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Company registration number: 12471133
Woodcycle Ltd
Unaudited filleted financial statements
28 February 2024
Woodcycle Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Woodcycle Ltd
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 28,311 31,949
_______ _______
28,311 31,949
Current assets
Stocks 10,201 15,648
Debtors 6 12,425 3,308
Cash at bank and in hand 5,212 4,715
_______ _______
27,838 23,671
Creditors: amounts falling due
within one year 7 ( 41,088) ( 18,621)
_______ _______
Net current (liabilities)/assets ( 13,250) 5,050
_______ _______
Total assets less current liabilities 15,061 36,999
_______ _______
Net assets 15,061 36,999
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 40,000 40,000
Profit and loss account ( 25,039) ( 3,101)
_______ _______
Shareholders funds 15,061 36,999
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr Thomas Jed Briggs
Director
Company registration number: 12471133
Woodcycle Ltd
Statement of changes in equity
Year ended 28 February 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 March 2022 100 - 4,318 4,418
Loss for the year ( 7,419) ( 7,419)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 7,419) ( 7,419)
Issue of shares - 40,000 40,000
_______ _______ _______ _______
Total investments by and distributions to owners - 40,000 - 40,000
At 28 February 2023 (as previously reported) 100 - ( 3,102) ( 3,002)
Prior period adjustments (-) 40,000 (-) 40,000
_______ _______ _______ _______
At 28 February 2023 (restated) and 1 March 2023 100 40,000 (3,102) 36,998
Loss for the year ( 21,937) ( 21,937)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 21,937) ( 21,937)
_______ _______ _______ _______
At 28 February 2024 100 40,000 ( 25,039) 15,061
_______ _______ _______ _______
Woodcycle Ltd
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Beech House, Thornton In Craven, Skipton, North Yorkshire, BD23 3TU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 March 2023 35,042 35,042
Additions 1,179 1,179
_______ _______
At 28 February 2024 36,221 36,221
_______ _______
Depreciation
At 1 March 2023 3,094 3,094
Charge for the year 4,816 4,816
_______ _______
At 28 February 2024 7,910 7,910
_______ _______
Carrying amount
At 28 February 2024 28,311 28,311
_______ _______
At 28 February 2023 31,948 31,948
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,012 2,436
Other debtors 11,413 872
_______ _______
12,425 3,308
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 3
Social security and other taxes 1,922 1,877
Other creditors 39,166 16,741
_______ _______
41,088 18,621
_______ _______