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REGISTERED NUMBER: NI020116 (Northern Ireland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Woodmarque Architectural Joinery Ltd

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


Woodmarque Architectural Joinery Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: B J Quinn
Mrs L Colton
R Quinn
D Quinn
Mrs M Quinn



REGISTERED OFFICE: 16 Mullaghbane Road
Dungannon
BT70 1SR



REGISTERED NUMBER: NI020116 (Northern Ireland)



AUDITORS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG



BANKERS: Bank of Ireland
Market Street
Magherafelt
BT45 6EE



SOLICITORS: Elliott Duffy Garrett
40 Linenhall Street
Belfast
BT2 8BA

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company's principal activity during the year continued to be architectural joinery. The key financial and other performance indicators during the year were as follows:

2024 2023
Turnover 14,048,664 12,029,757
GP % 22.58% 22.69%
NP % 6.32% 6.28%
PAT % 3.92% 6.11%
Current Ratio 1:1.72 1:1.75

Turnover has increased from the previous year with profit margins remaining stable. The directors, while accepting of this performance, are working hard to deliver efficiencies and improve productivity in the business. The Directors are confident that the business is well placed to take advantage of any new business opportunities the market offers.

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risk factors which could affect the company's future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.

Operational risk and market conditions
The company works with leading contractors and developers within the specialist joinery, fire door-sets and contract furniture market and as a result demand is dependent on activity levels in this area. Adverse macroeconomic conditions and a deterioration in the economic environment may lead to customer demand decreasing and therefore affecting turnover.

Credit risk
The company provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. The company has established procedures and credit control policies around managing its receivables and takes action where necessary. All major outstanding and overdue balances together with significant potential exposures are reviewed regularly and concerns are discussed with the directors.

Liquidity risk
The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.

Environmental
The Directors recognise the importance of the company's environmental responsibilities. The company monitors its impact on the environment and designs and implements policies to mitigate any adverse impact that might be caused by its activities. These include the safe disposal of waste, recycling and reduction of energy consumption.

Employees
Details of the numbers of employees and related costs can be found in the notes within the financial activities.

ON BEHALF OF THE BOARD:





R Quinn - Director


21 February 2025

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 1.79 per share.

The total distribution of dividends for the year ended 31 March 2024 will be £ 316,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

B J Quinn
Mrs L Colton
R Quinn
D Quinn
Mrs M Quinn

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 then 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, WHR Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Quinn - Director


21 February 2025

Report of the Independent Auditors to the Members of
Woodmarque Architectural Joinery Ltd

Opinion
We have audited the financial statements of Woodmarque Architectural Joinery Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 31 March 2024 and of its profit for the 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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Woodmarque Architectural Joinery Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 returns adequate for our audit have not been received from branches not visited by us; 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
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 the directors determine 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 have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Woodmarque Architectural Joinery Ltd


Auditors' 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 a Report of the Auditors 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, and 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:

-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-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 any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Woodmarque Architectural Joinery Ltd


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 a Report of the Auditors 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.




James Robinson FCCA (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

21 February 2025

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 14,048,664 12,029,757

Cost of sales 10,876,324 9,300,311
GROSS PROFIT 3,172,340 2,729,446

Administrative expenses 2,062,547 1,674,868
1,109,793 1,054,578

Other operating income 5,813 2,564
OPERATING PROFIT 5 1,115,606 1,057,142

Interest receivable and similar income 6 356 54
1,115,962 1,057,196

Interest payable and similar expenses 7 227,436 301,299
PROFIT BEFORE TAXATION 888,526 755,897

Tax on profit 8 277,633 20,457
PROFIT FOR THE FINANCIAL YEAR 610,893 735,440

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 610,893 735,440


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 610,893 735,440

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,343,618 2,470,495

CURRENT ASSETS
Stocks 11 2,722,153 4,518,176
Debtors 12 4,092,907 1,566,951
Cash at bank 91,107 191,031
6,906,167 6,276,158
CREDITORS
Amounts falling due within one year 13 3,950,143 3,584,493
NET CURRENT ASSETS 2,956,024 2,691,665
TOTAL ASSETS LESS CURRENT LIABILITIES 5,299,642 5,162,160

CREDITORS
Amounts falling due after more than one year 14 (866,838 ) (1,127,458 )

PROVISIONS FOR LIABILITIES 17 (552,181 ) (433,972 )
NET ASSETS 3,880,623 3,600,730

CAPITAL AND RESERVES
Called up share capital 18 176,601 191,601
Retained earnings 19 3,704,022 3,409,129
SHAREHOLDERS' FUNDS 3,880,623 3,600,730

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





R Quinn - Director


Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 206,601 2,926,439 3,133,040

Changes in equity
Issue of share capital (15,000 ) - (15,000 )
Dividends - (252,750 ) (252,750 )
Total comprehensive income - 735,440 735,440
Balance at 31 March 2023 191,601 3,409,129 3,600,730

Changes in equity
Issue of share capital (15,000 ) - (15,000 )
Dividends - (316,000 ) (316,000 )
Total comprehensive income - 610,893 610,893
Balance at 31 March 2024 176,601 3,704,022 3,880,623

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,793,598 220,681
Interest paid (143,794 ) (161,105 )
Interest element of hire purchase payments paid (83,642 ) (140,194 )
Tax paid - (2 )
Net cash from operating activities 1,566,162 (80,620 )

Cash flows from investing activities
Purchase of tangible fixed assets (307,313 ) (657,177 )
Sale of tangible fixed assets 2,500 139,290
Interest received 356 54
Net cash from investing activities (304,457 ) (517,833 )

Cash flows from financing activities
Capital repayments in year (286,794 ) 485,079
Amount introduced by directors 316,001 252,750
Amount withdrawn by directors (315,907 ) (254,424 )
Share issue (15,000 ) (15,000 )
Equity dividends paid (316,000 ) (252,750 )
Net cash from financing activities (617,700 ) 215,655

Increase/(decrease) in cash and cash equivalents 644,005 (382,798 )
Cash and cash equivalents at beginning of year 2 (1,648,984 ) (1,266,186 )

Cash and cash equivalents at end of year 2 (1,004,979 ) (1,648,984 )

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 888,526 755,897
Depreciation charges 431,689 407,199
Loss on disposal of fixed assets - 11,237
Government grants (5,813 ) (2,564 )
Finance costs 227,436 301,299
Finance income (356 ) (54 )
1,541,482 1,473,014
Decrease/(increase) in stocks 1,796,023 (1,546,517 )
(Increase)/decrease in trade and other debtors (2,525,956 ) 751,046
Increase/(decrease) in trade and other creditors 982,049 (456,862 )
Cash generated from operations 1,793,598 220,681

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 91,107 191,031
Bank overdrafts (1,096,086 ) (1,840,015 )
(1,004,979 ) (1,648,984 )
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 191,031 345,736
Bank overdrafts (1,840,015 ) (1,611,922 )
(1,648,984 ) (1,266,186 )


Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 191,031 (99,924 ) 91,107
Bank overdrafts (1,840,015 ) 743,929 (1,096,086 )
(1,648,984 ) 644,005 (1,004,979 )
Debt
Finance leases (1,497,538 ) 286,794 (1,210,744 )
(1,497,538 ) 286,794 (1,210,744 )
Total (3,146,522 ) 930,799 (2,215,723 )

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Woodmarque Architectural Joinery Ltd is a private company, limited by shares , registered in Northern Ireland. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Management is required to make key decisions and judgements in the process of applying the company's accounting policies. Management has not made any critical judgements that have a significant effect on the amounts recognised in the financial statements. The key source of estimation uncertainty is the valuation of work in progress. Where judgement and estimation has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - at varying rates on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% 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.

Work in progress and finished goods - cost of direct materials and labour plus attributable overheads based on a normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit of loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 10,707,475 8,149,033
Europe 3,341,189 3,880,724
14,048,664 12,029,757

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,020,865 1,922,123
Other pension costs 35,623 35,207
2,056,488 1,957,330

The average number of employees during the year was as follows:
31.3.24 31.3.23

Production 40 43
Administrative staff 20 18
60 61

31.3.24 31.3.23
£    £   
Directors' remuneration 67,464 70,136

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 2,349 7,898
Other operating leases 416,255 212,474
Depreciation - owned assets 431,690 407,198
Loss on disposal of fixed assets - 11,237
Auditors' remuneration 10,500 -
Foreign exchange differences (20,350 ) (53,061 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Deposit account interest 356 54

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 137,301 153,543
Interest payable 6,493 7,562
Hire purchase 83,642 140,194
227,436 301,299

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 159,425 -

Deferred tax 118,208 20,457
Tax on profit 277,633 20,457

9. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of 1 each
Final 316,000 252,750

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 594,511 5,677,371 266,642 197,531 6,736,055
Additions - 141,418 142,095 23,800 307,313
Disposals - (2,500 ) - - (2,500 )
At 31 March 2024 594,511 5,816,289 408,737 221,331 7,040,868
DEPRECIATION
At 1 April 2023 436,251 3,422,770 226,595 179,944 4,265,560
Charge for year 27,956 359,028 36,428 8,278 431,690
At 31 March 2024 464,207 3,781,798 263,023 188,222 4,697,250
NET BOOK VALUE
At 31 March 2024 130,304 2,034,491 145,714 33,109 2,343,618
At 31 March 2023 158,260 2,254,601 40,047 17,587 2,470,495

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. STOCKS
31.3.24 31.3.23
£    £   
Stocks 1,028,208 2,580,034
Work-in-progress 1,693,945 1,938,142
2,722,153 4,518,176

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,823,298 1,494,183
Intercompany Balances 1,250,490 47,926
Prepayments 19,119 24,842
4,092,907 1,566,951

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 15) 1,096,086 1,840,015
Hire purchase contracts (see note 16) 343,906 370,080
ROI VAT Account (1,861 ) (2,732 )
Trade creditors 1,924,064 1,184,204
Tax 159,425 -
Social security and other taxes 56,420 100,428
Relevant Contracts Tax - 264
VAT 336,906 30,048
Directors' current accounts 245 151
Accrued expenses 34,952 62,035
3,950,143 3,584,493

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 16) 866,838 1,127,458

15. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,096,086 1,840,015

Woodmarque Architectural Joinery Ltd (Registered number: NI020116)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 343,906 370,080
Between one and five years 866,838 1,127,458
1,210,744 1,497,538

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 552,181 433,972

Deferred
tax
£   
Balance at 1 April 2023 433,972
Charge to Income Statement during year 118,209
Balance at 31 March 2024 552,181

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
176,601 Ordinary 1 176,601 191,601

19. RESERVES
Retained
earnings
£   

At 1 April 2023 3,409,129
Profit for the year 610,893
Dividends (316,000 )
At 31 March 2024 3,704,022