2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07478541 2023-04-01 2024-03-31 07478541 2024-03-31 07478541 2023-03-31 07478541 2022-04-01 2023-03-31 07478541 2023-03-31 07478541 2022-03-31 07478541 core:PlantMachinery 2023-04-01 2024-03-31 07478541 core:MotorVehicles 2023-04-01 2024-03-31 07478541 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07478541 bus:Director1 2023-04-01 2024-03-31 07478541 core:PlantMachinery 2023-03-31 07478541 core:MotorVehicles 2023-03-31 07478541 core:PlantMachinery 2024-03-31 07478541 core:MotorVehicles 2024-03-31 07478541 core:WithinOneYear 2024-03-31 07478541 core:WithinOneYear 2023-03-31 07478541 core:AfterOneYear 2024-03-31 07478541 core:AfterOneYear 2023-03-31 07478541 core:ShareCapital 2024-03-31 07478541 core:ShareCapital 2023-03-31 07478541 core:RetainedEarningsAccumulatedLosses 2024-03-31 07478541 core:RetainedEarningsAccumulatedLosses 2023-03-31 07478541 core:PlantMachinery 2023-03-31 07478541 core:MotorVehicles 2023-03-31 07478541 bus:SmallEntities 2023-04-01 2024-03-31 07478541 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07478541 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07478541 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07478541 bus:FullAccounts 2023-04-01 2024-03-31 07478541 bus:OrdinaryShareClass1 2024-03-31 07478541 bus:OrdinaryShareClass1 2023-03-31 07478541 core:OfficeEquipment 2023-04-01 2024-03-31 07478541 core:OfficeEquipment 2023-03-31 07478541 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 07478541
DEEP IN WOOD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
DEEP IN WOOD LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
50,289
83,809
CURRENT ASSETS
Stocks
535,119
486,471
Debtors
5
177,648
199,195
Cash at bank and in hand
240,103
214,295
--------
--------
952,870
899,961
CREDITORS: amounts falling due within one year
6
( 97,435)
( 127,924)
--------
--------
NET CURRENT ASSETS
855,435
772,037
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
905,724
855,846
CREDITORS: amounts falling due after more than one year
7
( 65,000)
( 65,000)
PROVISIONS
Taxation including deferred tax
( 11,315)
( 15,924)
--------
--------
NET ASSETS
829,409
774,922
--------
--------
CAPITAL AND RESERVES
Called up share capital
8
179,000
179,000
Profit and loss account
650,409
595,922
--------
--------
SHAREHOLDERS FUNDS
829,409
774,922
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DEEP IN WOOD LIMITED
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
J Binning
Director
Company registration number: 07478541
DEEP IN WOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Aylesbury, HP18 0RA.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Office Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
284,412
34,250
7,796
326,458
Additions
2,250
2,250
--------
-------
------
--------
At 31 March 2024
286,662
34,250
7,796
328,708
--------
-------
------
--------
Depreciation
At 1 April 2023
211,025
25,182
6,442
242,649
Charge for the year
27,211
8,052
507
35,770
--------
-------
------
--------
At 31 March 2024
238,236
33,234
6,949
278,419
--------
-------
------
--------
Carrying amount
At 31 March 2024
48,426
1,016
847
50,289
--------
-------
------
--------
At 31 March 2023
73,387
9,068
1,354
83,809
--------
-------
------
--------
5. Debtors
2024
2023
£
£
Trade debtors
162,157
178,845
Other debtors
15,491
20,350
--------
--------
177,648
199,195
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,498
3,696
Corporation tax
27,610
49,370
Social security and other taxes
4,485
16,128
Other creditors
59,842
58,730
-------
--------
97,435
127,924
-------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
65,000
65,000
-------
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
179,000
179,000
179,000
179,000
--------
--------
--------
--------