Woodhart Group Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10214683

WOODHART GROUP LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

WOODHART GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5	592,498	164,194
Investments	6	8	8
		----------	----------
		592,506	164,202

Current assets

Stocks		–	922,045
Debtors	7	1,718,402	713,248
Cash at bank and in hand		56,374	76,567
		-------------	-------------
		1,774,776	1,711,860

Creditors: amounts falling due within one year	8	1,504,112		1,452,705
		-------------		-------------
Net current assets			270,664	259,155
			----------	----------
Total assets less current liabilities			863,170	423,357

Creditors: amounts falling due after more than one year	9		226,501	–

Provisions	30,059	–
	----------	----------
Net assets	606,610	423,357
	----------	----------

Capital and reserves

Called up share capital		8	8
Profit and loss account	10	606,602	423,349
		----------	----------
Shareholders funds		606,610	423,357
		----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

WOODHART GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 5 September 2025 , and are signed on behalf of the board by:

B Woodhart	M Woodhart
Director	Director

Company registration number: 10214683

WOODHART GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodhart House, Unit 4 Carlton Terrace, Portslade, Brighton, BN41 1XF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% straight line
Equipment	-	20 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	–	28,381	11,125	224,733	52,119	316,358
Additions	550,000	–	–	–	–	550,000
Transfers	–	( 28,381)	31,240	( 224,733)	4,792	(217,082)
	----------	---------	---------	----------	---------	----------
At 31 Mar 2025	550,000	–	42,365	–	56,911	649,276
	----------	---------	---------	----------	---------	----------
Depreciation
At 1 Apr 2024	–	22,366	5,231	103,894	20,674	152,165
Charge for the year	–	–	2,610	–	8,877	11,487
Transfers	–	(22,366)	26,694	(103,894)	(7,308)	(106,874)
	----------	---------	---------	----------	---------	----------
At 31 Mar 2025	–	–	34,535	–	22,243	56,778
	----------	---------	---------	----------	---------	----------
Carrying amount
At 31 Mar 2025	550,000	–	7,830	–	34,668	592,498
	----------	---------	---------	----------	---------	----------
At 31 Mar 2024	–	6,015	5,894	120,839	31,445	164,193
	----------	---------	---------	----------	---------	----------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	8
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	8
	----
At 31 March 2024	8
	----

7. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,566,390	660,957
Other debtors	152,012	52,291
	-------------	----------
	1,718,402	713,248
	-------------	----------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	174,073	275,297
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,306,385	1,146,511
Social security and other taxes	3,603	6,787
Other creditors	20,051	24,110
	-------------	-------------
	1,504,112	1,452,705
	-------------	-------------

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

	2025	2024
	£	£
Bank loans and overdrafts	226,501	–
	----------	----

10. Reserves

Profit and loss account : This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 31 March 2025 the profit and loss account balance of £606,602 represents distributable reserves of £494,489 and non distributable reserves of £112,113.

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
B Woodhart	( 4,183)	–	( 4,183)
M Woodhart	( 3,223)	1,282	( 1,941)
	-------	-------	-------
	( 7,406)	1,282	( 6,124)
	-------	-------	-------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
B Woodhart	( 5,494)	1,311	( 4,183)
M Woodhart	( 4,365)	1,142	( 3,223)
	-------	-------	-------
	( 9,859)	2,453	( 7,406)
	-------	-------	-------

12. Related party transactions

As at 31 March 2025 the company was owed £717,022 (2024: £660,657) by Woodhart Construction Limited and £849,368 (2024: Nil) by Woodhart Lofts & Conversions Ltd. As at 31 March 2025 the company owed £1,306,385(2024: £1,146,511) to Woodhart Carpentry Limited. Woodhart Construction, Woodhart Lofts & Conversions Limited and Woodhart Carpentry Limited are all 100% wholly owned subsidiaries of Woodhart Group Limited.

13. Controlling party

The company was controlled throughout the year by B Woodhart and M Woodhart by virtue of their shareholdings.