Registration number: NI611044

Doherty Woodshavings Ltd

(Registration number: NI611044)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	52,249	58,054
Tangible assets	5	2,368,394	2,138,435
		2,420,643	2,196,489
Current assets
Stocks	6	622,102	661,751
Debtors	7	2,528,166	1,538,503
Cash at bank and in hand		1,248	4,340
		3,151,516	2,204,594
Creditors: Amounts falling due within one year	8	(3,468,620)	(2,462,717)
Net current liabilities		(317,104)	(258,123)
Total assets less current liabilities		2,103,539	1,938,366
Creditors: Amounts falling due after more than one year	8	(1,023,225)	(997,623)
Provisions for liabilities		(290,716)	(235,745)
Net assets		789,598	704,998
Capital and reserves
Called up share capital	9	1,000	1,000
Retained earnings		788,598	703,998
Shareholders' funds		789,598	704,998

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Doherty Woodshavings Ltd

(Registration number: NI611044)
Balance Sheet as at 31 December 2024

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year 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.

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:
 

......................................... Mr Owen Doherty Director

Doherty Woodshavings Ltd

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

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 151 Lisnahunshin Road, Cullybackey, Ballymena, Co Antrim, BT42 1ET.

These financial statements were authorised for issue by the Board on 29 July 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.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Doherty Woodshavings Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery	5-10% straight line
Fixtures and fittings	20% reducing balance
Buildings	4% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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% reducing balance

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.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Doherty Woodshavings Ltd

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

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.

Leases

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 23).

Doherty Woodshavings Ltd

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

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	200,000	200,000
At 31 December 2024	200,000	200,000
Amortisation
At 1 January 2024	141,946	141,946
Amortisation charge	5,805	5,805
At 31 December 2024	147,751	147,751
Carrying amount
At 31 December 2024	52,249	52,249
At 31 December 2023	58,054	58,054

Doherty Woodshavings Ltd

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

5	Tangible assets

	Land & buildings £	Fixtures and Fittings  £	Plant & machinery £	Total £
Cost or valuation
At 1 January 2024	589,267	30,682	2,536,218	3,156,167
Additions	45,821	1,785	458,367	505,973
Disposals	-	-	(61,000)	(61,000)
At 31 December 2024	635,088	32,467	2,933,585	3,601,140
Depreciation
At 1 January 2024	33,120	13,184	971,428	1,017,732
Charge for the year	8,420	3,855	238,577	250,852
Eliminated on disposal	-	-	(35,838)	(35,838)
At 31 December 2024	41,540	17,039	1,174,167	1,232,746
Carrying amount
At 31 December 2024	593,548	15,428	1,759,418	2,368,394
At 31 December 2023	556,147	17,498	1,564,790	2,138,435

6

Stocks

	2024 £	2023 £
Stock	622,102	661,751

7

Debtors

Current	2024 £	2023 £
Trade debtors	1,698,239	1,429,036
Prepayments	10,529	16,361
Other debtors	819,398	93,106
	2,528,166	1,538,503

Doherty Woodshavings Ltd

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

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Loans and borrowings	1,470,893	1,057,606
Trade creditors	1,604,264	1,032,146
Taxation and social security	11,524	9,779
Other creditors and accruals	31,988	16,743
Finance lease liabilities	349,951	346,443
	3,468,620	2,462,717

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Other creditors	714,190	492,040
Finance lease liabilities	309,035	505,583
	1,023,225	997,623

Included in bank loans and overdrafts within one year are amounts due under an invoice discounting facility of £1,160,604 (2023: £1,020,513). These amounts are secured by a fixed charge over the company book debts and a debenture incorporating a floating charge over all company assets. Also included in bank loans and overdrafts is an overdraft of £277,282 (2023: £Nil) secured by the floating charge over company assets.

Included in creditors is a loan balance of £71,757 (2023: £105,503) secured by a mortgage over the company land and buildings situated at Maboy Road, Portglenone.

The bank loans are split as follows:

	2024  £	2023  £
Due within one year	33,000	33,000
Due after one year	38,757	72,503
	71,757	105,503

Doherty Woodshavings Ltd

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

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

10	Related party transactions

The following amount, included in other creditors due after one year, was owed to the directors at year end: £475,433 (2023: £419,537). Interest has been charged on this balance.

The company operates from premises which are owned by one of the directors and his family personally. No rent is charged to the company for these premises.