ACCOUNTS - Final Accounts preparation

Registered number: 06680543

Woolshed Designs Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 December 2024

Woolshed Designs Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Woolshed Designs Limited for the year ended 30 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woolshed Designs Limited for the year ended 30 December 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Woolshed Designs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Woolshed Designs Limited and state those matters that we have agreed to state to the Board of directors of Woolshed Designs Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woolshed Designs Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Woolshed Designs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Woolshed Designs Limited. You consider that Woolshed Designs Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Woolshed Designs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

9 Donnington Park

85 Birdham Road

Chichester

West Sussex

PO20 7AJ

10 September 2025

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Woolshed Designs Limited

Registered number: 06680543

Balance sheet

As at 30 December 2024

		2024		2023
Note		£		£


Current assets
Stocks		5,704		5,704
Debtors: amounts falling due within one year	4	20,400		20,400
Cash at bank and in hand		7,639		11,264
		33,743		37,368
Creditors: amounts falling due within one year	5	(21,494)		(21,966)
Net current assets			12,249		15,402
Total assets less current liabilities			12,249		15,402

Net assets			12,249		15,402

Capital and reserves
Called up share capital	100	100
Profit and loss account	12,149	15,302
	12,249	15,402

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J R C Lamb

Director

Date: 29 August 2025

The notes on pages 3 to 5 form part of these financial statements.

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Woolshed Designs Limited

Notes to the financial statements

For the year ended 30 December 2024

1.	General information

Woolshed Designs Limited is a private company limited by share capital incorporated in England and Wales. It's registered number is: 06680543
The address of its principal place of business is:
Nyewood Court
Brookers Road
Billingshurst
West Sussex
RH14 9RZ

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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Woolshed Designs Limited

Notes to the financial statements

For the year ended 30 December 2024

2.Accounting policies (continued)

2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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Woolshed Designs Limited

Notes to the financial statements

For the year ended 30 December 2024

2.Accounting policies (continued)

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Debtors

					2024	2023
					£	£


Other debtors	20,400	20,400
	20,400	20,400

5.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other taxation and social security	7,548	8,020
Other creditors	11,426	11,426
Accruals and deferred income	2,520	2,520
	21,494	21,966

6.	Transactions with directors

The Directors received a loan of £15,000 from the company in a prior year. No interest is charged and no repayments were made in the prior year (2023: £nil). At the balance sheet date the amount due to the company was £15,000 (2023: £15,000). This is included within Other debtors.

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