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Registration number: 08633302

Wolds Manufacturing Services Ltd

Unaudited Filleted Financial Statements

for the Period from 31 August 2023 to 28 February 2025

 

Wolds Manufacturing Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Wolds Manufacturing Services Ltd

Company Information

Directors

W Baker

L G Grant

S W Grant

H Baker

Registered office

Scarborough Road
Fairfield Industrial Estate
Louth
LN11 0WD

 

Wolds Manufacturing Services Ltd

(Registration number: 08633302)
Balance Sheet as at 28 February 2025

Note

2025
£

2023
£

Fixed assets

 

Tangible assets

4

1,755,572

1,841,534

Current assets

 

Stocks

5

364,058

355,444

Debtors

6

893,837

776,290

Cash at bank and in hand

 

879,018

825,921

 

2,136,913

1,957,655

Creditors: Amounts falling due within one year

7

(860,165)

(661,548)

Net current assets

 

1,276,748

1,296,107

Total assets less current liabilities

 

3,032,320

3,137,641

Creditors: Amounts falling due after more than one year

7

(878,378)

(983,894)

Provisions for liabilities

(92,735)

(105,532)

Net assets

 

2,061,207

2,048,215

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

2,061,204

2,048,212

Shareholders' funds

 

2,061,207

2,048,215

For the financial period ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The Directors acknowledge their 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 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 Board on 9 June 2025 and signed on its behalf by:
 

.........................................
W Baker
Director

.........................................
L G Grant
Director

 
     
 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

1

General information

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

The address of its registered office is:
Scarborough Road
Fairfield Industrial Estate
Louth
LN11 0WD
United Kingdom

These financial statements were authorised for issue by the Board on 9 June 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Land and buildings

0-2% straight line

Plant and machinery

15% reducing balance

Leasehold improvements

25% straight line

Computer equipment

33% straight line

Office equipment

33% straight line

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.

 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

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.

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 Directors) during the period, was 71 (2023 - 65).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 August 2023

1,490,716

855,307

2,346,023

Additions

-

60,178

60,178

At 28 February 2025

1,490,716

915,485

2,406,201

Depreciation

At 31 August 2023

73,726

430,764

504,490

Charge for the period

35,563

110,576

146,139

At 28 February 2025

109,289

541,340

650,629

Carrying amount

At 28 February 2025

1,381,427

374,145

1,755,572

At 30 August 2023

1,416,991

424,543

1,841,534

Included within the net book value of land and buildings above is £1,381,427 (2023 - £1,416,991) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

5

Stocks

2025
£

2023
£

Other inventories

364,058

355,444

 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

6

Debtors

Current

2025
£

2023
£

Trade debtors

821,555

720,171

Prepayments

32,062

3,875

Other debtors

40,220

52,244

 

893,837

776,290

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2023
£

Due within one year

 

Loans and borrowings

9

50,390

98,667

Trade creditors

 

372,352

137,264

Taxation and social security

 

406,628

398,521

Accruals and deferred income

 

22,472

20,414

Other creditors

 

8,323

6,682

 

860,165

661,548

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £50,390 (2023 - £98,667).

Creditors: amounts falling due after more than one year

Note

2025
£

2023
£

Due after one year

 

Loans and borrowings

9

594,091

688,777

Deferred income

 

284,287

295,117

 

878,378

983,894

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £594,091 (2023 - £688,777).

 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

8

Share capital

Allotted, called up and fully paid shares

2025

2023

No.

£

No.

£

Ordinary A of £0.01 each

50

1

50

1

Ordinary B of £0.01 each

100

1

100

1

Ordinary C of £0.01 each

100

1

100

1

Ordinary D of £0.01 each

50

1

50

1

300

3

300

3

9

Loans and borrowings

2025
£

2023
£

Non-current loans and borrowings

Bank borrowings

581,771

664,851

Hire purchase contracts

12,320

23,926

594,091

688,777

2025
£

2023
£

Current loans and borrowings

Bank borrowings

42,804

80,304

Hire purchase contracts

7,586

10,878

Other borrowings

-

7,485

50,390

98,667

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £45,156 (2023 - £15,365).

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £624,575 (2023 - £745,155). £42,804 due in one year and £581,771 due over one year. National Westminster Bank PLC holds a fixed charge and a floating charge over the property and the company assets.

 

Wolds Manufacturing Services Ltd

Notes to the Unaudited Financial Statements for the Period from 31 August 2023 to 28 February 2025

11

Related party transactions

Transactions with Directors

2025

At 31 August 2023
£

Advances to Director
£

Repayments by Director
£

At 28 February 2025
£

Interest free loan

(44,759)

(699,461)

704,000

(40,220)

 

2023

At 31 August 2022
£

Advances to Director
£

Repayments by Director
£

At 30 August 2023
£

Interest free loan

(3,173)

(741,586)

700,000

(44,759)