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Registration number: 07757529

Alan Woodard Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Alan Woodard Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Alan Woodard Ltd

Company Information

Directors

Mrs N Woodard

Mr A J Woodard

Mr S N Hayward

Registered office

58 Kinson Road
Bournemouth
Dorset
BH10 4AN

Accountants

Harney & Co Limited
Chartered Certified Accountants
58 Kinson Road
Bournemouth
Dorset
BH10 4AN

 

Alan Woodard Ltd

(Registration number: 07757529)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

108,311

45,782

Tangible assets

5

203,654

186,616

 

311,965

232,398

Current assets

 

Stocks

6

40,000

25,000

Debtors

7

762,789

853,365

Cash at bank and in hand

 

64,933

63,398

 

867,722

941,763

Creditors: Amounts falling due within one year

8

(1,042,948)

(1,020,784)

Net current liabilities

 

(175,226)

(79,021)

Total assets less current liabilities

 

136,739

153,377

Creditors: Amounts falling due after more than one year

8

(85,225)

(98,873)

Provisions for liabilities

(47,332)

(35,094)

Net assets

 

4,182

19,410

Capital and reserves

 

Called up share capital

9

2,000

2,000

Retained earnings

2,182

17,410

Shareholders' funds

 

4,182

19,410

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:

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.

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 Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr A J Woodard
Director

 

Alan Woodard Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
58 Kinson Road
Bournemouth
Dorset
BH10 4AN
United Kingdom

The principal place of business is:
506 Wallisdown Road
Bournemouth
Dorset
BH11 8PT

These financial statements were authorised for issue by the Board on 3 October 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.

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

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 21).

 

Alan Woodard Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

46,427

46,427

Additions acquired separately

74,635

74,635

At 31 August 2024

121,062

121,062

Amortisation

At 1 September 2023

645

645

Amortisation charge

12,106

12,106

At 31 August 2024

12,751

12,751

Carrying amount

At 31 August 2024

108,311

108,311

At 31 August 2023

45,782

45,782

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)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

9,585

8,222

203,072

20,758

241,637

Additions

-

2,873

60,105

12,317

75,295

Disposals

-

-

(9,725)

-

(9,725)

At 31 August 2024

9,585

11,095

253,452

33,075

307,207

Depreciation

At 1 September 2023

6,178

1,221

46,927

695

55,021

Charge for the year

1,500

2,648

43,864

3,617

51,629

Eliminated on disposal

-

-

(3,097)

-

(3,097)

At 31 August 2024

7,678

3,869

87,694

4,312

103,553

Carrying amount

At 31 August 2024

1,907

7,226

165,758

28,763

203,654

At 31 August 2023

3,407

7,001

156,145

20,063

186,616

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)

6

Stocks

2024
£

2023
£

Other inventories

40,000

25,000

Stock with a carrying amount of £40,000 (2023: £25,000) has been pledged to secure the borrowings of the company.

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

665,975

723,727

Amounts owed by related parties

13

-

74,165

Prepayments

 

4,244

3,202

Other debtors

 

92,570

52,271

   

762,789

853,365

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)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

60,121

54,311

Trade creditors

 

371,229

377,239

Taxation and social security

 

89,953

30,412

Accruals and deferred income

 

24,494

25,276

Other creditors

 

497,151

533,546

 

1,042,948

1,020,784

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
£

Due after one year

 

Loans and borrowings

10

85,225

98,873

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

1,996

1,996

1,996

1,996

Ordinary B shares of £1 each

4

4

4

4

2,000

2,000

2,000

2,000

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,500

17,500

Hire purchase contracts

77,725

81,373

85,225

98,873

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

50,121

44,311

60,121

54,311

Bank borrowings

 

Alan Woodard Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

10

Loans and borrowings (continued)

Bank loan is denominated in £ with a nominal interest rate of 2.50%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £17,500 (2023 - £27,500).

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary A shares

-

-

Interim dividend of £58,000.00 (2023 - £40,000.00) per each Ordinary B shares

232,000

160,000

232,000

160,000

12

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 £100,632 (2023 - £11,666).

13

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

Transactions during the year

4,111

98,544

(77,992)

24,663

Mrs N Woodard

Transactions during the year

4,111

98,544

(77,992)

24,663

 

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

Transactions during the year

8,610

4,111

(8,610)

4,111

Mrs N Woodard

Transactions during the year

8,610

4,111

(8,610)

4,111

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
£

Remuneration

37,709

34,306

Contributions paid to money purchase schemes

571

458

38,280

34,764

Summary of transactions with other related parties

Wood's Fish Limited is under common control of the directors of Alan Woodard Ltd. During the year, sales amounted to £nil (2023: £43,000) which were made to Wood's Fish Limited. In addition, purchases amounted to £nil (2023: £169,000) which were made from Wood's Fish Limited. As at the year end the amount owed from Wood's Fish Limited to the company is £nil (2023: £74,165).