BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the manufacture of kitchen and bathroom furniture. 6 November 2024 NI030446 2024-02-29 NI030446 2023-02-28 NI030446 2022-02-28 NI030446 2023-03-01 2024-02-29 NI030446 2022-03-01 2023-02-28 NI030446 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI030446 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI030446 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI030446 uk-bus:Director1 2023-03-01 2024-02-29 NI030446 uk-bus:Director2 2023-03-01 2024-02-29 NI030446 uk-bus:Director3 2023-03-01 2024-02-29 NI030446 uk-bus:Director4 2023-03-01 2024-02-29 NI030446 uk-bus:Director5 2023-03-01 2024-02-29 NI030446 uk-bus:CompanySecretary1 2023-03-01 2024-02-29 NI030446 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 NI030446 uk-bus:Agent1 2023-03-01 2024-02-29 NI030446 uk-bus:Audited 2023-03-01 2024-02-29 NI030446 uk-core:ShareCapital 2024-02-29 NI030446 uk-core:ShareCapital 2023-02-28 NI030446 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI030446 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI030446 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI030446 uk-core:RevaluationReserve 2023-02-28 NI030446 uk-core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 NI030446 uk-core:RevaluationReserve 2024-02-29 NI030446 uk-bus:FRS102 2023-03-01 2024-02-29 NI030446 uk-core:PlantMachinery 2023-03-01 2024-02-29 NI030446 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI030446 uk-core:MotorVehicles 2023-03-01 2024-02-29 NI030446 uk-core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 NI030446 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-03-01 2024-02-29 NI030446 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-03-01 2023-02-28 NI030446 uk-core:CostValuation 2024-02-29 NI030446 uk-core:CostValuation 2024-02-29 NI030446 uk-core:Subsidiary1 2023-03-01 2024-02-29 NI030446 uk-core:CurrentFinancialInstruments 2024-02-29 NI030446 uk-core:CurrentFinancialInstruments 2023-02-28 NI030446 uk-core:CurrentFinancialInstruments 2024-02-29 NI030446 uk-core:CurrentFinancialInstruments 2023-02-28 NI030446 uk-core:WithinOneYear 2024-02-29 NI030446 uk-core:WithinOneYear 2023-02-28 NI030446 uk-core:WithinOneYear 2024-02-29 NI030446 uk-core:WithinOneYear 2023-02-28 NI030446 uk-core:WithinOneYear 2024-02-29 NI030446 uk-core:WithinOneYear 2023-02-28 NI030446 uk-core:AfterOneYear 2024-02-29 NI030446 uk-core:AfterOneYear 2023-02-28 NI030446 uk-core:AfterOneYear 2024-02-29 NI030446 uk-core:AfterOneYear 2023-02-28 NI030446 uk-core:BetweenOneTwoYears 2024-02-29 NI030446 uk-core:BetweenOneTwoYears 2023-02-28 NI030446 uk-core:BetweenTwoFiveYears 2024-02-29 NI030446 uk-core:BetweenTwoFiveYears 2023-02-28 NI030446 uk-core:BetweenOneFiveYears 2024-02-29 NI030446 uk-core:BetweenOneFiveYears 2023-02-28 NI030446 uk-core:EmployeeBenefits 2023-02-28 NI030446 uk-core:EmployeeBenefits 2023-03-01 2024-02-29 NI030446 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 NI030446 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 NI030446 uk-core:OtherDeferredTax 2024-02-29 NI030446 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 NI030446 uk-core:EmployeeBenefits 2024-02-29 NI030446 uk-bus:OrdinaryShareClass1 2023-03-01 2024-02-29 NI030446 uk-bus:OrdinaryShareClass2 2023-03-01 2024-02-29 NI030446 uk-bus:OrdinaryShareClass3 2023-03-01 2024-02-29 NI030446 uk-bus:OrdinaryShareClass4 2023-03-01 2024-02-29 NI030446 uk-bus:OrdinaryShareClass1 2024-02-29 NI030446 uk-bus:OrdinaryShareClass2 2024-02-29 NI030446 uk-bus:OrdinaryShareClass3 2024-02-29 NI030446 uk-bus:OrdinaryShareClass4 2024-02-29 NI030446 uk-core:WithinOneYear 2024-02-29 NI030446 uk-core:WithinOneYear 2023-02-28 NI030446 uk-core:BetweenTwoFiveYears 2024-02-29 NI030446 uk-core:BetweenTwoFiveYears 2023-02-28 NI030446 uk-core:MoreThanFiveYears 2024-02-29 NI030446 uk-core:MoreThanFiveYears 2023-02-28 NI030446 uk-core:AllPeriods 2024-02-29 NI030446 uk-core:AllPeriods 2023-02-28 NI030446 uk-core:ParentEntities 2023-03-01 2024-02-29 NI030446 uk-countries:NorthernIreland 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: NI030446
 
 
Woodland Kitchens (NI) Limited
 
Reports and Financial Statements
 
for the financial year ended 29 February 2024
Woodland Kitchens (NI) Limited
Directors and Other Information

 
Directors Brian McCloskey
Connor McCloskey (Appointed 16 April 2024)
Don Mulholland (Appointed 16 April 2024)
James Marcus Henry Moir (Appointed 19 April 2024)
Christopher James Nixon (Appointed 19 April 2024)
 
 
Company Secretary Gloria McCloskey
 
 
Company Registration Number NI030446
 
 
Registered Office 4 Portna Road, Rasharkin
Ballymena
Co Antrim
BT44 8SX
United Kingdom
 
 
Independent Auditors HCA Chartered Accountants Ltd
Chartered Accountants and Statutory Auditors
12 Cromac Place,
The Gasworks,
Belfast
BT7 2JB
 
 
Bankers Bank of Ireland
  Market Street
  Magherafelt
  Derry
  BT45 6EE
 
   
Solicitors Carson McDowell LLP
  Murray House
  4 Murray Street
  Belfast
  BT1 6DN
   
   
  McMahon McKay
  Aisling House
  50 Stranmillis Embankment
  Belfast
  BT9 5FL
   
   
  Tughans LLP
  The Ewart
  3 Bedford Street
  Belfast
  BT2 7EP



Woodland Kitchens (NI) Limited
Strategic Report
for the financial year ended 29 February 2024

 
The directors present their strategic report on the company for the financial year ended 29 February 2024.
 
Review of the Company's Business
Woodland Kitchens (N.I.) Limited has continued to produce a profit in the current year ending 29 February 2024, and the business remains in a sound financial position.

The director consider that the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and operating profit.

Revenue for the year has increased by 10.2% to £25,748,190 (2023:- £23,372,585).  Gross profit margin has increased to 22.7% from 19.7% in 2023.
       
Principal Risks and Uncertainties
The director recognises the key business risks, and uncertainties to be competition within the industry, products, customer retention, pricing and profitability.  The director continues to work closely with suppliers, customers, staff and financial institutions to carefully manage the company's operations.

Competition risk - Competition risk comes from other manufacturers and distributors of bedroom, bathroom, kitchen doors and drawers.  The director manages this risk by ensuring a quality product is provided to all customers at a competitive price.  The director is continually seeking to expand into new customer markets by developing new product ranges and offerings.

Financial risk - The company's operations expose it to financial risk in relation to price risk, foreign exchange risk and credit risk.  The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of risk and the related finance costs.

Economic risk - Economic risk is inherent the industry in which the company operates.  The director manages this risk by ensuing relationships with suppliers are maintained, resulting in the both parties  having long standing relationships. The company regularly monitors credit limits with customers and aims to limit exposure t individual customers.
       
Development and Performance
The company is committed to the long term creation of shareholder value by increasing the company' market share in the UK kitchen and bathroom manufacturing market.  The company aims to maintain revenue, operating profits and the number of customers it reaches.  The company will continue to develop relations with suppliers, customers, generate new business where possible and increase retentions levels while remaining highly competitive.
       
Financial Key Performance Indicators
The company's key performance indicators are noted as follows :

Revenue                2024 £25,748,190 - (2023:- £23,372,585)
Gross profit              2024 £5,855,382 - (2023:- £4,602,709 )
Operating Profit          2024 £1,496,953 - (2023 :- £1,484,643 )
EBITDA                 2024 £2,056,095 - (2023:- £2,000,601)
       
Employees
The company is dependent on the skills and commitment of its employees in order to achieve its objectives.  Company staff at every level are encouraged to make their fullest possible contribution to the company's success.  The company's selection, training, development and promotion policies ensure equal opportunities for all employees, regardless of gender, marital status, race, age or disability.  All decisions are based on merit.
       
       
On behalf of the board
       
       
___________________________      
Brian McCloskey      
Director      
       
23 October 2024      



Woodland Kitchens (NI) Limited
Directors' Report
for the financial year ended 29 February 2024

 
The directors present their report and the audited financial statements for the financial year ended 29 February 2024.
 
Principal Activity
The principal activity of the company is the manufacture of kitchen and bathroom furniture.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £1,282,319 (2023 - £862,799).
The directors have paid an interim dividend amounting to £875,000 and they do not recommend payment of a final dividend.
     
Directors
The directors who served during the financial year are as follows:
     
Brian McCloskey
Connor McCloskey (Appointed 16 April 2024)
Don Mulholland (Appointed 16 April 2024)
James Marcus Henry Moir (Appointed 19 April 2024)
Christopher James Nixon (Appointed 19 April 2024)
   
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
■select suitable accounting policies and apply them consistently;
■make judgements and accounting estimates that are reasonable and prudent;
■prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
Cavanaghkelly resigned as auditors during the financial year and the directors appointed HCA Chartered Accountants Ltd, (Chartered Accountants), to fill the vacancy.
     
     
On behalf of the board
     
     
___________________________
Brian McCloskey
Director
     
23 October 2024



Independent Auditor's Report
to the Shareholders of Woodland Kitchens (NI) Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Woodland Kitchens (NI) Limited ('the company') for the financial year ended 29 February 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
■give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the financial year then ended;
■have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
■have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
 
Responsibilities of directors for the financial statements
The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Our audit has been conducted with professional scepticism and using sampling and testing procedures that are in accordance with International Standards on Auditing. The audit procedures adopted are inherently limited. The further removed potential non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likelihood of any such non-compliance being detecting during the course of our audit.

The nature of the company's industry along with its control environment has been considered in conducting our audit. We enquired of management their identification and assessment of the risks of irregularities and reviewed the policies relating to compliance with laws and regulations and fraud.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

   -  had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act, pensions legislation, and tax legislation: and
   -  do not have direct impact on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included UK employment, health and safety, manufacturing, and transport laws.

We identified the potential for fraud in the following area, and our specific procedures performed to mitigate the risks are addressed below;

Revenue recognition:

- we assessed the design and implementation of the key controls over recognition of revenue; and
- we selected a sample of invoices around the year end and traced to the relevant despatch information to determine if revenue was recognised in the correct period.

We have also performed specific procedures to respond to the risk of management override in response to the requirement for all audits under ISAs (UK). In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of transactions that are outside the normal course of business.

Based on a similar understanding we have identified the following areas with a higher potential risk of fraud:

1. Risk of management over-ride of controls
2. Authorisation and approval of expenses and payments

Our procedures to respond to the risks identified including the following;

- review of minutes of meetings of management and those charged with governance.
- review of supporting documentation to assess any non- compliance with the relevant laws and regulations.
- Enquiring of management and directors as well as external legal counsel on any actual or potential litigation or claims.
- review of the company’s control environment including key controls over the authorisation of payments.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: <www.frc.org.uk/auditorsresponsibilities>. This description forms part of our Auditor's Report.
 
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
 
__________________________________
Mr Brian Hegarty (Senior Statutory Auditor)
for and on behalf of
HCA CHARTERED ACCOUNTANTS LTD
Chartered Accountants and Statutory Auditors
12 Cromac Place,
The Gasworks,
Belfast
BT7 2JB
 
6 November 2024



Woodland Kitchens (NI) Limited
Profit and Loss Account
for the financial year ended 29 February 2024
2024 2023
Notes £ £
as restated

Turnover 4 25,748,190 23,372,585
 
Cost of sales (19,892,808) (18,769,876)
───────── ─────────
Gross profit 5,855,382 4,602,709
 
Administrative expenses (4,437,564) (3,575,107)
Other operating income 79,135 457,041
───────── ─────────
Operating profit 5 1,496,953 1,484,643
 
Exceptional items 6 - 108,274
───────── ─────────
Profit before interest 1,496,953 1,592,917
 
Interest payable and similar expenses 7 (360,589) (239,847)
───────── ─────────
Profit before taxation 1,136,364 1,353,070
 
Tax on profit 9 145,955 (490,271)
───────── ─────────
Profit for the financial year 1,282,319 862,799
    ═════════   ═════════



Woodland Kitchens (NI) Limited
Company Registration Number: NI030446
Balance Sheet
as at 29 February 2024

2024 2023
Notes £ £
as restated
 
Fixed Assets
Tangible assets 12 4,032,401 3,835,887
Investments 13 90 90
───────── ─────────
Fixed Assets 4,032,491 3,835,977
───────── ─────────
 
Current Assets
Stocks 14 3,781,354 2,478,903
Debtors 15 4,956,212 6,155,295
Cash and cash equivalents 621,679 180,223
───────── ─────────
9,359,245 8,814,421
───────── ─────────
Creditors: amounts falling due within one year 16 (8,104,257) (7,479,874)
───────── ─────────
Net Current Assets 1,254,988 1,334,547
───────── ─────────
Total Assets less Current Liabilities 5,287,479 5,170,524
 
Creditors:
amounts falling due after more than one year 17 (706,387) (1,101,504)
 
Provisions for liabilities 18 (701,277) (581,523)
 
Government grants 19 (56,696) (71,697)
───────── ─────────
Net Assets 3,823,119 3,415,800
═════════ ═════════
 
Capital and Reserves
Called up share capital 20 50,000 50,000
Retained earnings 3,773,119 3,365,800
───────── ─────────
Equity attributable to owners of the company 3,823,119 3,415,800
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 23 October 2024 and signed on its behalf by
           
           
________________________________          
Brian McCloskey          
Director          
           



Woodland Kitchens (NI) Limited
Statement of Changes in Equity
as at 29 February 2024

Called up Revaluation Retained Total
share reserve earnings
capital
£ £ £ £
 
At 1 March 2022
as previously stated 50,000 1,081,008 5,066,886 6,197,894
Prior financial year error correction (Note 11) - - (144,893) (144,893)
───────── ───────── ───────── ─────────
At 1 March 2022 50,000 1,081,008 4,921,993 6,053,001
Profit for the financial year - - 862,799 862,799
Payment of dividends - - (3,500,000) (3,500,000)
Other movements in equity
attributable to owners - (1,081,008) 1,081,008 -
  ───────── ───────── ───────── ─────────
At 28 February 2023 50,000 - 3,365,800 3,415,800
Profit for the financial year - - 1,282,319 1,282,319
Payment of dividends - - (875,000) (875,000)
  ───────── ───────── ───────── ─────────
At 29 February 2024 50,000 - 3,773,119 3,823,119
  ═════════ ═════════ ═════════ ═════════



Woodland Kitchens (NI) Limited
Notes to the Financial Statements
for the financial year ended 29 February 2024

   
1. General Information
 
Woodland Kitchens (NI) Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI030446. The registered office of the company is 4 Portna Road, Rasharkin, Ballymena, Co Antrim, BT44 8SX, United Kingdom. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 29 February 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is a subsidiary undertaking for which the consolidated financial statements are publicly available.
 
Consolidated accounts
The company is entitled to the exemption in Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria are also applied before revenue is recognised:
1 - the entity has transferred the significant risks and rewards of ownership to the buyer;
2 - the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
3 - the amount of revenue can be measured reliably;
4 - it is probable that the entity will receive the consideration due under the transaction; and
5 - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Reducing balance
  Fixtures, fittings and equipment - 15% Reducing balance
  Motor vehicles - 25% Reducing balance
  Computer  equipment - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial year in which it is receivable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
the company and the party are subject to common control;
the party is an associate of the company or forms part of a joint venture with the company;
the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

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 tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
   
3. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
 
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimated, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore, management believe the critical accounting policies where estimation techniques, judgements and assumptions are necessarily applied are as follows:
 
Depreciation and impairment of non-current assets
The company's property, plant and equipment is stated at cost less accumulated depreciation. The assets are depreciated over their estimated useful economic lives. The carrying values of such assets are reviewed annually for any indications of impairment. The carrying value of assets are tested for impairment where events or changes in circumstances indicate the carrying value is incorrectly stated. If such a review indicated the carrying value is overstated, the value of the asset is rested to its deemed recoverable amount. Recoverable amount is deemed to be the higher of the asset's fair value less costs of sale, or its value in use. Value in use is calculated based on the discounted future cash flows of the asset, or of the cash generating unit to which the asset belongs.
       
4. Turnover
 
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of kitchen and bathroom furniture.
       
5. Operating profit 2024 2023
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of tangible assets 557,180 525,770
Loss/(profit) on disposal of tangible assets 1,962 (9,812)
Loss on foreign currencies 91,043 11,809
Operating lease rentals
- Land and buildings 548,324 451,389
Auditor's remuneration
- audit services 14,300 11,000
Government grants received (66,373) (61,833)
  ═════════ ═════════
       
6. Exceptional items 2024 2023
  £ £
 
Profit on disposal of fixed asset - 108,274
  ═════════ ═════════
       
7. Interest payable and similar expenses 2024 2023
  £ £
 
On bank loans and overdrafts 272,876 160,772
Hire purchase interest 87,713 79,075
  ───────── ─────────
  360,589 239,847
  ═════════ ═════════
       
8. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2024 2023
  Number Number
 
Administration and Director 38 41
Packing and Distribution 17 17
Production 102 99
  ───────── ─────────
  157 157
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2024 2023
  £ £
 
Wages and salaries 4,753,922 4,243,607
Social security costs 422,802 401,221
Pension costs 89,878 82,026
  ───────── ─────────
  5,266,602 4,726,854
  ═════════ ═════════
       
9. Tax on profit
  2024 2023
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 25.00% (2023 - 19.00%) 7,586 272,409
Under/over provision in prior financial year (273,295) 405
  ───────── ─────────
Total current tax (265,709) 272,814
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences 78,478 217,457
Effect of increased tax rate on opening liability 41,276 -
  ───────── ─────────
Total deferred tax 119,754 217,457
  ═════════ ═════════
Tax on profit  (Note 9 (b)) (145,955) 490,271
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 19.00%). The differences are explained below:
  2024 2023
  £ £
 
Profit taxable at 25.00% 1,136,364 1,353,070
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (2023 - 19.00%) 284,091 257,083
Effects of:
Expenses not deductible for tax purposes 1,649 6,247
Capital allowances for period in excess of depreciation (35,937) (14,217)
Utilisation of tax losses (44,469) -
Deferred tax 119,754 217,457
Impact of rate change 1,535 50,099
Other adjustments (199,283) (26,803)
Adjustment to tax charge in respect of previous periods (273,295) 405
  ───────── ─────────
Total tax charge for the financial year (Note 9 (a)) (145,955) 490,271
  ═════════ ═════════
 
 
No charge to tax arises due to tax losses incurred.
       
10. Dividends 2024 2023
  £ £
Dividends on equity shares:
 
Ordinary shares - Interim paid 875,000 3,500,000
  ═════════ ═════════
   
11. Prior Year Adjustment
 
The Directors have adjusted the prior year balances, arising from the following changes in accounting policies and correction of errors:
- Certain transactions between the company and its subsidiary, Woodland Contract Furniture (ROI) Limited were previously recorded within cost of sales. The Directors have concluded that these transactions should have been recorded as income as the comparative figures have been restated accordingly. As a result, turnover and cost of sales have both increased by £1,214,160 in the comparative period. There is no impact on reported profit or net assets.
- The exceptional item, previously recognised in the Income Statement for the year to February 2023, has been adjusted. £1,081,008 of the exceptional item has been moved from the Income Statement and recognised within Retained Earnings in the Statement of Changes in Equity. There is no impact on reported net assets arising from this adjustment.
- The Directors have reviewed the accounting policies for accrued holiday pay and wages, and as a result an additional liability of £144,893 has been recognised in the financial statements. As this is a change in accounting policy, the comparative and pre-comparative figures have been adjusted by the same amounts, resulting in no impact on the reported profit for the year or the comparative year. Net assets have reduced by £144,893 in both the comparative and pre-comparative periods.
- The comparative figure for provisions has been restated, to account for the transfer of a deferred grant balance from the company to its parent company in the year to February 2023. The adjustments have reduced government grants, and increased the inter company debtor balance due from the parent company. Net assets and reserves have not been affected by this adjustment.
             
12. Tangible assets
  Plant and Fixtures, Motor Computer Total
  machinery fittings and vehicles equipment  
    equipment      
  £ £ £ £ £
Cost
At 1 March 2023 5,080,338 1,468,854 393,468 633,206 7,575,866
Additions 413,525 144,529 114,200 129,347 801,601
Disposals - - (80,000) - (80,000)
  ───────── ───────── ───────── ───────── ─────────
At 29 February 2024 5,493,863 1,613,383 427,668 762,553 8,297,467
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 March 2023 2,193,749 850,636 118,956 576,638 3,739,979
Charge for the financial year 322,179 114,726 84,524 35,751 557,180
On disposals - - (32,093) - (32,093)
  ───────── ───────── ───────── ───────── ─────────
At 29 February 2024 2,515,928 965,362 171,387 612,389 4,265,066
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 29 February 2024 2,977,935 648,021 256,281 150,164 4,032,401
  ═════════ ═════════ ═════════ ═════════ ═════════
At 28 February 2023 2,886,589 618,218 274,512 56,568 3,835,887
  ═════════ ═════════ ═════════ ═════════ ═════════
           
12.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 472,176 45,664 401,984 37,619
Motor vehicles 243,816 73,689 251,140 59,747
  ───────── ───────── ───────── ─────────
  715,992 119,353 653,124 97,366
  ═════════ ═════════ ═════════ ═════════
       
13. Investments
  Subsidiary Total
  undertakings  
  shares  
     
Investments £ £
Cost
 
At 29 February 2024 90 90
  ───────── ─────────
Net book value
At 29 February 2024 90 90
  ═════════ ═════════
At 28 February 2023 90 90
  ═════════ ═════════
             
13.1. Holdings in related undertakings
The company holds 20% or more of the share capital of the following company:
 
  Country Nature   Details Proportion
  of of   of held by
Name incorporation and address of Registered Office business   investment company
 
Subsidiary undertaking
Woodland Contract Furniture (ROI) Limited Colehill,
Newtown-
cunningham,
Lifford
Co Donegal
Ireland
Manufacture of furniture   €100 ordinary shares 100%
 
 
In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.
       
14. Stocks 2024 2023
  £ £
 
Raw materials 2,444,492 1,660,780
Work in progress 1,016,614 446,027
  ───────── ─────────
  3,461,106 2,106,807
Finished goods and goods for resale 320,248 372,096
  ───────── ─────────
  3,781,354 2,478,903
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
15. Debtors 2024 2023
  £ £
 
Trade debtors 3,507,285 3,599,476
Amounts owed by group undertakings - 205,369
Other debtors 402,687 479,556
Taxation 2,414 -
Prepayments and accrued income 1,043,826 1,870,894
  ───────── ─────────
  4,956,212 6,155,295
  ═════════ ═════════
       
16. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 2,582,950 2,627,095
Bank loan 226,074 225,000
Net obligations under finance leases
and hire purchase contracts 340,682 344,357
Trade creditors 3,446,043 2,646,042
Amounts owed to group undertakings 642,057 372,969
Taxation 525,658 850,800
Other creditors 35,580 36,190
Accruals:
Pension accrual 21,606 22,768
Other accruals 283,607 354,653
  ───────── ─────────
  8,104,257 7,479,874
  ═════════ ═════════
 
Bank of Ireland holds an all monies debenture charge over all fixed and moveable plant and machinery as well as all assets of the company, and a pledge over a life insurance policy in respect of the life of director, Brian McCloskey.
       
17. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 268,992 496,140
Finance leases and hire purchase contracts 437,395 605,364
  ───────── ─────────
  706,387 1,101,504
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 16) 2,809,024 2,852,095
Repayable between one and two years 268,992 226,074
Repayable between two and five years - 270,066
  ───────── ─────────
  3,078,016 3,348,235
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 340,682 344,357
Repayable between one and five years 437,395 605,364
  ───────── ─────────
  778,077 949,721
  ═════════ ═════════
           
18. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Other Total Total
  allowances differences    
         
      2024 2023
  £ £ £ £
 
At financial year start 604,291 (22,768) 581,523 695,049
Charged to profit and loss 107,258 12,496 119,754 (308,296)
Utilised during the financial year - - - 194,770
  ───────── ───────── ───────── ─────────
At financial year end 711,549 (10,272) 701,277 581,523
  ═════════ ═════════ ═════════ ═════════
       
19. Government Grants Deferred 2024 2023
  £ £
 
At 1 March 2023 94,581 307,166
Decrease in financial year - (212,585)
  ───────── ─────────
 
At 29 February 2024 94,581 94,581
  ───────── ─────────
Amortisation
At 1 March 2023 (22,884) (27,187)
Amortised in financial year (15,001) (7,000)
Written off - 11,303
  ───────── ─────────
 
At 29 February 2024 (37,885) (22,884)
  ───────── ─────────
Net book value
At 29 February 2024 56,696 71,697
  ═════════ ═════════
At 1 March 2023 71,697 279,979
  ═════════ ═════════
           
20. Share capital     2024 2023
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary shares 5,000 £1.00 each 5,000 5,000
B Ordinary shares 5,000 £1.00 each 5,000 5,000
C Ordinary shares 5,000 £1.00 each 5,000 5,000
D Ordinary Shares 35,000 £1.00 each 35,000 35,000
 
      ───────── ─────────
      50,000 50,000
      ═════════ ═════════
       
21. Financial commitments
 
Total future minimum lease payments under non-cancellable operating leases are as follows:
 
  Land and Buildings
  2024 2023
  £ £
Due:
Within one year 440,040 440,040
Between one and five years 1,760,160 1,760,160
In over five years 6,275,560 6,715,600
  ───────── ─────────
  8,475,760 8,915,800
  ═════════ ═════════
       
22. Capital commitments
 
The company had a material capital commitment at the financial year-ended of  £129,340.
       
23. Directors' remuneration 2024 2023
  £ £
 
Remuneration 8,851 9,985
  ═════════ ═════════
   
24. Parent company
 
The company regards Portna Properties limited as its parent company. Mr Connor McCloskey is deemed the ultimate controlling party due to his majority shareholding in Portna Properties Limited, the parent company.
 
The parent of the largest group in which the results are consolidated is Portna Properties Limited.
Portna Properties Limited is registered in Northern Ireland.
 
   
25. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
26. Related party transactions.
 
The company has availed of the exemption under FRS102 in relation to the disclosure of transactions with group undertakings.

During the current year, the company paid £60,000 in rental income to the director Mr B McCloskey, and £78,000 in rental income to the Director's pension scheme. The rental charges were incurred at market rate.

in the comparative period to Feb 2023, Woodland Kitchens (NI) Ltd charged a management fee of £185,000 to its parent company, Portna Properties Limited. In the comparative period to Feb 2023, Woodland Kitchens (NI) Ltd disposed of a property to Portna Properties Limited.