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Registration number: 04487651

Wood Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Wood Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wood Holdings Ltd

Company Information

Directors

R M Wood

C S Wood

M Wood

F Wood

Company secretary

S Ball

Registered office

1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD

Accountants

Kingswood Chase Consulting Ltd
Accountants and taxation consultantsDeVine House
1299-1301 London Road
Leigh On Sea
Essex
SS9 2AD

 

Wood Holdings Ltd

(Registration number: 04487651)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

78,445

54,274

Investments

6

100

100

Debtors

8

2,665,000

1,176,000

 

2,743,545

1,230,374

Current assets

 

Stocks

7

5,850

17,420

Debtors

8

299,264

1,489,030

Cash at bank and in hand

 

3,074,395

3,113,268

 

3,379,509

4,619,718

Creditors: Amounts falling due within one year

9

(610,567)

(896,365)

Net current assets

 

2,768,942

3,723,353

Total assets less current liabilities

 

5,512,487

4,953,727

Provisions for liabilities

(19,611)

(13,568)

Net assets

 

5,492,876

4,940,159

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

5,492,874

4,940,157

Shareholders' funds

 

5,492,876

4,940,159

 

Wood Holdings Ltd

(Registration number: 04487651)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

.........................................
R M Wood
Director

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD
United Kingdom

These financial statements were authorised for issue by the Board on 20 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on written down value

Motor vehicles

25% on written down value

Other property, plant and equipment

25% on written down value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years from 30 April 2014

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

960,000

960,000

At 30 April 2024

960,000

960,000

Amortisation

At 1 May 2023

960,000

960,000

At 30 April 2024

960,000

960,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

20,896

82,886

109,445

213,227

Additions

-

39,167

4,083

43,250

At 30 April 2024

20,896

122,053

113,528

256,477

Depreciation

At 1 May 2023

19,836

59,435

79,682

158,953

Charge for the year

268

10,758

8,053

19,079

At 30 April 2024

20,104

70,193

87,735

178,032

Carrying amount

At 30 April 2024

792

51,860

25,793

78,445

At 30 April 2023

1,060

23,451

29,763

54,274

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Provision

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Oakwrench Properties Ltd

1299-1301 London Road, Leigh-on-Sea, SS9 2AD

England

Ordinary

100%

100%

Subsidiary undertakings

Oakwrench Properties Ltd

The principal activity of Oakwrench Properties Ltd is property investment.

7

Stocks

2024
£

2023
£

Raw materials and consumables

5,850

17,420

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

133,079

245,847

Amounts owed by related parties

163,936

168,936

Other debtors

 

2,249

1,074,247

   

299,264

1,489,030

Non-current

2024
£

2023
£

Other debtors

2,665,000

1,176,000

 

2,665,000

1,176,000

Details of non-current trade and other debtors

£1,165,000 (2023 -£1,176,000) of the loan to Toolbox Properties Ltd is classified as non current. The secured mortgage loan is repayable by instalments.

£1,500,000 (2023 -£Nil) of the loan to Oakwrench Holdings Ltd is classified as non current. The unsecured loan is repayable within 10 years

 

Wood Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,216

54,380

Taxation and social security

219,593

193,425

Accruals and deferred income

82,235

84,202

Other creditors

304,523

564,358

610,567

896,365

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

11

Dividends

2024

2023

£

£

Interim dividend of £39,000.00 (2023 - £30,000.00) per ordinary share

78,000

60,000