Silverfin false false 31/10/2024 01/11/2023 31/10/2024 Adam Simmons 06/10/2022 Sophie Simmons 06/10/2022 08 May 2025 The principal activity of the company during the period was manufacture of bespoke wooden kitchens and furniture. 04290658 2024-10-31 04290658 bus:Director1 2024-10-31 04290658 bus:Director2 2024-10-31 04290658 2023-10-31 04290658 core:CurrentFinancialInstruments 2024-10-31 04290658 core:CurrentFinancialInstruments 2023-10-31 04290658 core:Non-currentFinancialInstruments 2024-10-31 04290658 core:Non-currentFinancialInstruments 2023-10-31 04290658 core:ShareCapital 2024-10-31 04290658 core:ShareCapital 2023-10-31 04290658 core:SharePremium 2024-10-31 04290658 core:SharePremium 2023-10-31 04290658 core:RetainedEarningsAccumulatedLosses 2024-10-31 04290658 core:RetainedEarningsAccumulatedLosses 2023-10-31 04290658 core:Goodwill 2023-10-31 04290658 core:Goodwill 2024-10-31 04290658 core:PlantMachinery 2023-10-31 04290658 core:Vehicles 2023-10-31 04290658 core:OfficeEquipment 2023-10-31 04290658 core:PlantMachinery 2024-10-31 04290658 core:Vehicles 2024-10-31 04290658 core:OfficeEquipment 2024-10-31 04290658 bus:OrdinaryShareClass1 2024-10-31 04290658 2023-11-01 2024-10-31 04290658 bus:FilletedAccounts 2023-11-01 2024-10-31 04290658 bus:SmallEntities 2023-11-01 2024-10-31 04290658 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 04290658 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04290658 bus:Director1 2023-11-01 2024-10-31 04290658 bus:Director2 2023-11-01 2024-10-31 04290658 core:Goodwill core:TopRangeValue 2023-11-01 2024-10-31 04290658 core:PlantMachinery 2023-11-01 2024-10-31 04290658 core:Vehicles 2023-11-01 2024-10-31 04290658 core:OfficeEquipment 2023-11-01 2024-10-31 04290658 2022-11-01 2023-10-31 04290658 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 04290658 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04290658 (England and Wales)

OUT OF WOOD LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

OUT OF WOOD LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

OUT OF WOOD LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
OUT OF WOOD LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 4,387 5,346
4,387 5,346
Current assets
Stocks 6,250 6,250
Debtors 5 22,476 18,237
Cash at bank and in hand 21,724 57,964
50,450 82,451
Creditors: amounts falling due within one year 6 ( 34,783) ( 55,629)
Net current assets 15,667 26,822
Total assets less current liabilities 20,054 32,168
Creditors: amounts falling due after more than one year 7 ( 16,141) ( 15,001)
Provision for liabilities ( 1,035) ( 963)
Net assets 2,878 16,204
Capital and reserves
Called-up share capital 8 111 111
Share premium account 11,989 11,989
Profit and loss account ( 9,222 ) 4,104
Total shareholders' funds 2,878 16,204

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.

Directors' responsibilities:

The financial statements of Out of Wood Limited (registered number: 04290658) were approved and authorised for issue by the Board of Directors on 08 May 2025. They were signed on its behalf by:

Adam Simmons
Director
OUT OF WOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
OUT OF WOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Out of Wood Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 200,000 200,000
At 31 October 2024 200,000 200,000
Accumulated amortisation
At 01 November 2023 200,000 200,000
At 31 October 2024 200,000 200,000
Net book value
At 31 October 2024 0 0
At 31 October 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 November 2023 61,876 11,850 916 74,642
Additions 0 0 124 124
At 31 October 2024 61,876 11,850 1,040 74,766
Accumulated depreciation
At 01 November 2023 58,258 10,946 92 69,296
Charge for the financial year 724 180 179 1,083
At 31 October 2024 58,982 11,126 271 70,379
Net book value
At 31 October 2024 2,894 724 769 4,387
At 31 October 2023 3,618 904 824 5,346

5. Debtors

2024 2023
£ £
Trade debtors 590 590
Amounts owed by directors 8,219 631
Amounts recoverable on contracts 7,644 12,019
Prepayments 3,249 4,306
VAT recoverable 0 691
Other debtors 2,774 0
22,476 18,237

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 17,158 26,198
Other loans 5,881 7,500
Accruals 3,000 11,749
Taxation and social security 7,976 9,534
Other creditors 768 648
34,783 55,629

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 16,141 15,001

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
111 Ordinary shares of £ 1.00 each 111 111

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to the company by the directors 8,219 631

The amounts owed to the company are repayable on demand and bear no interest.