Registration number:
Alan Woodard Ltd
for the Year Ended 31 August 2024
Alan Woodard Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alan Woodard Ltd
Company Information
Directors |
Mrs N Woodard Mr A J Woodard Mr S N Hayward |
Registered office |
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Accountants |
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Alan Woodard Ltd
(Registration number: 07757529)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
Alan Woodard Ltd
(Registration number: 07757529)
Balance Sheet as at 31 August 2024 (continued)
Approved and authorised by the
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
506 Wallisdown Road
Bournemouth
Dorset
BH11 8PT
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
2 |
Accounting policies (continued) |
Changes in accounting estimate
Amortisation
The directors have reassessed the useful economic life of goodwill. Previously, goodwill was being amortised over a period of six years. Following a review of the expected future economic benefits from the goodwill, the directors have determined that a more appropriate amortisation period is ten years.
In line with FRS 102, paragraph 10.16, this change in estimate has been applied prospectively from the date of the revision. The carrying amount of the goodwill at the date of the change will continue to be amortised over the revised remaining useful economic life.
The impact of this change on the financial statements for the period ended 31 August 2024 is as follows:
The amortisation charge for the current period has been reduced to £12,106 compared to £20,177 under the previous estimate.
The carrying amount of goodwill at the end of the reporting period is £108,311, reflecting the revised amortisation schedule.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Finance income and costs policy
Interest income is recognised when it is probably that the economic benefits will flow to the company and the amount of revenue can be reliably measured. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
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.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
2 |
Accounting policies (continued) |
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, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Office equipment |
33% straight line |
Motor vehicles |
25% reducing balance or over the term of the lease |
Fixture & fittings |
15% reducing balance |
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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
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.
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 years straight line |
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
2 |
Accounting policies (continued) |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.Trade debtors are recognised at the transaction price.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
2 |
Accounting policies (continued) |
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions acquired separately |
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At 31 August 2024 |
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Amortisation |
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At 1 September 2023 |
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Amortisation charge |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Intagible assets with a carrying amount of £108,311 (2023: £45,782) have been pledged to secure the borrowings of the company.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
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Disposals |
- |
- |
( |
- |
( |
At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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Eliminated on disposal |
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( |
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( |
At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Included within the net book value of land and buildings above is £1,907 (2023 - £1,987) in respect of freehold land and buildings and £Nil (2023 - £1,420) in respect of long leasehold land and buildings.
Tangible assets with a carrying amount of £203,654 (2023: £186,616) have been pledged to secure the borrowings of the company.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Stocks |
2024 |
2023 |
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Other inventories |
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Stock with a carrying amount of £40,000 (2023: £25,000) has been pledged to secure the borrowings of the company.
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Debtors with a carrying amount of £762,789 (2023: £853,365) have been pledged to secure the borrowings of the company.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Included within other creditors is an amount of £464,132 (2023: £490,058) in connection with an invoice financing facility. This liability is secured by way of a fixed and floating charge over the assets and undertakings over the company.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
8 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,996 |
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1,996 |
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4 |
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4 |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Bank borrowings
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
10 |
Loans and borrowings (continued) |
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Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £Nil per each |
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Interim dividend of £ |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2024 |
At 1 September 2023 |
Advances to director |
Repayments by director |
At 31 August 2024 |
Mr A J Woodard |
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Transactions during the year |
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( |
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Mrs N Woodard |
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Transactions during the year |
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( |
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
13 |
Related party transactions (continued) |
2023 |
At 1 September 2022 |
Advances to director |
Repayments by director |
At 31 August 2023 |
Mr A J Woodard |
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Transactions during the year |
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( |
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Mrs N Woodard |
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Transactions during the year |
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( |
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Interest is charged on the overdrawn directors' loan accounts at the official rate of interest.
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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38,280 |
34,764 |
Summary of transactions with other related parties