Company Registration No. 05699011 (England and Wales)
WOODMAN CHAIRS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WOODMAN CHAIRS LIMITED
COMPANY INFORMATION
Directors
Mr P Woodman
Mr T Woodman
Secretary
Mr P Woodman
Company number
05699011
Registered office
Unit F
Langlands Business
Uffculme
Devon
EX15 3DA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
WOODMAN CHAIRS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WOODMAN CHAIRS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
2,800
-
0
Tangible assets
4
2,776
4,327
5,576
4,327
Current assets
Stocks
94,587
98,580
Debtors
5
16,833
10,725
Cash at bank and in hand
33,917
57,891
145,337
167,196
Creditors: amounts falling due within one year
6
(111,570)
(106,273)
Net current assets
33,767
60,923
Total assets less current liabilities
39,343
65,250
Creditors: amounts falling due after more than one year
7
(12,489)
(22,683)
Provisions for liabilities
(527)
(822)
Net assets
26,327
41,745
Capital and reserves
Called up share capital
8
1,200
1,200
Profit and loss reserves
25,127
40,545
Total equity
26,327
41,745

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

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

WOODMAN CHAIRS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr P Woodman
Director
Company Registration No. 05699011
WOODMAN CHAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Woodman Chairs Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Computers
20% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value.

WOODMAN CHAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).

WOODMAN CHAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
-
0
Additions
3,500
At 31 March 2024
3,500
Amortisation and impairment
At 1 April 2023
-
0
Amortisation charged for the year
700
At 31 March 2024
700
Carrying amount
At 31 March 2024
2,800
At 31 March 2023
-
0
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
191
2,408
35,341
37,940
Additions
450
266
-
0
716
At 31 March 2024
641
2,674
35,341
38,656
Depreciation and impairment
At 1 April 2023
38
1,634
31,941
33,613
Depreciation charged in the year
128
439
1,700
2,267
At 31 March 2024
166
2,073
33,641
35,880
Carrying amount
At 31 March 2024
475
601
1,700
2,776
At 31 March 2023
153
774
3,400
4,327
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,732
1,433
Prepayments and accrued income
11,101
9,292
16,833
10,725
WOODMAN CHAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,950
9,706
Trade creditors
65,979
45,689
Corporation tax
6,125
9,823
Other taxation and social security
15,153
17,676
Other creditors
11,993
21,476
Accruals and deferred income
2,370
1,903
111,570
106,273
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,489
22,683
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,200 Ordinary shares of £1 each
1,200
1,200
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