LR




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
IVAN WOOD & SONS LIMITED
REGISTERED NUMBER: SC190704

STATEMENT OF FINANCIAL POSITION
AS AT 29 APRIL 2024

2024
2023
£
£

Fixed assets
  

Tangible fixed assets
  
493,901
525,722

  
493,901
525,722

Current assets
  

Stocks
  
35,509
40,186

Debtors: amounts falling due within one year
 6 
320,521
278,797

Cash at bank and in hand
  
113,293
67,336

  
469,323
386,319

Creditors: amounts falling due within one year
 7 
(515,111)
(440,129)

Net current liabilities
  
 
 
(45,788)
 
 
(53,810)

Total assets less current liabilities
  
448,113
471,912

Creditors: amounts falling due after more than one year
 8 
(319,220)
(378,941)

Provisions for liabilities
  

Deferred tax
  
(125,095)
(87,375)

  
 
 
(125,095)
 
 
(87,375)

Net assets
  
3,798
5,596


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Capital redemption reserve
  
1,000
1,000

Profit and loss account
  
1,798
3,596

  
3,798
5,596


Page 1

 
IVAN WOOD & SONS LIMITED
REGISTERED NUMBER: SC190704

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 




Mr E I Wood
Director

Date: 4 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
IVAN WOOD & SONS LIMITED
 

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

1.


General information

Ivan Wood & Sons Limited is a private company, limited by shares, incorporated in Scotland with registration number SC190704. The registered office address is Fresh Produce Unit, Eastfield, Navity Farm, Ballingry, Fife, KY5 8LR.  
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
IVAN WOOD & SONS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

Page 4

 
IVAN WOOD & SONS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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, as follows.

Depreciation is provided on the following basis:

Freehold property
-
5%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

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.

 
2.8

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 25).

Page 5

 
IVAN WOOD & SONS LIMITED
 

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

4.


Intangible assets




Goodwill

£



Cost


At 30 April 2023
33,334



At 29 April 2024

33,334



Amortisation


At 30 April 2023
33,334



At 29 April 2024

33,334



Net book value



At 29 April 2024
-



At 29 April 2023
-




5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 30 April 2023
307,583
788,920
223,316
1,319,819


Additions
-
9,131
115,908
125,039


Disposals
(1,580)
(69,198)
(25,065)
(95,843)



At 29 April 2024

306,003
728,853
314,159
1,349,015



Depreciation


At 30 April 2023
155,876
544,305
93,916
794,097


Charge for the year on owned assets
15,379
61,396
46,180
122,955


Disposals
(237)
(43,087)
(18,614)
(61,938)



At 29 April 2024

171,018
562,614
121,482
855,114



Net book value



At 29 April 2024
134,985
166,239
192,677
493,901



At 29 April 2023
151,707
244,615
129,400
525,722

Page 6

 
IVAN WOOD & SONS LIMITED
 

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

6.


Debtors

2024
2023
£
£


Trade debtors
180,414
165,547

Amounts owed by group undertakings
109,860
94,665

Other debtors
6,688
12,379

Prepayments and accrued income
23,559
6,206

320,521
278,797



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
126,966
121,607

Trade creditors
308,664
286,347

Other taxation and social security
17,656
4,198

Obligations under finance lease and hire purchase contracts
32,275
19,019

Other creditors
348
2,320

Accruals and deferred income
29,202
6,638

515,111
440,129


The bank loan is secured by a floating charge over all assets of the company.
Hire purchase liabilities are secured over the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
197,521
335,137

Net obligations under finance leases and hire purchase contracts
119,698
41,551

Accruals and deferred income
2,001
2,253

319,220
378,941


The bank loan is secured by a floating charge over all assets of the company.
Hire purchase liabilities are secured over the assets to which they relate.

Page 7

 
IVAN WOOD & SONS LIMITED
 

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

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1000) Ordinary shares of £1.00 each
1,000
1,000



10.


Capital commitments


At 29 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
89,272
-


Page 8