Registration number: 13991944

Well Seasoned Wood Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Well Seasoned Wood Limited

Company Information

Directors

T F Hallah C F MacFarlane T Simcox

Registered office

Unit 1, Office 1 Tower Lane Business Park Tower Lane Warmley Bristol BS30 8XT

Accountants

Ross & Partners (Bristol) Limited Unit 1, Office 1 Tower Lane Business Park Tower Lane Warmley Bristol BS30 8XT

Well Seasoned Wood Limited

(Registration number: 13991944)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	3	12,095	24,189
Tangible assets	4	22,195	27,777
		34,290	51,966
Current assets
Stocks	5	69,250	145,344
Debtors	6	9,756	13,077
Cash at bank and in hand		642	3,727
		79,648	162,148
Creditors: Amounts falling due within one year	7	(192,464)	(276,177)
Net current liabilities		(112,816)	(114,029)
Total assets less current liabilities		(78,526)	(62,063)
Creditors: Amounts falling due after more than one year	7	(3,982)	(7,974)
Net liabilities		(82,508)	(70,037)
Capital and reserves
Called up share capital	8	100	100
Retained earnings		(82,608)	(70,137)
Shareholders' deficit		(82,508)	(70,037)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

Well Seasoned Wood Limited

(Registration number: 13991944)
Balance Sheet as at 30 September 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

Approved and authorised by the Board on 18 December 2025 and signed on its behalf by:
 

......................................... T F Hallah Director

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1	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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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.

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	25% reducing balance

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

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	Over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2023	36,283	36,283
At 30 September 2024	36,283	36,283
Amortisation
At 1 October 2023	12,094	12,094
Amortisation charge	12,094	12,094
At 30 September 2024	24,188	24,188
Carrying amount
At 30 September 2024	12,095	12,095
At 30 September 2023	24,189	24,189

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 October 2023	967	19,200	16,870	37,037
Additions	-	-	1,818	1,818
At 30 September 2024	967	19,200	18,688	38,855
Depreciation
At 1 October 2023	242	4,800	4,218	9,260
Charge for the year	181	3,600	3,619	7,400
At 30 September 2024	423	8,400	7,837	16,660
Carrying amount
At 30 September 2024	544	10,800	10,851	22,195
At 30 September 2023	725	14,400	12,652	27,777

5

Stocks

	2024 £	2023 £
Other inventories	69,250	145,344

6

Debtors

Current	2024 £	2023 £
Trade debtors	5,236	4,027
Prepayments	618	1,943
Other debtors	3,902	7,107
	9,756	13,077

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	119,778	144,352
Trade creditors		68,813	128,658
Taxation and social security		1,748	1,886
Accruals and deferred income		2,125	975
Other creditors		-	306
		192,464	276,177

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	3,982	7,974

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	3,982	7,974

Well Seasoned Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,000	4,000
Bank overdrafts	4,742	8,943
Other borrowings	111,036	131,409
	119,778	144,352

10	Related party transactions

Loans from related parties

2024	Key management £	Total £
At start of period	127,685	127,685
Advanced	40,230	40,230
Repaid	(56,879)	(56,879)
At end of period	111,036	111,036

2023	Key management £	Total £
Advanced	156,004	156,004
Repaid	(28,319)	(28,319)
At end of period	127,685	127,685