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Registration number: 10166439

Prepared for the registrar

Woodsure Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Woodsure Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

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

Severn House
Unit 5, Newtown Trading Estate
Green Lane
Tewkesbury
Gloucestershire
GL20 8HD

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Woodsure Limited

(Registration number: 10166439)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,523

18,331

Tangible assets

5

31,656

36,667

Investments

6

1

-

 

44,180

54,998

Current assets

 

Debtors

7

12,400

6,642

Cash at bank and in hand

 

395,426

171,194

 

407,826

177,836

Creditors: Amounts falling due within one year

8

(777,537)

(584,501)

Net current liabilities

 

(369,711)

(406,665)

Net liabilities

 

(325,531)

(351,667)

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 Board on 4 October 2024 and signed on its behalf by:
 


Mr B N Allen
Director

 

Woodsure Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

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:
Severn House
Unit 5, Newtown Trading Estate
Green Lane
Tewkesbury
Gloucestershire
GL20 8HD

 

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 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

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the income and expenditure account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through income and expenditure, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in income and expenditure as described below.

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.

 

3

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.

 

4

Intangible assets

Trademarks
 £

Website Development
 £

Total
£

Cost

At 1 April 2023

2,834

22,613

25,447

At 31 March 2024

2,834

22,613

25,447

Amortisation

At 1 April 2023

1,253

5,863

7,116

Amortisation charge

284

5,524

5,808

At 31 March 2024

1,537

11,387

12,924

Carrying amount

At 31 March 2024

1,297

11,226

12,523

At 31 March 2023

1,581

16,750

18,331

 

Woodsure Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

5

Tangible assets

Property Improvements
£

Plant and machinery
£

Computer Equipment
£

Total
£

Cost or valuation

At 1 April 2023

22,000

27,206

1,338

50,544

Additions

-

4,596

-

4,596

At 31 March 2024

22,000

31,802

1,338

55,140

Depreciation

At 1 April 2023

5,300

8,233

344

13,877

Charge for the year

4,400

4,909

298

9,607

At 31 March 2024

9,700

13,142

642

23,484

Carrying amount

At 31 March 2024

12,300

18,660

696

31,656

At 31 March 2023

16,700

18,973

994

36,667

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

At 1 April 2023

-

Additions

1

At 31 March 2024

1

Carrying amount

At 31 March 2024

1

At 31 March 2023

-

 

7

Debtors

2024
 £

2023
 £

Trade debtors

6,913

3,472

Prepayments and accrued income

5,487

3,170

 

12,400

6,642

 

Woodsure Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

8

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

19,630

37,218

Amounts owed to group undertakings

156,273

125,033

Social security and other taxes

79,239

51,820

Other creditors

13,119

17,704

Accrued expenses

20,075

23,427

Deferred income

489,201

329,299

777,537

584,501

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

7,914

Short term timing differences

7,564

Losses and other deductions

(15,478)

-

2023

Liability
£

Fixed asset timing differences

9,167

Losses and other deductions

(9,167)

-

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.

 

10

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

11,000

11,000

Later than one year and not later than five years

19,250

30,250

30,250

41,250

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,000 (2023 - £11,000).

 

Woodsure Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

11

Related party transactions

During the year, consultancy fees of £56,077 (2023 - £120,695) were charged by companies controlled by directors.

The balance due to these companies at 31 March 2024 was £Nil (2023 - £15,865).

 

12

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.

 

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 October 2024 was Rebecca Copping, who signed for and on behalf of Hazlewoods LLP.