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REGISTERED NUMBER: 03176771 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 30 September 2024

for

Lightwood Plc

Lightwood Plc (Registered number: 03176771)

Contents of the Financial Statements
For The Year Ended 30 September 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Lightwood Plc

Company Information
For The Year Ended 30 September 2024







DIRECTORS: Mr A J Francis
Mr T Harris





SECRETARY: Mr T Harris





REGISTERED OFFICE: The Canfield Logistics Hub
High Cross Lane East
Little Canfield
Essex
CM6 1TH





REGISTERED NUMBER: 03176771 (England and Wales)





AUDITORS: Affinia (Chelmsford)
Registered Auditor
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

Lightwood Plc (Registered number: 03176771)

Strategic Report
For The Year Ended 30 September 2024


The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The Company has continued to flourish in the challenging trading environment in which we have operated throughout 2024. This is due to fundamentals of the business being robust: our portfolio of clientèle is strong; we have excellent development and product management, we have in place, throughout the organisation, capable teams which have produced good results in the areas of sourcing, quality control, and customer service. We have a diverse client base within an equally diverse range of industries.

All of these factors, when coupled with effective financial controls and detailed reporting have resulted in strong sales and profits in 2024. We thank all of our dedicated workforce for their efforts in the past year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company is keen to maximise sales and profitability, while taking a sensible approach to risk. To this end, debts are generally secured by retention of stored goods where appropriate. As mentioned above, we aim to be diverse in respect of our revenue streams, and in addition, striving to ensure that no one customer represents more than 12% of our total turnover. We have over the last few years expanded our service ranges in order to iron out most of the seasonality of our business.

We are careful to adhere to all legislation in respect of services, having a vigorous quality control process (ISO.9001) and Environmental Management Systems (ISO.14001). We are also an HMRC Authorised Economic Operator (A.E.O., Full Status), and are accredited (Gold Standard) participant in the London Fleet Operator Recognition Scheme (FORS). The company has robust health and safety procedures, and carries out regular assessments to ensure compliance. We have liability insurances at all levels, and that generally exceed the minimums required by law.

SECTION 172(1) STATEMENT
The following paragraphs summarise how the Directors' fulfil their duties:

Engagement with employees
The company has a strong culture of promoting good communication and employee engagement. The management team remains actively involved in the development of employees and the director with his senior management team have regular discussions with their teams to ensure the opinions of employees are considered in all business decisions. Additionally, operational health and safety meetings ensure the requirements of all employees to ensure continued improvements in this regard.

Engagement with suppliers, customers and others
The company continues to consider the requirements of all key stakeholders in all aspects of its business. Key account reviews and strategic development meetings with customers ensure that the business can align its future direction with that of the customers; this includes the expansion of warehouses to ensure customer's future needs can be met. The company also values and supports both small local suppliers and those larger; with these, communications and quarterly reviews may be informal or formal in nature.

Statement of corporate governance arrangements
The Director with support from management team direct the company's risk assessment, resource management, strategic planning, financial and operational management to ensure that obligations to shareholders and other stakeholders are understood and met.

THIRD PARTY INDEMNITY INSURANCE
The Company has provided third party indemnity insurance for which provides cover for the business.


Lightwood Plc (Registered number: 03176771)

Strategic Report
For The Year Ended 30 September 2024

KEY PERFORMANCE INDICATORS
Gross Profit Margin: 59.11% (2023: 60.67%)

Net Profit Margin: 4.91% (2023: 5.82%)

Trade Debtors Days: 65 days (2023: 61 days)

ON BEHALF OF THE BOARD:



Mr T Harris - Secretary


28 March 2025

Lightwood Plc (Registered number: 03176771)

Report of the Directors
For The Year Ended 30 September 2024


The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of warehousing and haulage.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 200,000 .

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

Mr A J Francis
Mr T Harris

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Affinia (Chelmsford), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr T Harris - Secretary


28 March 2025

Report of the Independent Auditors to the Members of
Lightwood Plc


Opinion
We have audited the financial statements of Lightwood Plc (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 September 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lightwood Plc


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 in relation to which 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 directors' responsibilities statement, 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 is 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.

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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the plant hire sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Lightwood Plc


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Tested a sample of revenue recognised either side of the period end to ensure revenue had been recognised in the correct period;

- Reviewed the internal controls in place, specifically around payroll and bank transactions; and

- Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation, accruals and accrued income were indicative of potential bias.

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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 an auditor's report 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.




Laurence Miles ACA (Senior Statutory Auditor)
for and on behalf of Affinia (Chelmsford)
Registered Auditor
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

28 March 2025

Lightwood Plc (Registered number: 03176771)

Statement of Income and Retained Earnings
For The Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 4 4,476,702 4,921,993

Cost of sales 1,830,377 1,935,725
GROSS PROFIT 2,646,325 2,986,268

Administrative expenses 2,471,951 2,772,188
174,374 214,080

Other operating income 33,628 64,201
OPERATING PROFIT 6 208,002 278,281

Interest receivable and similar income 11,779 7,959
PROFIT BEFORE TAXATION 219,781 286,240

Tax on profit 7 70,157 79,450
PROFIT FOR THE FINANCIAL YEAR 149,624 206,790

Retained earnings at beginning of year 574,880 568,090

Dividends 8 (200,000 ) (200,000 )

RETAINED EARNINGS AT END OF YEAR 524,504 574,880

Lightwood Plc (Registered number: 03176771)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 124,174 38,822

CURRENT ASSETS
Stocks 10 5,554 6,613
Debtors 11 1,029,693 926,423
Cash at bank and in hand 372,224 965,916
1,407,471 1,898,952
CREDITORS
Amounts falling due within one year 12 930,286 1,288,188
NET CURRENT ASSETS 477,185 610,764
TOTAL ASSETS LESS CURRENT
LIABILITIES

601,359

649,586

PROVISIONS FOR LIABILITIES 14 11,855 9,706
NET ASSETS 589,504 639,880

CAPITAL AND RESERVES
Called up share capital 15 60,000 60,000
Share premium 5,000 5,000
Retained earnings 524,504 574,880
SHAREHOLDERS' FUNDS 589,504 639,880

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mr T Harris - Director


Lightwood Plc (Registered number: 03176771)

Statement of Cash Flows
For The Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (217,038 ) 471,154
Tax paid (73,785 ) (64,843 )
Net cash from operating activities (290,823 ) 406,311

Cash flows from investing activities
Purchase of tangible fixed assets (114,648 ) (39,296 )
Interest received 11,779 7,959
Net cash from investing activities (102,869 ) (31,337 )

Cash flows from financing activities
Equity dividends paid (200,000 ) (200,000 )
Net cash from financing activities (200,000 ) (200,000 )

(Decrease)/increase in cash and cash equivalents (593,692 ) 174,974
Cash and cash equivalents at beginning
of year

2

965,916

790,942

Cash and cash equivalents at end of year 2 372,224 965,916

Lightwood Plc (Registered number: 03176771)

Notes to the Statement of Cash Flows
For The Year Ended 30 September 2024


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

2024 2023
£    £   
Profit before taxation 219,781 286,240
Depreciation charges 29,297 21,741
Finance income (11,779 ) (7,959 )
237,299 300,022
Decrease/(increase) in stocks 1,059 (446 )
Increase in trade and other debtors (103,271 ) (49,598 )
(Decrease)/increase in trade and other creditors (352,125 ) 221,176
Cash generated from operations (217,038 ) 471,154

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 372,224 965,916
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 965,916 790,942


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 965,916 (593,692 ) 372,224
965,916 (593,692 ) 372,224
Total 965,916 (593,692 ) 372,224

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements
For The Year Ended 30 September 2024


1. STATUTORY INFORMATION

Lightwood Plc is a public 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Going concern
At the time that the financial statements were approved, the directors had a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation.

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

Turnover throughout the financial year 2024 represents the services of storage, transport and freight.

Revenue from storage is recognised in the period in which the service is provided to the customer. Revenue from transport and freight is recognised when the relevant service has been performed and the performance obligations have been met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 5 years
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost

Recognition and impairment of tangible fixed assets

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

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine wether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowances for obsolete and slow moving items.

The amount of any write-down of stocks to estimated selling price less costs to complete and sell and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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 insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024


3. ACCOUNTING POLICIES - continued

Rents received
Rent received is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rents received are recognised in the period in which the rent relates to.

4. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Storage 2,444,518 2,789,568
Transport 1,239,695 1,069,637
Freight 792,489 1,062,788
4,476,702 4,921,993

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 851,175 779,993
Social security costs 71,226 68,127
Other pension costs 23,339 15,972
945,740 864,092

The average number of employees during the year was as follows:
2024 2023

Administration 10 10
Management 1 1
Warehouse 12 11
Drivers 2 3
25 25

2024 2023
£    £   
Directors' remuneration 36,317 27,225

6. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 29,296 21,741
Auditors' remuneration 11,400 11,500
Foreign exchange differences (72 ) -

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 68,008 73,785

Deferred tax 2,149 5,665
Tax on profit 70,157 79,450

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 219,781 286,240
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

54,945

71,560

Effects of:
Expenses not deductible for tax purposes 15,063 22,280
Capital allowances in excess of depreciation - (12,014 )
Adjustments to tax charge in respect of previous periods 149 -
Deferred tax charge - 5,665
Adjustments to tax charge in respect of change in rate as disclosed above - (8,041 )
Total tax charge 70,157 79,450

8. DIVIDENDS
2024 2023
£    £   
Interim 200,000 200,000

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024


9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 October 2023 - 311,111 16,692 327,803
Additions 82,856 - 31,792 114,648
At 30 September 2024 82,856 311,111 48,484 442,451
DEPRECIATION
At 1 October 2023 - 275,701 13,280 288,981
Charge for year 5,504 14,138 9,654 29,296
At 30 September 2024 5,504 289,839 22,934 318,277
NET BOOK VALUE
At 30 September 2024 77,352 21,272 25,550 124,174
At 30 September 2023 - 35,410 3,412 38,822

10. STOCKS
2024 2023
£    £   
Stocks 5,554 6,613

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 790,711 824,418
Other debtors 702 67
Prepayments 238,280 101,938
1,029,693 926,423

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 493,748 461,174
Tax 68,008 73,785
Social security and other taxes 18,517 16,145
VAT 14,129 55,409
Other creditors 265 245
Accrued expenses 335,619 681,430
930,286 1,288,188

Lightwood Plc (Registered number: 03176771)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024


13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 575,903 164,450
Between one and five years 2,004,846 227,800
In more than five years 6,147,183 435,521
8,727,932 827,771

Lease payments recognised as an expense in the year amount to £576,649 (2023: £760,251).

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 11,855 9,706

Deferred
tax
£   
Balance at 1 October 2023 9,706
Provided during year 2,149
Balance at 30 September 2024 11,855

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60,000 Ordinary £1 60,000 60,000

16. ULTIMATE CONTROLLING PARTY

There is no one ultimate controlling party.