Registration number:
Prepared for the registrar
for the
Year Ended 31 March 2024
Woodsure Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Woodsure Limited
Company Information
Directors |
Mr B N Allen Miss H S Bentley-Fox Mr A J Harvey |
Company secretary |
Mrs H Thomas |
Registered office |
|
Auditors |
|
Woodsure Limited
(Registration number: 10166439)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Reserves |
|||
Retained deficit |
(325,531) |
(351,667) |
|
Deficit |
(325,531) |
(351,667) |
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 and the option not to file the Statement of Income and Retained Deficit has been taken.
Approved and authorised by the
Director
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, having received a letter of support from a fellow group company. The letter of support indicates that HETAS Limited, a fellow group company, will continue to provide sufficient funds to enable the company to meet all of its financial obligations as they fall due for the foreseeable future, a period of at lease 12 months post signing of the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and memberships in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Revenue from the provision of services and membership is recognised on a straight line basis over the period of the contract.
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 |
Computer equipment |
25% Straight line |
Property Improvements |
25% Straight Line |
Plant and Machinery |
10% - 33% Straight line |
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any 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 |
Trademarks |
10% Straight Line |
Website development |
33% Reducing Balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
At each balance sheet date, the company tests whether there are any indicators of assets being subject to impairment. If any such indications exist, the recoverable amount of the asset is determined. If this proves to be impossible, the recoverable amount of the cash-generating unit to which the asset belongs is identified. An asset is subject to impairment if its carrying amount exceeds its recoverable amount; the recoverable amount is the higher of an asset's fair value less costs to sell and value in use. An impairment loss is directly expensed in the income and expenditure account.
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.
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to income and expenditure on a straight-line basis over the period of the lease.
Staff numbers |
There were no persons employed by the company during the current or preceding year. Employees are remunerated through a group company, HETAS Limited. Wage costs are recharged as part of a group service charge.
Intangible assets |
Trademarks |
Website Development |
Total |
|
Cost |
|||
At 1 April 2023 |
|
|
|
At 31 March 2024 |
|
|
|
Amortisation |
|||
At 1 April 2023 |
|
|
|
Amortisation charge |
|
|
|
At 31 March 2024 |
|
|
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
At 31 March 2023 |
|
|
|
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Property Improvements |
Plant and machinery |
Computer Equipment |
Total |
|
Cost or valuation |
||||
At 1 April 2023 |
|
|
|
|
Additions |
- |
|
- |
|
At 31 March 2024 |
|
|
|
|
Depreciation |
||||
At 1 April 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2024 |
|
|
|
|
Carrying amount |
||||
At 31 March 2024 |
|
|
|
|
At 31 March 2023 |
|
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
- |
Additions |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
- |
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
Deferred income |
|
|
|
|
Deferred tax |
Deferred tax assets and liabilities
2024 |
Liability |
Fixed asset timing differences |
|
Short term timing differences |
|
Losses and other deductions |
( |
- |
2023 |
Liability |
Fixed asset timing differences |
|
Losses and other deductions |
( |
- |
There are £395,027 of unused tax losses (2023 - £388,326) for which no deferred tax asset is recognised in the balance sheet. A deferred tax asset has not been recognised on the basis that it is not virtually certain that it will be utilised in the next 12 months.
The company is a private company limited by guarantee without share capital. Each member of the company being liable to guarantee a sum not exceeding £1 in the event of the company being wound up during the period of membership.
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Woodsure Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Related party transactions |
During the year, consultancy fees of £56,
The balance due to these companies at 31 March 2024 was £Nil (2023 - £15,865).
Parent and ultimate parent undertaking |
The immediate parent at year end was Cleaner Safer Group, a private limited company by guarantee, incorporated in the United Kingdom.
On 18 May 2023, Cleaner Safer Group became the controlling party of Woodsure Limited.
Prior to 18 May 2023, HETAS Limited was the controlling party of Woodsure Limited.
Audit report |