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REGISTERED NUMBER: 09364431 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Monway Woodfuel Ltd

Monway Woodfuel Ltd (Registered number: 09364431)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Monway Woodfuel Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Wilkes
D Wilkes





REGISTERED OFFICE: Unit 9, Zone 3
Smiths Close
Burntwood Business Park
Burntwood
Staffordshire
WS7 3FT





REGISTERED NUMBER: 09364431 (England and Wales)





ACCOUNTANTS: Lexova Accountants Limited
Unit 1 25
CannockChaseEnterpriseCentre
Hednesford
Cannock
Staffordshire
WS12 0QU

Monway Woodfuel Ltd (Registered number: 09364431)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 196,799 223,560

CURRENT ASSETS
Stocks 417,000 339,880
Debtors 5 282,462 443,505
Cash at bank and in hand 10,677 3,230
710,139 786,615
CREDITORS
Amounts falling due within one year 6 792,841 841,159
NET CURRENT LIABILITIES (82,702 ) (54,544 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

114,097

169,016

CREDITORS
Amounts falling due after more than
one year

7

(76,851

)

(96,668

)

PROVISIONS FOR LIABILITIES (34,081 ) (37,751 )
NET ASSETS 3,165 34,597

Monway Woodfuel Ltd (Registered number: 09364431)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 120 120
Retained earnings 3,045 34,477
SHAREHOLDERS' FUNDS 3,165 34,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 11 March 2025 and were signed on its behalf by:





M Wilkes - Director


Monway Woodfuel Ltd (Registered number: 09364431)

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

1. STATUTORY INFORMATION

Monway Woodfuel Ltd 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.

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.

The financial statements have been prepared on a going concern basis, not withstanding the net current liabilities. This assumes the continued support of the directors and creditors.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Monway Woodfuel Ltd (Registered number: 09364431)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operation as intended.

Depreciation is provided on all tangible fixed assets, alt rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 5% cost
Fixtures and fittings- 25% reducing balance
Motor vehicles- 25% reducing balance
Short leasehold- 20% cost

Previously, Plant and machinery has been depreciated over a period of ten years. During the year the directors reassessed the useful economic life of these assets to twenty years.This has resulted in a reduced depreciation charge for the year of £12,612.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Monway Woodfuel Ltd (Registered number: 09364431)

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

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Monway Woodfuel Ltd (Registered number: 09364431)

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

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
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 income statement in other operating expenses.

Cash and cash equivalents
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with an insignificant risk of change in value.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

Monway Woodfuel Ltd (Registered number: 09364431)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 11,276 326,329 337,605
Disposals - (27,305 ) (27,305 )
At 31 March 2024 11,276 299,024 310,300
DEPRECIATION
At 1 April 2023 10,655 103,390 114,045
Charge for year - 17,304 17,304
Eliminated on disposal 621 (18,469 ) (17,848 )
At 31 March 2024 11,276 102,225 113,501
NET BOOK VALUE
At 31 March 2024 - 196,799 196,799
At 31 March 2023 621 222,939 223,560

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 137,530
DEPRECIATION
At 1 April 2023 22,406
Charge for year 6,877
At 31 March 2024 29,283
NET BOOK VALUE
At 31 March 2024 108,247
At 31 March 2023 115,124

Monway Woodfuel Ltd (Registered number: 09364431)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 220,722 295,226
Other debtors 61,740 148,279
282,462 443,505

Included in other debtors are prepayments totalling £29,490, (2023: £22,228).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 44,895 25,895
Trade creditors 202,281 192,912
Taxation and social security 331,267 335,746
Other creditors 204,398 276,606
792,841 841,159

Included in other creditors are accruals amounting to £2,750 (2023: £2,600).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 24,662 29,167
Hire purchase contracts (see note 8) 52,189 67,501
76,851 96,668

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 44,895 25,895
Between one and five years 52,189 67,501
97,084 93,396

Monway Woodfuel Ltd (Registered number: 09364431)

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

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 46,956 46,956
Between one and five years 45,751 92,707
92,707 139,663

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 97,084 93,396
Invoice discounting - 220,895
97,084 314,291

Advances from the invoice discounter are secured by fixed and floating charges.

The hire purchase indebtedness is secured on the relevant assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
120 Ordinary 1 120 120