2023-01-012023-12-312023-12-31false01105620Wood Ash Press Knives 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Wood Ash Press Knives Limited

Registered Number
01105620
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Wood Ash Press Knives Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Mrs F Bovis
Mr P Graham
Mr W Tyrrell

Company Secretary

Mrs F Bovis

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

01105620 (England and Wales)
Wood Ash Press Knives Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4333,165296,317
333,165296,317
Current assets
Stocks51,3521,438
Debtors212,016245,932
Cash at bank and on hand89,50264,441
302,870311,811
Creditors amounts falling due within one year6(82,717)(90,294)
Net current assets (liabilities)220,153221,517
Total assets less current liabilities553,318517,834
Creditors amounts falling due after one year7(58,731)(27,500)
Provisions for liabilities9(47,705)(36,256)
Net assets446,882454,078
Capital and reserves
Called up share capital102102
Revaluation reserve187,666202,931
Profit and loss account259,114251,045
Shareholders' funds446,882454,078
The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2024, and are signed on its behalf by:
Mrs F Bovis
Director
Registered Company No. 01105620
Wood Ash Press Knives Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Fixtures and fittings15-
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year88
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 237,5007,500
At 31 December 237,5007,500
Amortisation and impairment
At 01 January 237,5007,500
At 31 December 237,5007,500
Net book value
At 31 December 23--
At 31 December 22--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 23265,00063,509125,90521,881476,295
Additions--93,895-93,895
Disposals--(75,285)-(75,285)
At 31 December 23265,00063,509144,51521,881494,905
Depreciation and impairment
At 01 January 2310,60060,75887,44921,171179,978
Charge for year5,30068727,13310733,227
On disposals--(51,465)-(51,465)
At 31 December 2315,90061,44563,11721,278161,740
Net book value
At 31 December 23249,1002,06481,398603333,165
At 31 December 22254,4002,75138,456710296,317
5.Stocks

2023

2022

££
Raw materials and consumables1,3521,438
Total1,3521,438
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,6977,698
Bank borrowings and overdrafts10,00010,000
Taxation and social security16,28117,613
Finance lease and HP contracts9,589-
Other creditors34,35549,733
Accrued liabilities and deferred income6,7955,250
Total82,71790,294
The hire purchase creditor due both within and after one year is secured against the asset to which they relate.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts17,50027,500
Other creditors41,231-
Total58,73127,500
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts41,231-
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)47,70536,256
Total47,70536,256
10.Directors advances, credits and guarantees
At the year end the company owed the directors £31,129 (2022 - £48,929) by way of their directors current accounts.