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Registration number: 14625012 (England & Wales)

Woodco Group Holdings Ltd
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2024

Woodco Group Holdings Ltd

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Consolidated Profit and Loss Account | 8
Consolidated Balance Sheet | 9
Balance Sheet | 10
Consolidated Statement of Changes in Equity | 11
Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Notes to the Financial Statements | 14 to 29

Woodco Group Holdings Ltd

Company Information

Directors | Ben Doouss Mark Doouss Glenn Doouss

Registered office | Straight Mile House Beacon Road Hereford HR2 6JF

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Woodco Group Holdings Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is the design and sale of kitchen furniture, wholesale of fitted bathroom furniture, vanity furniture, sanitaryware, brassware, mirrors and lighting, and bathroom accessories.

Fair review of the business

The results for the year which are set out in the consolidated profit and loss account show turnover of £30,394,022 (2023 - £22,835,840) and an operating profit of £2,552,214 (2023 - £3,714,043). At 31 December 2024 the group had net assets of £17,223,454 (2023 - £17,110,234).
Revenue growth has been driven by the acquisition of Faith Furniture Company Limited ('Faith') on 17 January 2024, this company has provided the group access to the kitchen furniture market space. Faith generated a loss before tax in FY24 due to certain exceptional expenses which are set our in note 4 to these financial statements.
The directors consider the performance for the year and the financial position at the year end to be satisfactory.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2024 | 2023
Turnover | £'000 | 30,394 | 22,836
Margin before administrative and overhead costs | % | 25 | 30
Operating profit | £'000 | 2,552 | 3,714
Net assets | £'000 | 17,223 | 17,110

Principal risks and uncertainties

The directors have considered the key risks facing the business and concluded as follows:
Liquidity risk
The directors monitor cash flows to ensure the group is able to meet its operational requirements. The financial statements have been prepared on a going concern basis and the directors are confident that the group will meet its financial obligations over the next 12 months and beyond. It is expected that the group will continue in business for the foreseeable future and continued growth is anticipated.
Credit risk
The group offers certain of its customers credit. Before credit terms are agreed, an assessment of the customer's credit rating is undertaken to ensure the group is not exposed to major credit risk. Credit limits are set accordingly.
Price and foreign exchange risk
A number of the group's purchases are transacted in non-sterling currencies. As a result, exchange rate fluctuations impact on the results and cash flows of the group. Fluctuations in exchange rates are carefully monitored by the directors.
Raw material risk
Ensuring that sufficient levels or raw materials are available to satisfy sales orders as they are received is also considered to be a principal risk facing the group. The group has a network of reliable suppliers to ensure this risk is minimised.

Approved by the Board on 16 September 2025 and signed on its behalf by:

Ben Doouss
Director

Woodco Group Holdings Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the company

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

Ben Doouss

Mark Doouss

Glenn Doouss

Future developments

The directors are confident that group will report continued growth and strong earnings performance.

Financial instruments

The company's financial instruments comprise cash and liquid resources and various other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company.
The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages these through credit control procedures. The nature of these financial instruments means they are not subject to price risk or liquidity risk.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the group will be able to continue to operate for the foreseeable future.
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources available to continue in operational existence for at least 12 months from the date of approval of the financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 16 September 2025 and signed on its behalf by:

Ben Doouss
Director

Woodco Group Holdings Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report 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). 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 group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Woodco Group Holdings Ltd

Independent Auditor's Report to the Members of Woodco Group Holdings Ltd

Opinion

We have audited the financial statements of Woodco Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

Woodco Group Holdings Ltd

Independent Auditor's Report to the Members of Woodco Group Holdings Ltd

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company 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 Statement of Directors' Responsibilities set out on page 4, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance.

Woodco Group Holdings Ltd

Independent Auditor's Report to the Members of Woodco Group Holdings Ltd

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Staverton Court
Staverton
Cheltenham
GL51 0UX

16 September 2025

Woodco Group Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover | 3 | 30,394,022 | 22,835,840
Cost of sales |  | (18,628,362) | (12,773,094)
Gross profit |  | 11,765,660 | 10,062,746
Distribution and selling costs |  | (4,307,746) | (3,109,273)
Profit before administrative and overhead costs |  | 7,457,914 | 6,953,473
Administrative expenses |  | (4,636,909) | (3,245,430)
Administration expenses - Exceptional | 4 | (285,213) | -
Other operating income | 5 | 16,422 | 6,000
Operating profit | 6 | 2,552,214 | 3,714,043
Other interest receivable and similar income | 7 | 183,452 | 171,221
Interest payable and similar charges | 8 | (13,712) | (8)
Profit before tax |  | 2,721,954 | 3,885,256
Taxation | 12 | (886,234) | (943,808)
Profit for the financial year |  | 1,835,720 | 2,941,448
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 1,835,720 | 2,941,448

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

Woodco Group Holdings Ltd

(Registration number: 14625012)
Consolidated Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 13 | 463,322 | 106,548
Tangible assets | 14 | 7,005,815 | 6,503,725
|  | 7,469,137 | 6,610,273
Current assets |  |  |
Stocks | 16 | 5,973,790 | 4,673,722
Debtors | 17 | 4,310,955 | 2,552,428
Cash at bank and in hand |  | 4,531,115 | 6,624,808
|  | 14,815,860 | 13,850,958
Creditors: Amounts falling due within one year | 19 | (4,645,232) | (3,059,220)
Net current assets |  | 10,170,628 | 10,791,738
Total assets less current liabilities |  | 17,639,765 | 17,402,011
Creditors: Amounts falling due after more than one year | 19 | (126,441) | -
Provisions for liabilities | 12 | (289,870) | (291,777)
Net assets |  | 17,223,454 | 17,110,234
Capital and reserves |  |  |
Called up share capital | 22, 23 | 4,902,600 | 6,625,100
Profit and loss account | 23 | 12,320,854 | 10,485,134
Equity attributable to owners of the company |  | 17,223,454 | 17,110,234
Total equity |  | 17,223,454 | 17,110,234

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:

Ben Doouss
Director

Woodco Group Holdings Ltd

(Registration number: 14625012)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 14 | 4,776,327 | 4,776,327
Investments | 15 | 1,305,982 | 300
|  | 6,082,309 | 4,776,627
Current assets |  |  |
Debtors | 17 | - | 79,376
Cash at bank and in hand |  | 417,733 | 1,848,974
|  | 417,733 | 1,928,350
Creditors: Amounts falling due within one year | 19 | (160,936) | (167,524)
Net current assets |  | 256,797 | 1,760,826
Net assets |  | 6,339,106 | 6,537,453
Capital and reserves |  |  |
Called up share capital | 22, 23 | 4,902,600 | 6,625,100
Profit and loss account | 23 | 1,436,506 | (87,647)
Total equity |  | 6,339,106 | 6,537,453

The company made a profit after tax for the financial year of £1,524,153 (2023 - loss of £87,647).

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:

Ben Doouss
Director

Woodco Group Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

| Share capital £ | Profit and loss account £ | Total £
At 1 January 2024 | 6,625,100 | 10,485,134 | 17,110,234
Profit for the year | - | 1,835,720 | 1,835,720
Redemption of preference shares | (1,722,500) | - | (1,722,500)
At 31 December 2024 | 4,902,600 | 12,320,854 | 17,223,454

| Share capital £ | Profit and loss account £ | Total £
At 1 January 2023 | 4,440,100 | 7,588,686 | 12,028,786
Profit for the year | - | 2,941,448 | 2,941,448
Dividends | - | (45,000) | (45,000)
Issue of preference shares | 6,830,000 | - | 6,830,000
Redemption of preference shares | (4,645,000) | - | (4,645,000)
At 31 December 2023 | 6,625,100 | 10,485,134 | 17,110,234

Woodco Group Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Profit and loss account £ | Total £
At 1 January 2024 | 6,625,100 | (87,647) | 6,537,453
Profit for the year | - | 1,524,153 | 1,524,153
Redemption of preference shares | (1,722,500) | - | (1,722,500)
At 31 December 2024 | 4,902,600 | 1,436,506 | 6,339,106

| Share capital £ | Profit and loss account £ | Total £
Loss for the year | - | (87,647) | (87,647)
New share capital subscribed | 100 | - | 100
Issue of preference shares | 6,830,000 | - | 6,830,000
Redemption of preference shares | (205,000) | - | (205,000)
At 31 December 2023 | 6,625,100 | (87,647) | 6,537,453

Woodco Group Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Cash flows from operating activities
Profit for the year |  | 1,835,720 | 2,941,448
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 935,056 | 575,098
Profit on disposal of property, plant and equipment |  | (47,500) | (76,496)
Finance income | 7 | (183,452) | (171,221)
Finance costs | 8 | 13,712 | 8
Income tax expense | 12 | 886,234 | 943,808
|  | 3,439,770 | 4,212,645
Working capital adjustments |  |  |
Increase in stocks |  | (542,576) | (344,575)
(Increase)/decrease in trade debtors |  | (691,255) | 321,328
Increase in trade creditors |  | 392,152 | 318,727
Cash generated from operations |  | 2,598,091 | 4,508,125
Income taxes paid |  | (925,088) | (561,076)
Net cash flow from operating activities |  | 1,673,003 | 3,947,049
Cash flows from investing activities |  |  |
Interest received |  | 183,452 | 171,221
Acquisitions of tangible assets |  | (929,268) | (5,629,043)
Proceeds from sale of tangible assets |  | 123,344 | 129,941
Acquisition of intangible assets | 13 | (17,648) | (67,639)
Acquisition of subsidiary, net of cash acquired |  | (881,116) | -
Net cash flows from investing activities |  | (1,521,236) | (5,395,520)
Cash flows from financing activities |  |  |
Interest paid | 8 | (13,712) | (8)
Repayment of bank borrowing |  | (420,755) | -
Payments to finance lease creditors |  | (88,493) | -
Proceeds from issue of preference shares |  | - | 2,390,000
Redemption of preference shares |  | (1,722,500) | (205,000)
Dividends paid |  | - | (45,000)
Net cash flows from financing activities |  | (2,245,460) | 2,139,992
Net (decrease)/increase in cash and cash equivalents |  | (2,093,693) | 691,521
Cash and cash equivalents at 1 January |  | 6,624,808 | 5,933,287
Cash and cash equivalents at 31 December |  | 4,531,115 | 6,624,808

Woodco Group Holdings Ltd

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

| 1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Straight Mile House
Beacon Road
Hereford
HR2 6JF
United Kingdom

| 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

Under FRS 102 the company meets the criteria of a qualifying entity and accordingly has taken an exemption from disclosing certain information in respect of financial instruments and from preparing a Statement of Cash Flows.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Woodco Group Holdings Ltd

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

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the group will be able to continue to operate for the foreseeable future.
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources available to continue in operational existence for at least 12 months from the date of approval of the financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

Management regularly reviews the nature, condition and expected saleability of the inventory held by the group. Provisions are made for specific stock lines that are non-moving. In addition an ongoing provision is recognised for slow moving stock lines and items that are now discontinued or pending discontinuation from the group's brochures.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the group and specific criteria have been met for each of the group's activities.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer, which is upon delivery of the product.

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 rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Woodco Group Holdings Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 group 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 consolidated financial statements and on unused tax losses or tax credits in the group. 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.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired computer software and copyright assets are shown at historical cost.
Computer software and copyright intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line
Computer software and copyright assets | 3 years straight line

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 | Nil
Leasehold improvements | 10 - 20 years straight line
Fixtures and fittings | 4 years straight line
Motor vehicles | 4 years straight line
Plant and machinery | 4 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Woodco Group Holdings Ltd

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

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

Woodco Group Holdings Ltd

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

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

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 group 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 group’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 group 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.

Woodco Group Holdings Ltd

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

| 3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Sale of goods | 30,394,022 | 22,835,840

The analysis of the group's Turnover for the year by market is as follows:

| 2024 £ | 2023 £
UK | 30,394,022 | 22,835,840

| 4 | Exceptional items

| 2024 £ | 2023 £
Exceptional expenses | 285,213 | -

During the year the group's subsidiary, Faith Furniture Company Limited, integrated its warehousing and distribution operations with its fellow subsidiary, Woodco Group Limited, this required relocation of stock from Bolton to Hereford. As part of this, the group incurred redundancy costs, professional fees and moving fees totalling £285,213 (2023 - £nil).

| 5 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2024 £ | 2023 £
Consultancy income | 16,422 | 6,000

| 6 | Operating profit

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Depreciation expense | 836,225 | 530,038
Amortisation expense | 98,831 | 45,060
(Profit/loss on disposal of property, plant and equipment | (47,500) | (76,496)
Foreign exchange losses/(gains) | 8,116 | (4,990)
Operating lease expense - property | 103,104 | -
Operating lease expense - plant and machinery | 30,312 | -

| 7 | Other interest receivable and similar income

| 2024 £ | 2023 £
Interest income on bank deposits | 183,452 | 171,221

Woodco Group Holdings Ltd

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

| 8 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest on bank overdrafts and borrowings | 7,162 | 8
Interest expense on other finance liabilities | 6,550 | -
| 13,712 | 8

| 9 | Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | 7,341,099 | 4,659,103
Social security costs | 684,930 | 485,307
Pension costs, defined contribution scheme | 146,140 | 91,064
| 8,172,169 | 5,235,474

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Administration and support | 166 | 114

Company
The company incurred no staff costs and had no employees.

| 10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 41,232 | 40,397

| 11 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of these financial statements | 44,670 | 19,500

Woodco Group Holdings Ltd

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

| 12 | Taxation

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

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | 883,437 | 847,184
UK corporation tax adjustment to prior periods | 4,704 | -
| 888,141 | 847,184
Deferred taxation |  |
Arising from origination and reversal of timing differences | (103,249) | 96,624
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | 101,342 | -
Total deferred taxation | (1,907) | 96,624
Tax expense in the income statement | 886,234 | 943,808

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).
The differences are reconciled below:

| 2024 £ | 2023 £
Profit before tax | 2,721,954 | 3,885,256
Corporation tax at standard rate | 680,489 | 913,812
Increase in UK and foreign current tax from adjustment for prior periods | 4,704 | -
Tax increase from effect of capital allowances and depreciation | 3,789 | 1,308
Effect of revenues exempt from taxation | - | (195)
Effect of expense not deductible in determining taxable profit (tax loss) | 95,910 | 28,918
Deferred tax expense from unrecognised temporary difference from a prior period | 101,342 | -
Other tax effects for reconciliation between accounting profit and tax expense (income) | - | (35)
Total tax charge | 886,234 | 943,808

A change to the UK corporation tax rate was announced in the March 2021 Budget, increasing the current rate of 19% to 25% with effect from April 2023. Deferred tax balances have been calculated at the enacted rate of 25%.

Deferred tax

Group

Deferred tax assets and liabilities

2024 | Liability £
Fixed asset timing differences | 310,266
Short term timing differences | (15,475)
Losses and other deductions | (4,921)
| 289,870

Woodco Group Holdings Ltd

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

2023 | Liability £
Fixed asset timing differences | 302,523
Short term timing differences | (10,746)
| 291,777

| 13 | Intangible assets

Group

| Goodwill £ | Computer software and copyright assets £ | Total £
Cost
At 1 January 2024 | - | 174,778 | 174,778
Additions acquired separately | - | 17,648 | 17,648
Acquired through business combinations | 437,957 | - | 437,957
At 31 December 2024 | 437,957 | 192,426 | 630,383
Amortisation
At 1 January 2024 | - | 68,230 | 68,230
Amortisation charge | 43,796 | 55,035 | 98,831
At 31 December 2024 | 43,796 | 123,265 | 167,061
Carrying amount
At 31 December 2024 | 394,161 | 69,161 | 463,322
At 31 December 2023 | - | 106,548 | 106,548

At 31 December 2024 the remaining amortisation period for goodwill was 9 years.

Woodco Group Holdings Ltd

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

| 14 | Tangible assets

Group

| Land and buildings £ | Leasehold improvements £ | Fixtures and fittings £ | Motor vehicles £ | Plant and machinery £ | Assets in the course of construction £ | Total £
Cost
At 1 January 2024 | - | 216,767 | 444,087 | 1,577,111 | 1,116,252 | 4,776,327 | 8,130,544
Additions | - | 105,885 | 314,142 | 436,360 | 72,881 | - | 929,268
Acquired through business combinations | - | - | 575,094 | 494,653 | - | - | 1,069,747
Disposals | - | - | (108,036) | (294,721) | (19,688) | - | (422,445)
Transfers | 4,776,327 | - | - | - | - | (4,776,327) | -
At 31 December 2024 | 4,776,327 | 322,652 | 1,225,287 | 2,213,403 | 1,169,445 | - | 9,707,114
Depreciation
At 1 January 2024 | - | 54,116 | 326,219 | 773,099 | 473,385 | - | 1,626,819
Charge for the year | - | 21,900 | 153,500 | 471,871 | 188,954 | - | 836,225
Eliminated on disposal | - | - | (96,615) | (230,298) | (19,688) | - | (346,601)
Acquired through business combinations | - | - | 411,689 | 173,167 | - | - | 584,856
At 31 December 2024 | - | 76,016 | 794,793 | 1,187,839 | 642,651 | - | 2,701,299
Carrying amount
At 31 December 2024 | 4,776,327 | 246,636 | 430,494 | 1,025,564 | 526,794 | - | 7,005,815
At 31 December 2023 | - | 162,651 | 117,868 | 804,012 | 642,867 | 4,776,327 | 6,503,725

Woodco Group Holdings Ltd

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

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2024 £ | 2023 £
Motor vehicles | 174,805 | -
Fixtures and fittings | 37,172 | -
| 211,977 | -

Restriction on title and pledged as security

Motor vehicles with a carrying amount of £174,805 (2023 - £Nil) have been pledged as security for associated hire purchase liabilities

Fixtures and fittings with a carrying amount of £37,172 (2023 - £Nil) have been pledged as security for associated hire purchase liabilities

Company

| Land and buildings £ | Assets in the course of construction £ | Total £
Cost or valuation
At 1 January 2024 | - | 4,776,327 | 4,776,327
Transfers | 4,776,327 | (4,776,327) | -
At 31 December 2024 | 4,776,327 | - | 4,776,327
Carrying amount
At 31 December 2024 | 4,776,327 | - | 4,776,327
At 31 December 2023 | - | 4,776,327 | 4,776,327

| 15 | Investments

Company

| 2024 £ | 2023 £
Investments in subsidiaries | 1,305,982 | 300

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 300
Additions | 1,305,682
At 31 December 2024 | 1,305,982
Carrying amount
At 31 December 2024 | 1,305,982
At 31 December 2023 | 300

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Woodco Group Holdings Ltd

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

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Woodco Group Logistics Ltd | England & Wales | Ordinary | 100% | 100%
Woodco Group Manufacture Ltd | England & Wales | Ordinary | 100% | 100%
Woodco Group Limited | England & Wales | Ordinary | 100% | 100%
Faith Furniture Company Limited | England & Wales | Ordinary | 100% | 0%

| 16 | Stocks

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Inventories | 5,973,790 | 4,673,722 | - | -

| 17 | Debtors

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Trade debtors | 3,366,265 | 2,084,563 | - | -
Other debtors | 73,004 | 87,548 | - | 79,376
Prepayments | 871,686 | 380,317 | - | -
| 4,310,955 | 2,552,428 | - | 79,376

| 18 | Cash and cash equivalents

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Cash on hand | 226 | 123 | - | -
Cash at bank | 4,530,889 | 6,624,685 | 417,733 | 1,848,974
| 4,531,115 | 6,624,808 | 417,733 | 1,848,974

Woodco Group Holdings Ltd

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

| 19 | Creditors

|  | Group | Company
| Note | 2024 £ | 2023 £ | 2024 £ | 2023 £
Due within one year |  |  |  |  |
Loans and borrowings | 20 | 75,778 | - | - | -
Trade creditors |  | 1,398,410 | 710,637 | - | 2
Amounts due to related parties |  | - | - | 200 | 33,898
Social security and other taxes |  | 757,677 | 461,986 | 18,000 | -
Outstanding defined contribution pension costs |  | 30,831 | 21,232 | - | -
Other payables |  | 205,685 | 148,164 | - | -
Accruals |  | 1,593,414 | 1,170,017 | 51,351 | 130,183
Corporation tax liability |  | 583,437 | 547,184 | 91,385 | 3,441
|  | 4,645,232 | 3,059,220 | 160,936 | 167,524
Due after one year |  |  |  |  |
Loans and borrowings | 20 | 126,441 | - | - | -

| 20 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Hire purchase contracts | 75,778 | - | - | -

Non-current loans and borrowings

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Hire purchase contracts | 126,441 | - | - | -

Hire purchase liabilities are secured against the related fixed assets.

| 21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £146,140 (2023 - £91,064).
Contributions totalling £30,831 (2023 - £21,232) were payable to the scheme at the end of the year and are included in creditors.

Woodco Group Holdings Ltd

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

| 22 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Preference Share of £1 each | 4,902,500 | 4,902,500 | 6,625,000 | 6,625,000
Ordinary A Share of £0.01 each | 2,834 | 28.34 | 2,834 | 28.34
Ordinary B Share of £0.01 each | 500 | 5.00 | 500 | 5.00
Ordinary C Share of £0.01 each | 2,833 | 28.33 | 2,833 | 28.33
Ordinary D Share of £0.01 each | 500 | 5.00 | 500 | 5.00
Ordinary E Share of £0.01 each | 2,833 | 28.33 | 2,833 | 28.33
Ordinary F Share of £0.01 each | 500 | 5.00 | 500 | 5.00
| 4,912,500 | 4,902,600.00 | 6,635,000 | 6,625,100.00

Shares allotted and redeemed
During the year 1,722,500 Preference Shares with a nominal value of £1 per share were redeemed for a consideration equal to their nominal value in accordance with the company's articles of association.
Rights, preferences and restrictions
The difference classes of Ordinary shares rank pari passu in all respects to voting and dividends, which are declared at the discretion of the board. These are non-redeemable shares. The preference shares have no voting rights or dividend rights attached to them.
On winding up, priority is first given to the Preference Shares up to the value of their subscription price. Second, any uplift in value or net proceeds of sale of any freehold or leasehold property is distributed to the Ordinary A and Ordinary B share holders. Lastly the balance of any remaining assets are distributed to the holders of the Ordinary Shares in proportion to their ownership.

| 23 | Reserves

Group and Company

Called up share capital

This represents the nominal value of the issued share capital of the company

Profit and loss account

This reserve includes all current and prior period retained profits and losses, net of dividends paid and other adjustments

| 24 | Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

| 2024 £ | 2023 £
Not later than one year | 86,469 | -
Later than one year and not later than five years | 133,676 | -
| 220,145 | -

Woodco Group Holdings Ltd

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

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £ | 2023 £
Not later than one year | 34,090 | -
Later than one year and not later than five years | 70,849 | -
| 104,939 | -

The amount of non-cancellable operating lease payments recognised as an expense during the year was £133,416 (2023 - £Nil).

| 25 | Dividends

| 2024 £ | 2023 £
Dividends paid | - | 45,000

Dividends of £nil (2023 - £45,000) were paid by the group to close family of the directors of the company.

| 26 | Analysis of changes in net debt

Group

| At 1 January 2024 £ | Financing cash flows £ | Acquisition of subsidiaries £ | At 31 December 2024 £
Cash and cash equivalents |  |  |  |
Cash | 6,624,808 | (2,518,259) | 424,566 | 4,531,115
Borrowings |  |  |  |
Bank borrowings | - | 420,755 | (420,755) | -
Hire purchase liabilities | - | 88,493 | (290,712) | (202,219)
| 6,624,808 | (2,009,011) | (286,901) | 4,328,896

| 27 | Related party transactions

Group
Summary of transactions with key management
Key management personnel are considered to be the statutory directors and non-statutory directors. The total key management personnel compensation in the year was £541,320 (2023 - £501,770).
During the year the group was charged rent of £300,000 (2023 - £300,000) by a director of the company.
Summary of transactions with companies under common control of the directors
During the year the group made sales of £6,000 (2023 - £6,000) for consultancy services provided to companies under common control of the directors.
At the balance sheet date the amount due from companies under common control was £1,200 (2023 - £600).

Woodco Group Holdings Ltd

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

| 28 | Financial instruments

Group

Items of income, expense, gains or losses

2024 | Income £ | Expense £
Financial assets measured at amortised cost | 231,893 | -
Financial liabilities measured at amortised cost | - | 7,162
| 231,893 | 7,162

2023 | Income £ | Expense £
Financial assets measured at amortised cost | 171,221 | -
Financial liabilities measured at amortised cost | - | 8
| 171,221 | 8

The total interest income for financial assets not measured at fair value through profit or loss is £231,893 (2023 - £171,221). The total interest expense for financial liabilities not measured at fair value through profit or loss is £7,162 (2023 - £8).

| 29 | Business combinations

On 17 January 2024, Woodco Group Holdings Ltd acquired 100% of the issued share capital of Faith Furniture Company Limited, obtaining control.
Faith Furniture Company Limited contributed £6,599,385 revenue and £(764,523) to the group's profit for the period between the date of acquisition and the Balance Sheet date.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

| Book value 2024 £ | Fair value 2024 £
Assets and liabilities acquired |  |
Financial assets | 1,491,838 | 1,491,838
Stocks | 757,492 | 757,492
Tangible assets | 484,891 | 484,891
Financial liabilities | (1,866,496) | (1,866,496)
Total identifiable assets | 867,725 | 867,725
Goodwill | 437,957 | 437,957
Total consideration | 1,305,682 | 1,305,682
Cash flow analysis: |  |
Cash consideration | 1,305,682 | 1,305,682

The useful life of goodwill is 10 years.