Company registration number 01866287 (England and Wales)
WOOD INTERNATIONAL AGENCY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
WOOD INTERNATIONAL AGENCY LIMITED
COMPANY INFORMATION
Directors
Mr A Lamont
Mr M Lamont
Mrs V Lamont
Mrs C Lamont
Mr W Lindenberg
Mr N Harrison
Mr P Gutteridge
Mr G Miller
Mr S Ross
Secretary
Mrs V Lamont
Company number
01866287
Registered office
Wood House, 16 King Edward Road
Brentwood
Essex
CM14 4HL
Auditor
Affinia (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
WOOD INTERNATIONAL AGENCY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
WOOD INTERNATIONAL AGENCY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

Turnover has increased by £9,396,907 from £70,732,532 in 202 4 to £80,129,439 in 2025, a 13.3% increase.

Gross profit has increased by £665,441 from £4,623,016 in 2024 to £5,288,457 in 2025, a 14.4% increase. Gross profit margin has increased from 6.54% in 2024 to 6.60%.

Operating profit has increased by £489,568 from £2,617,333 in 202 4 to £3,106,901, a 18.7% increase.

Profit after tax for 2025 was £1,768,125 compared to profit after tax of £1,559,746 in 2024.

The net assets of the company at the year-end were £9,450,970 compared to £9,741,259 in 2024, an decrease of £290,289.

Principal risks and uncertainties

Margin Erosion

The global economic situation could result in rising cost prices of timber that could lead to the erosion of profits in the short to medium term,

By closely monitoring the market and being in close contact with suppliers and customers the company expects to be able to mitigate this risk through good quality data when making purchase and sale choices.

Timber Supply

The company is reliant on being able to obtain supply from timber mills to enable them to to have the stock to sell. If mills supply other competitors then the timber supply could be impacted.

The company has long standing relationships and agreements with timber mills in varied geographic areas. These relationships and varied supply mitigate the risk.

Competition in our Market

The company operates in a competitive market. Whilst quality may vary competitors will all be able to deliver the same product.

By ensuring the product purchased from suppliers is top quality and relationships with customers are maintained this risk will be adequately ,mitigated.

Key performance indicators

|  | 202 5 |  | 202 4
|  | £'000 |  | £'000
Turnover | 80,129 |  | 70,733
Percentage in crease | 13% |  |
Gross Profit | 5,288 |  | 4,623
Gross Profit Margin | 7% |  | 7%
EBITDA |  | 3,157 |  | 2,646
Percentage in crease | 19% |  |
Percentage of sales | 4% |  | 4%

WOOD INTERNATIONAL AGENCY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Statement by the directors relating to their statutory duties under s172(1) Companies Act 2006

During the year the directors consider, both individually and collectively, that, in the decisions taken during the financial year, they have satisfied the requirements of s172(1) of the Companies Act 2006 in acting in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its' members as a whole and in doing so having regard to the stakeholders and matters outlined in s172(1).

Long term plan

The Board considers the interest of a range of stakeholders impacted by our business and recognises that valuable stakeholder engagement underpins our ability to achieve our purpose and strategic aim. Key stakeholder relationships are regularly reviewed, including how we engage with them and whether any improvements can be made. The relevance of each stakeholder group will depend on the particular mater requiring Board decision.

The key strategic decisions for the Board during the year relate to long term growth and the development of ne w products and offerings.

Employees

The company's strategy is to attract, retain, develop and promote the best people through communication, inclusion, management and leadership, rewards and remuneration, training and development, teamwork, working conditions, values and behaviour.

Customer care

The company understands that engagement, through listening, understanding and responding to customers and prospective customers, is critical to long term success. The directors regularly engage with customers through user group meetings and customer satisfaction surveys.

Suppliers and other stakeholders

The company's success and reputation is intrinsically linked to its relationship with its partners and suppliers. The directors seek to maintain and develop strong, open collaborative and positive relationship with our advisers, suppliers and subcontractors.

Shareholders and other stakeholders

As a privately owned business with a small group of shareholders, the board are keen to understand and meet the objectives of the shareholder s and reflecting these where possible when developing the company's long-term plan.

The directors maintain regular and open relationship and group updates with other stakeholders such as banks and funders, insurers, auditors, HMRC and government.

The company's plans, strategic and policies have been considered by the directors to ensure the the company maintains the highest standards of business conduct.

On behalf of the board

Mr P Gutteridge
Director
19 January 2026
WOOD INTERNATIONAL AGENCY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company during the year was that of a timber agent.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,058,414. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Lamont
Mr M Lamont
Mrs V Lamont
Mrs C Lamont
Mr W Lindenberg
Mr N Harrison
Mr P Gutteridge
Mr G Miller
Mr S Ross
Financial instruments

The company's financial instruments at the balance sheet comprise invoice discounting facilities, cash and liquid resources. The main purpose of these financial instruments are to provide finance for the company's operations. The company has various other financial instruments such as trade debtors and trade creditors, that arise directly from its operations.

The main risks arising from the company's financial instruments are interest rate risk and liquidity risk.

Liquidity risk

The company's objective is to maintain a balance between continuity of funding and the flexible use of funding by way of invoice discounting arrangement, directors loans and similar arrangements. Short term flexibility is achieved by overdraft facilities.

Interest rate risk

The company has a policy to manage any exposure to interest rate fluctuations so as to finance its operations through retained profits and borrowings.

Financial assets

The company has no financial assets other than stock, short-term debtors and cash at bank.

Borrowing facilities

The company has committed borrowing facilities.

Future developments

The company is to continue to build upon the success of it's products to date and to strive for even greater customer satisfaction.

WOOD INTERNATIONAL AGENCY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
Auditor

The auditor, Affinia (Stratford), is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr P Gutteridge
Director
19 January 2026
WOOD INTERNATIONAL AGENCY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WOOD INTERNATIONAL AGENCY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOOD INTERNATIONAL AGENCY LIMITED
- 6 -
Opinion

We have audited the financial statements of Wood International Agency Limited (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 30 April 2025 and of its 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.

- based on the work undertaken in the course of the audit, the strategic report (if any) and directors' report is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WOOD INTERNATIONAL AGENCY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOOD INTERNATIONAL AGENCY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 directors' r esponsibilities s tatement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

WOOD INTERNATIONAL AGENCY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOOD INTERNATIONAL AGENCY LIMITED (CONTINUED)
- 8 -
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.

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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the timber agent sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations

to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they

may involve deliberate concealment or collusion.

WOOD INTERNATIONAL AGENCY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOOD INTERNATIONAL AGENCY LIMITED (CONTINUED)
- 9 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Mark Middleton (Senior Statutory Auditor)
For and on behalf of Affinia (Stratford), Statutory Auditor
Chartered Accountants
19th Floor
1 Westfield Avenue
London
E20 1HZ
19 January 2026
WOOD INTERNATIONAL AGENCY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
80,129,439
70,732,532
Cost of sales
(74,840,982)
(66,109,516)
Gross profit
5,288,457
4,623,016
Administrative expenses
(2,193,556)
(2,017,683)
Other operating income
12,000
12,000
Operating profit
4
3,106,901
2,617,333
Interest receivable and similar income
8
4,479
368
Interest payable and similar expenses
9
(663,080)
(506,084)
Profit before taxation
2,448,300
2,111,617
Tax on profit
10
(680,175)
(551,871)
Profit for the financial year
1,768,125
1,559,746

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WOOD INTERNATIONAL AGENCY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
2025
2024
£
£
Profit for the year
1,768,125
1,559,746
Other comprehensive income
-
-
Total comprehensive income for the year
1,768,125
1,559,746
WOOD INTERNATIONAL AGENCY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
106,881
138,948
Current assets
Stocks
14
11,616,268
4,455,804
Debtors
15
20,937,430
21,798,895
Cash at bank and in hand
216,794
381,015
32,770,492
26,635,714
Creditors: amounts falling due within one year
16
(23,426,403)
(17,033,403)
Net current assets
9,344,089
9,602,311
Net assets
9,450,970
9,741,259
Capital and reserves
Called up share capital
19
4,000
4,000
Profit and loss reserves
9,446,970
9,737,259
Total equity
9,450,970
9,741,259
The financial statements were approved by the board of directors and authorised for issue on 19 January 2026 and are signed on its behalf by:
Mr P Gutteridge
Director
Company registration number 01866287 (England and Wales)
WOOD INTERNATIONAL AGENCY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2023
3,800
9,823,548
9,827,348
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,559,746
1,559,746
Issue of share capital
19
200
-
200
Dividends
11
-
(1,646,035)
(1,646,035)
Balance at 30 April 2024
4,000
9,737,259
9,741,259
Year ended 30 April 2025:
Profit and total comprehensive income
-
1,768,125
1,768,125
Dividends
11
-
(2,058,414)
(2,058,414)
Balance at 30 April 2025
4,000
9,446,970
9,450,970
WOOD INTERNATIONAL AGENCY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(456,867)
750,745
Interest paid
(663,080)
(506,084)
Income taxes paid
(536,968)
(414,092)
Net cash outflow from operating activities
(1,656,915)
(169,431)
Investing activities
Purchase of tangible fixed assets
(17,927)
(119,825)
Proceeds from disposal of tangible fixed assets
-
0
16,084
Interest received
4,479
368
Net cash used in investing activities
(13,448)
(103,373)
Financing activities
Proceeds from issue of shares
-
0
200
Repayment of bank loans
1,356,198
1,776,530
Dividends paid
(2,058,414)
(1,646,035)
Net cash (used in)/generated from financing activities
(702,216)
130,695
Net decrease in cash and cash equivalents
(2,372,579)
(142,109)
Cash and cash equivalents at beginning of year
146,099
288,208
Cash and cash equivalents at end of year
(2,226,480)
146,099
Relating to:
Cash at bank and in hand
216,794
381,015
Bank overdrafts included in creditors payable within one year
(2,443,274)
(234,916)
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 15 -
1
Accounting policies
Company information

Wood International Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wood House, 16 King Edward Road, Brentwood, Essex, CM14 4HL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors foresee the going concern of the business for 12 months from the approval of the financial statement based on the growth and strong performance of the company. Thus, the true directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major sources:

- Timber

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Timber

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the shipment departure date), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Acquired goodwill was written off in equal annul instalments over its useful economic life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% straight line
Motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Inventory impairment

The company makes an estimate of the recoverable value of the cost of inventory.

When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of inventory items and future demands for its products.

Bad debt provisioning

In order to monitor potential credit losses, we perform ongoing credit evaluations of our customer's' financial condition. An allowance for doubtful accounts is maintained for potential credit losses based upon management's assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed periodically to assess the adequacy of the allowance.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Timber Wholesale
80,129,439
70,732,532
2025
2024
£
£
Other significant revenue
Interest income
4,479
368
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
80,129,439
70,732,532
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
68,567
(76,283)
Depreciation of owned tangible fixed assets
49,994
28,790
Profit on disposal of tangible fixed assets
-
(14,642)
Operating lease charges
61,000
57,000
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,500
17,600
For other services
All other non-audit services
3,250
1,950
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administrative
19
17

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
913,965
813,075
Social security costs
42,504
36,921
Pension costs
209,111
413,459
1,165,580
1,263,455
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
420,317
327,445
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
100,000
58,333
Company pension contributions to defined contribution schemes
9,686
5,650

Key management personnel is regards as comprising the board of directors and the total remuneration of key management personnel is disclosed above.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
4
368
Other interest income
4,475
-
0
Total income
4,479
368
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4
368
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
663,080
506,084
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
680,175
551,871
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,448,300
2,111,617
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
612,075
527,904
Tax effect of expenses that are not deductible in determining taxable profit
60,231
46,560
Permanent capital allowances in excess of depreciation
7,869
(22,593)
Taxation charge for the year
680,175
551,871
11
Dividends
2025
2024
£
£
Final paid
2,058,414
1,646,035
12
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2024 and 30 April 2025
267,317
Amortisation and impairment
At 1 May 2024 and 30 April 2025
267,317
Carrying amount
At 30 April 2025
-
0
At 30 April 2024
-
0
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
13
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2024
75,306
99,489
174,795
Additions
17,927
-
0
17,927
At 30 April 2025
93,233
99,489
192,722
Depreciation and impairment
At 1 May 2024
25,275
10,572
35,847
Depreciation charged in the year
16,831
33,163
49,994
At 30 April 2025
42,106
43,735
85,841
Carrying amount
At 30 April 2025
51,127
55,754
106,881
At 30 April 2024
50,031
88,917
138,948
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
11,616,268
4,455,804
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
18,246,340
18,275,445
Other debtors
1,094,640
579,112
Prepayments and accrued income
1,596,450
2,944,338
20,937,430
21,798,895

Included in other debtors is balance of £429,833 (202 4: £429,833) due from related party company. Amounts owed by related party company are interest free and repayable on demand.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
6,350,032
2,785,476
Trade creditors
3,212,278
3,454,616
Corporation tax
437,105
293,898
Other taxation and social security
18,355
21,798
Other creditors
12,079,324
9,778,024
Accruals and deferred income
1,329,309
699,591
23,426,403
17,033,403
17
Loans and overdrafts
2025
2024
£
£
Bank loans
3,906,758
2,550,560
Bank overdrafts
2,443,274
234,916
6,350,032
2,785,476
Payable within one year
6,350,032
2,785,476

The loans are secured against the assets of Wood International Agency Limited, and guaranteed by Wood International Agency Limited.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,846
20,766

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary E of 1p each
360,000
360,000
3,600
3,600
Ordinary B of £1 each
100
100
100
100
Ordinary D of £1 each
100
100
100
100
Ordinary F of £1 each
100
100
100
100
360,400
360,400
4,000
4,000
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
19
Share capital
(Continued)
- 26 -

The Ordinary shares hold no restrictions on the distribution of dividends and the repayment of capital.

The Ordinary B shares carry no rights to vote and shares carry the right to receive a dividend.

The Ordinary E shares carry no rights to vote and will only be entitled to receive a payment of 1p per share.

The Ordinary D shares carry no rights to vote and will only be entitled to receive a payment of £1 per share.

The Ordinary F shares carry no rights to vote and will only be entitled to receive a payment of £1 per share.

20
Financial commitments, guarantees and contingent liabilities

The company is granted a banking facility which is held on a joint and several basis with Wood International (Far East) Limited and W.I.F.E. Holdings Limited. There is a cross guarantee between the company and the above entities for the banking facility.

Outstanding Charges

Charge 0186 6287 0012 created on 13 February 2023 relates to the debt purchase agreement entered into with HSBC Invoice Finance (UK) Limited and is a legal assignment of contract monies. Wood International Agency Limited gives HSBC Invoice Finance (UK) security over the full title guarantee and absolute assignment over rights for any amounts owed under this debt agreement.

This charge is outstanding at the year end.

Charge 0186 6287 0011 created on 25 January 2023 relates to the debt purchase agreement entered into with HSBC Invoice Finance (UK) Limited and contains a fixed charge over the present and future right, title and interest in non-vesting debts and associated rights and absolute assignment of the excluded proceeds and a floating charge over all present and future assets, except charged by way of a fixed charge. The floating charge will become a fixed charge if the asset is in danger of seizure or sale under any legal process.

This charge is outstanding at the year end.

Charge 0186 6287 0010 created on 09 January 2023 relates to the debt purchase agreement entered into with HSBC UK Bank PLC and contains a pledge over the documents and the goods specified in this agreement and absolute assignment over present and future rights as the unpaid seller of goods.

This charge is outstanding at the year end.

Charge 0186 6287 0008 created on 24 January 2022 relates to the debt purchase agreement entered into with HSBC UK Bank PLC and contains a fixed and floating charge, with security provided over all assets (a legal mortgage over all freehold, a first fixed charge over present and future right, title and interest in any freehold, land and other property, all amounts due and owing to Wood International Agency Limited, any credit balance with the HSBC UK Bank PLC and any credit balance with any third party, all goodwill and uncalled capital, all stock, shares, debentures, bonds, loans and other securities, the benefit of all such agreements, the rights under any policies of insurance and all intellectual property. This charge also includes absolute assignment of all rents and other sums due under any lease and any rights under policies of insurance as well as a floating charge over all present and future assets, except charged by way of a fixed charge. The floating charge will become a fixed charge if the asset is in danger of seizure or sale under any legal process or when this debenture becomes enforceable.

This charge is outstanding at the year end.

WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 27 -
21
Related party transactions

Mr M Lamont is also a director of Wood International (Far East) Limited. During the year, the company received management charges from Wood International (Far East) Limited of £12,000 (202 4: £12,000).

The directors of the company are also partners in Wood International Consultancy. The balance due from Wood International Consultancy at the balance sheet date was £60,000 (202 4: £60,000).

The directors of the company are also directors in Amisla Limited. The balance due from Amisla Limited at the balance sheet date was £369,833 (202 4: £369,833).

22
Ultimate controlling party

The ultimate controlling party throughout the year was Mr A Lamont by virtue of his majority holding in the ordinary share capital of the company.

23
Post Balance Sheet Events

A freight supplier asserted a claim for damages against the Company, and the Company lodged a counterclaim, both arising from past freight activities.

At the date of approval of these financial statements, the Directors consider that the outcome of both the claim and the counterclaim remains uncertain. The likelihood and amount of any potential liability of the Company, or any potential recovery by the Company, cannot presently be reliably estimated.

Accordingly, no provision or asset has been recognised in the financial statements. The matter will be kept under review and will be accounted for when the outcome becomes probable and can be reliably measured.

24
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit after taxation
1,768,125
1,559,746
Adjustments for:
Taxation charged
680,175
551,871
Finance costs
663,080
506,084
Investment income
(4,479)
(368)
Gain on disposal of tangible fixed assets
-
(14,642)
Depreciation and impairment of tangible fixed assets
49,994
28,790
Movements in working capital:
Increase in stocks
(7,160,464)
(718,348)
Decrease/(increase) in debtors
861,465
(4,566,318)
Increase in creditors
2,685,237
3,403,930
Cash (absorbed by)/generated from operations
(456,867)
750,745
WOOD INTERNATIONAL AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 28 -
25
Analysis of changes in net debt
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
381,015
(164,221)
216,794
Bank overdrafts
(234,916)
(2,208,358)
(2,443,274)
146,099
(2,372,579)
(2,226,480)
Borrowings excluding overdrafts
(2,550,560)
(1,356,198)
(3,906,758)
(2,404,461)
(3,728,777)
(6,133,238)
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