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COMPANY REGISTRATION NUMBER: 10695120
The Woodworks Trading Limited
Filleted Unaudited Financial Statements
31 August 2024
The Woodworks Trading Limited
Statement of Financial Position
31 August 2024
31 Aug 24
30 Jun 23
Note
£
£
Fixed assets
Tangible assets
5
5,388
Current assets
Stocks
703
Debtors
6
5,423
Cash at bank and in hand
11,059
----
--------
17,185
Creditors: amounts falling due within one year
7
10,767
13,716
--------
--------
Net current (liabilities)/assets
( 10,767)
3,469
--------
-------
Total assets less current liabilities
( 10,767)
8,857
Creditors: amounts falling due after more than one year
8
1,193
4,982
--------
-------
Net (liabilities)/assets
( 11,960)
3,875
--------
-------
Capital and reserves
Called up share capital
154
154
Share premium account
17,996
17,996
Profit and loss account
( 30,110)
( 14,275)
--------
--------
Shareholder (deficit)/funds
( 11,960)
3,875
--------
--------
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 income and retained earnings has not been delivered.
For the period ending 31 August 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Woodworks Trading Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 1 January 2025 , and are signed on behalf of the board by:
Ms K M Sellers
Director
Company registration number: 10695120
All income has ceased.
The Woodworks Trading Limited
Notes to the Financial Statements
Period from 1 July 2023 to 31 August 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 54e East Street, Thame, Oxfordshire, OX9 3JS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover represents sales from the café and retail, excluding value added tax, sold to customers during the year.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property
-
10% straight line
Fixtures and fittings
-
25% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets include debtors, cash and bank balances and basic financial liabilities include creditors and loans. Basic financial instruments are initially recognised at transaction price and are subsequently, where significant, carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts or payments discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 as a finance cost 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 period amounted to 7 (2023: 6 ).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
762
17,679
18,177
36,618
Disposals
( 762)
( 17,679)
( 18,177)
( 36,618)
----
--------
--------
--------
At 31 August 2024
----
--------
--------
--------
Depreciation
At 1 July 2023
381
16,891
13,958
31,230
Disposals
( 381)
( 16,891)
( 13,958)
( 31,230)
----
--------
--------
--------
At 31 August 2024
----
--------
--------
--------
Carrying amount
At 31 August 2024
----
--------
--------
--------
At 30 June 2023
381
788
4,219
5,388
----
--------
--------
--------
6. Debtors
31 Aug 24
30 Jun 23
£
£
Other debtors
5,423
----
-------
7. Creditors: amounts falling due within one year
31 Aug 24
30 Jun 23
£
£
Bank loans and overdrafts
3,472
5,926
Trade creditors
2,401
Social security and other taxes
3,517
Other creditors
7,295
1,872
--------
--------
10,767
13,716
--------
--------
8. Creditors: amounts falling due after more than one year
31 Aug 24
30 Jun 23
£
£
Bank loans and overdrafts
1,193
4,982
-------
-------
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Aug 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms K M Sellers
( 122)
( 7,173)
( 7,295)
----
-------
-------
30 Jun 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms K M Sellers
( 97)
( 25)
( 122)
----
----
----
10. Going concern
The Company has ceased trading, with effect from 31 August 2024. The Company has net liabilities of £11,960 (net assets £3,875 2023). The Company's main creditor is the Shareholder/Director who has confirmed her continuing support until the Company is formally closed. The financial statements have been prepared on a basis other than the going concern basis.