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Registration number: NI611044

Doherty Woodshavings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Doherty Woodshavings Ltd

(Registration number: NI611044)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

58,054

64,505

Tangible assets

5

2,138,435

1,785,211

 

2,196,489

1,849,716

Current assets

 

Stocks

6

661,751

1,976,926

Debtors

7

1,538,503

2,515,996

Cash at bank and in hand

 

4,340

983

 

2,204,594

4,493,905

Creditors: Amounts falling due within one year

8

(2,462,717)

(4,440,281)

Net current (liabilities)/assets

 

(258,123)

53,624

Total assets less current liabilities

 

1,938,366

1,903,340

Creditors: Amounts falling due after more than one year

8

(997,623)

(737,220)

Provisions for liabilities

(235,745)

(216,772)

Net assets

 

704,998

949,348

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

703,998

948,348

Shareholders' funds

 

704,998

949,348

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Doherty Woodshavings Ltd

(Registration number: NI611044)
Balance Sheet as at 31 December 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................
Mr Owen Doherty
Director

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 151 Lisnahunshin Road, Cullybackey, Ballymena, Co Antrim, BT42 1ET.

These financial statements were authorised for issue by the Board on 11 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 taxable income.

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5-10% straight line

Fixtures and fittings

20% reducing balance

Buildings

4% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2022 - 20).

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

200,000

200,000

At 31 December 2023

200,000

200,000

Amortisation

At 1 January 2023

135,495

135,495

Amortisation charge

6,451

6,451

At 31 December 2023

141,946

141,946

Carrying amount

At 31 December 2023

58,054

58,054

At 31 December 2022

64,505

64,505

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land & buildings
£

Fixtures and Fittings
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2023

581,342

16,935

2,035,720

2,633,997

Additions

7,925

13,747

522,998

544,670

Disposals

-

-

(22,500)

(22,500)

At 31 December 2023

589,267

30,682

2,536,218

3,156,167

Depreciation

At 1 January 2023

24,700

8,808

815,277

848,785

Charge for the year

8,420

4,376

174,151

186,947

Eliminated on disposal

-

-

(18,000)

(18,000)

At 31 December 2023

33,120

13,184

971,428

1,017,732

Carrying amount

At 31 December 2023

556,147

17,498

1,564,790

2,138,435

At 31 December 2022

556,642

8,127

1,220,442

1,785,211

6

Stocks

2023
£

2022
£

Stock

661,751

1,976,926

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,429,036

1,754,892

Prepayments

16,361

5,426

Other debtors

93,106

755,678

 

1,538,503

2,515,996

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

1,057,606

1,732,190

Trade creditors

1,032,146

1,539,616

Taxation and social security

9,779

8,243

Other creditors and accruals

16,743

9,889

Finance lease liabilities

346,443

1,150,343

2,462,717

4,440,281

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other creditors

492,040

520,103

Finance lease liabilities

505,583

217,117

997,623

737,220


Included in bank loans and overdrafts within one year are amounts due under an invoice discounting facility of £1,020,513 (2022: £876,861). These amounts are secured by a fixed charge over the company book debts and a debenture incorporating a floating charge over all company assets.

Included in creditors are two bank loans: The loan balance of £105,503 (2022: £137,100) is secured by a mortgage over the company land and buildings situated at Maboy Road, Portglenone. The second loan balance is a stocking loan facility has been repaid at 2023 (2022 £700,026).

The bank loans are split as follows:

2023
 £

2022
 £

Due within one year

33,000

733,026

Due after one year

72,503

104,100

105,503

837,126

 

Doherty Woodshavings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

10

Related party transactions

The following amount, included in other creditors due after one year, was owed to the directors at year end: £419,537 (2022: £416,003). Interest has been charged on this balance.

The company operates from premises which are owned by one of the directors and his family personally. No rent is charged to the company for these premises.