Registered number
03409806
L Woodward & Sons Limited
Unaudited Filleted Accounts
31 July 2024
L Woodward & Sons Limited
Registered number: 03409806
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 165,846 157,662
Current assets
Debtors 4 210,013 206,290
Cash at bank and in hand 847,190 810,349
1,057,203 1,016,639
Creditors: amounts falling due within one year 5 (293,168) (262,048)
Net current assets 764,035 754,591
Total assets less current liabilities 929,881 912,253
Provisions for liabilities (15,526) (12,590)
Net assets 914,355 899,663
Capital and reserves
Called up share capital 99 99
Profit and loss account 914,256 899,564
Shareholders' funds 914,355 899,663
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W E Woodward
Director
Approved by the board on 25 September 2024
L Woodward & Sons Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
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).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% Straight Line
Plant and machinery 25% Reducing Balance
Fixtures, fittings, tools and equipment 25% Reducing Balance
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 127,249 273,863 89,100 490,212
Additions - 30,603 - 30,603
Disposals - - (13,000) (13,000)
At 31 July 2024 127,249 304,466 76,100 507,815
Depreciation
At 1 August 2023 20,960 222,911 88,679 332,550
Charge for the year 2,545 19,751 105 22,401
On disposals - - (12,982) (12,982)
At 31 July 2024 23,505 242,662 75,802 341,969
Net book value
At 31 July 2024 103,744 61,804 298 165,846
At 31 July 2023 106,289 50,952 421 157,662
4 Debtors 2024 2023
£ £
Trade debtors 127,015 131,920
Other debtors 82,998 74,370
210,013 206,290
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 86,870 69,901
Taxation and social security costs 80,033 75,177
Other creditors 126,265 116,970
293,168 262,048
6 Related party transactions
At 31st July 2024, the company owed £ 112,165 to the directors. No interest has been charged to the Company in respect of these loans which is repayable on demand and classified in Creditors: amounts falling due within one year.
7 Other information
L Woodward & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
Crossley Stud Farm
Buxton Road
Congleton
Cheshire
CW12 2PN
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