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REGISTERED NUMBER: 02533479 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

European Wood Products Limited

European Wood Products Limited (Registered number: 02533479)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


European Wood Products Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P Bailey
A H Bailey
N Bailey
C Faragher
J Swift





REGISTERED OFFICE: Langley Road
Burscough Industrial Estate
Ormskirk
Lancashire
L40 8JR





REGISTERED NUMBER: 02533479 (England and Wales)





ACCOUNTANTS: Kinsella Clarke Limited
61 Stanley Road
Bootle
Merseyside
L20 7BZ

European Wood Products Limited (Registered number: 02533479)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 423,399 486,826

CURRENT ASSETS
Stocks 532,000 476,385
Debtors 5 4,461,149 4,840,392
Cash at bank and in hand 589,076 571,655
5,582,225 5,888,432
CREDITORS
Amounts falling due within one year 6 988,070 1,733,551
NET CURRENT ASSETS 4,594,155 4,154,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,017,554

4,641,707

CREDITORS
Amounts falling due after more than one
year

7

(320,213

)

(151,057

)

PROVISIONS FOR LIABILITIES (103,467 ) (81,982 )
NET ASSETS 4,593,874 4,408,668

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 4,593,872 4,408,666
SHAREHOLDERS' FUNDS 4,593,874 4,408,668

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

European Wood Products Limited (Registered number: 02533479)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





P Bailey - Director


European Wood Products Limited (Registered number: 02533479)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

European Wood Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

European Wood Products Limited (Registered number: 02533479)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 47 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 1,201,368 112,524 98,459 153,301 1,565,652
Additions 10,735 2,029 - 1,488 14,252
At 29 February 2024 1,212,103 114,553 98,459 154,789 1,579,904
DEPRECIATION
At 1 March 2023 758,331 92,443 96,281 131,771 1,078,826
Charge for year 68,066 3,316 545 5,752 77,679
At 29 February 2024 826,397 95,759 96,826 137,523 1,156,505
NET BOOK VALUE
At 29 February 2024 385,706 18,794 1,633 17,266 423,399
At 28 February 2023 443,037 20,081 2,178 21,530 486,826

European Wood Products Limited (Registered number: 02533479)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 153,500
DEPRECIATION
At 1 March 2023 105,486
Charge for year 4,907
At 29 February 2024 110,393
NET BOOK VALUE
At 29 February 2024 43,107
At 28 February 2023 48,014

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 550,138 1,113,028
Amounts owed by group undertakings 3,505,562 3,570,562
Other debtors 405,449 156,802
4,461,149 4,840,392

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 47,688 45,696
Hire purchase contracts 57,740 -
Trade creditors 688,039 1,074,388
Taxation and social security 167,153 325,319
Other creditors 27,450 288,148
988,070 1,733,551

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 103,422 151,057
Hire purchase contracts 216,791 -
320,213 151,057

8. SECURED DEBTS

Svenska Handelsbanken AB hold a debenture on the bank's standard form to support an inter company guarantee between European Wood Products Limited and Lyons 3 Limited.