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REGISTERED NUMBER: 07162805 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

L G WOOD LTD

L G WOOD LTD (REGISTERED NUMBER: 07162805)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L G WOOD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTOR: L G Wood





SECRETARY: Mrs J E Wood





REGISTERED OFFICE: Old Halls Barn
Brows Farm Business Park
Farnham Road
Liss
Hampshire
GU33 6JG





REGISTERED NUMBER: 07162805 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

L G WOOD LTD (REGISTERED NUMBER: 07162805)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 317,055 278,194

CURRENT ASSETS
Debtors 5 1,644,845 1,483,542
Cash at bank and in hand 212,515 162,279
1,857,360 1,645,821
CREDITORS
Amounts falling due within one year 6 1,691,345 603,713
NET CURRENT ASSETS 166,015 1,042,108
TOTAL ASSETS LESS CURRENT
LIABILITIES

483,070

1,320,302

CREDITORS
Amounts falling due after more than one
year

7

(192,009

)

(205,450

)

PROVISIONS FOR LIABILITIES (48,481 ) (35,607 )
NET ASSETS 242,580 1,079,245

CAPITAL AND RESERVES
Called up share capital 100 2
Retained earnings 242,480 1,079,243
242,580 1,079,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

L G WOOD LTD (REGISTERED NUMBER: 07162805)

BALANCE SHEET - continued
31ST JANUARY 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 director and authorised for issue on 11th September 2024 and were signed by:





L G Wood - Director


L G WOOD LTD (REGISTERED NUMBER: 07162805)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024


1. STATUTORY INFORMATION

L G Wood Ltd 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 33% on reducing balance and 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office Equipment - 33% on reducing balance

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.

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 profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

L G WOOD LTD (REGISTERED NUMBER: 07162805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1st February 2023 89,882 1,656 273,122 56,411 421,071
Additions 31,270 913 137,407 7,021 176,611
Disposals - - (102,045 ) - (102,045 )
At 31st January 2024 121,152 2,569 308,484 63,432 495,637
DEPRECIATION
At 1st February 2023 48,454 369 53,070 40,984 142,877
Charge for year 18,803 585 36,510 7,841 63,739
Eliminated on disposal - - (28,034 ) - (28,034 )
At 31st January 2024 67,257 954 61,546 48,825 178,582
NET BOOK VALUE
At 31st January 2024 53,895 1,615 246,938 14,607 317,055
At 31st January 2023 41,428 1,287 220,052 15,427 278,194

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,063,266 817,596
CIS tax suffered 497,971 368,885
Directors' current accounts - 214,297
VAT 81,775 64,591
Prepayments and accrued income 1,833 18,173
1,644,845 1,483,542

L G WOOD LTD (REGISTERED NUMBER: 07162805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,000 45,000
Hire purchase contracts 33,258 21,927
Trade creditors 321,684 251,024
Amounts owed to group undertakings 1,017 -
Tax 111,436 91,759
Social security and other taxes 160,137 72,387
Other creditors 770 753
CIS tax deducted 150,877 115,488
Directors' current accounts 280 -
Accruals and deferred income 866,886 5,375
1,691,345 603,713

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 45,000 45,000
Bank loans - 2-5 years 18,750 63,750
Hire purchase contracts 128,259 96,700
192,009 205,450

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 108,750 153,750
Hire purchase contracts 161,517 118,627
270,267 272,377

The hire purchase liabilities are secured against the assets to which they relate to.

The bank have a fixed and floating charge over all assets of the company dated 28 September 2020.

9. OTHER FINANCIAL COMMITMENTS

Future commitments for operating leases ending with one year total £4,681 and for those ending in more than one year £101,983..

L G WOOD LTD (REGISTERED NUMBER: 07162805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023:

2024 2023
£    £   
L G Wood
Balance outstanding at start of year 214,297 -
Amounts advanced 29,423 214,297
Amounts repaid (244,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (280 ) 214,297

Interest has been charged at HM Revenue and Customs stated rate on advances to the director.

11. ULTIMATE CONTROLLING PARTY

The controlling party is MEC Holdings Limited.

MEC Holdings Limited has no ultimate controlling party. A number of shareholders can combine to hold a controlling interest.