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Registration number: 09813882

Wyre Forest Woodcraft Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Wyre Forest Woodcraft Limited

Director's Report for the Year Ended 31 October 2024

The director presents his report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

M A Jaynes (ceased 29 October 2024)

R A Newman

Principal activity

The principal activity of the company is carpentry and joinery.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 8 April 2025
 

.........................................
R A Newman
Director

 

Wyre Forest Woodcraft Limited

(Registration number: 09813882)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

33,333

44,444

Current assets

 

Stocks

6

124,773

187,413

Debtors

7

93,487

344,201

Cash at bank and in hand

 

52,607

148,731

 

270,867

680,345

Creditors: Amounts falling due within one year

8

(102,071)

(123,451)

Net current assets

 

168,796

556,894

Net assets

 

202,129

601,338

Capital and reserves

 

Called up share capital

12

106

Retained earnings

202,117

601,232

Shareholders' funds

 

202,129

601,338

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The 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 director acknowledges his 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 and Director's Report.

Approved and authorised by the director on 8 April 2025
 

.........................................
R A Newman
Director

 

Wyre Forest Woodcraft Limited

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

1

General information

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

The address of its registered office is:
Anglo House
Worcester Road
Stourport on Severn
DY13 9AW

These financial statements were authorised for issue by the director on 8 April 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.

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.

 

Wyre Forest Woodcraft Limited

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

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

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Computer Equipment

25% reducing balance

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

 

Wyre Forest Woodcraft Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

21,023

34,233

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2023

3,831

59,500

2,017

40,495

At 31 October 2024

3,831

59,500

2,017

40,495

Depreciation

At 1 November 2023

2,818

46,427

754

11,400

Charge for the year

253

3,268

316

7,274

At 31 October 2024

3,071

49,695

1,070

18,674

Carrying amount

At 31 October 2024

760

9,805

947

21,821

At 31 October 2023

1,013

13,073

1,263

29,095

 

Wyre Forest Woodcraft Limited

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

Total
£

Cost or valuation

At 1 November 2023

105,843

At 31 October 2024

105,843

Depreciation

At 1 November 2023

61,399

Charge for the year

11,111

At 31 October 2024

72,510

Carrying amount

At 31 October 2024

33,333

At 31 October 2023

44,444

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

124,773

187,413

 

Wyre Forest Woodcraft Limited

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

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

87,105

138,652

Amounts owed by related parties

-

200,300

Prepayments

 

6,382

5,249

   

93,487

344,201

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

44,934

36,911

Taxation and social security

44,538

73,799

Accruals and deferred income

12,550

450

Other creditors

49

12,291

102,071

123,451