Registration number:
for the
Year Ended 31 December 2025
Woodco Group Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Woodco Group Limited
Company Information
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Directors |
Ben Doouss Mark Doouss Glenn Doouss |
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Registered office |
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Auditors |
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Woodco Group Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is the wholesale of fitted bathroom furniture, vanity furniture, sanitaryware, brassware, mirrors and lighting, and bathroom accessories.
Fair review of the business
The results for the year which are set out in the profit and loss account show turnover of £27,141,606 (2024 - £23,794,637) and an operating profit of £3,213,468 (2024 - £2,945,553). At 31 December 2025 the company had net assets of £10,803,063 (2024 - £11,012,285).
The directors consider the performance for the year and the financial position at the year end to be satisfactory.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£'000 |
27,142 |
23,795 |
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Margin before administrative and overhead costs |
% |
25 |
27 |
|
Operating profit before exceptional administrative expenses |
£'000 |
3,213 |
2,946 |
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Net assets |
£'000 |
10,803 |
11,012 |
Significant Events
As part of the Group's restructuring activities, the trade and assets of Faith Furniture Company Limited were transferred into Woodco Group Limited on 1 January 2026.
The hive up resulted in a review of the recoverability of the intercompany balance due from Faith Furniture Company Limited and, following this assessment, the directors concluded that an impairment was required.
The resulting impairment charge of £1.36 million is a non-cash accounting adjustment and does not affect the Company's underlying trading performance or cash generation, both of which remained strong during the year.
Principal risks and uncertainties
The directors have considered the key risks facing the business and concluded as follows:
Inventory Management
The Company is exposed to risks associated with holding inventory, including obsolescence, damages and fluctuations in demand. Poor inventory management may result in increased costs, reduced margins, or stock shortages that affect customer service levels.
Inventory levels are monitored on an ongoing basis to ensure appropriate stock holdings are maintained while minimising excess inventory exposure.
Cybersecurity and Information Technology
The Company relies on information technology systems to support its operations and customer service activities. A cyberattack, data breach, or significant systems failure could disrupt operations, lead to loss of data, and damage the Company's reputation.
Appropriate security controls, backup procedures, and monitoring processes are maintained to reduce the likelihood and impact of such incidents.
Customer Demand and Market Competition
The Company's performance is influenced by market demand and the competitive environment in which it operates. Changes in customer preferences, increased competition, market consolidation, or pricing pressures may reduce revenues and profit margins.
Management continually monitors market trends and customer requirements to ensure the Company's products and services remain competitive and aligned with customer expectations.
Woodco Group Limited
Strategic Report for the Year Ended 31 December 2025
Approved by the
Director
Woodco Group Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's financial instruments comprise cash and cash equivalents, trade receivables, trade payables and other items that arise directly from its operations. The principal purpose of these financial instruments is to provide finance for the company's operations and to manage its working capital requirements.
The main risks arising from the company's financial instruments are foreign currency risk, credit risk and liquidity risk. The directors regularly review and agree policies for managing these risks.
Price and foreign exchange risk
A number of the company's purchases are transacted in non-sterling currencies. As a result, exchange rate fluctuations impact on the results and cash flows of the company. Fluctuations in exchange rates are carefully monitored by the directors.
Credit risk
The company offers certain of its customers credit. Before credit terms are agreed, an assessment of the customer's credit rating is undertaken to ensure the company is not exposed to major credit risk. Credit limits are set accordingly.
Liquidity risk
The directors monitor cash flows to ensure the company is able to meet its operational requirements. The financial statements have been prepared on a going concern basis and the directors are confident that the company will meet its financial obligations over the next 12 months and beyond. It is expected that the company will continue in business for the foreseeable future and continued growth is anticipated.
Future developments
The directors are confident that company will report continued growth and strong earnings performance.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue to operate for the foreseeable future.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources available to continue in operational existence for at least 12 months from the date of approval of the financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Important adjusting events after the financial period
On 1 January 2026, the trade and assets of Faith Furniture Company Limited, a fellow subsidiary, were hived across into Woodco Group Limited.
Management have undertaken an impairment review in relation to the loan due from Faith Furniture Company Limited having considered that indicators exist for a decrease in the carrying value of the asset. The impairment review considered the amounts the company was to receive as a result of the hive across. Based upon this an impairment of £1,362,230 has been reflected in the financial statements.
Woodco Group Limited
Directors' Report for the Year Ended 31 December 2025
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Woodco Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Woodco Group Limited
Independent Auditor's Report to the Members of Woodco Group Limited
Opinion
We have audited the financial statements of Woodco Group Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Woodco Group Limited
Independent Auditor's Report to the Members of Woodco Group Limited
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page 6, 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.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the Company’s industry and its control environment and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the Company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; and |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations. |
Woodco Group Limited
Independent Auditor's Report to the Members of Woodco Group Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this 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.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Woodco Group Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
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Distribution and selling costs |
( |
( |
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Profit before administrative and overhead costs |
6,601,434 |
6,397,131 |
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Administrative expenses |
( |
( |
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Other operating income |
|
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Operating profit before exceptional costs |
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|
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Exceptional administrative expenses |
(1,362,230) |
- |
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Operating profit |
1,851,238 |
2,945,553 |
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Other interest receivable and similar income |
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Interest payable and similar charges |
- |
( |
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Profit before tax |
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Taxation |
( |
( |
|
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no other comprehensive income for the year.
Woodco Group Limited
(Registration number: 11029094)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Deferred tax liabilities |
(253,908) |
(197,852) |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
Director
Woodco Group Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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- |
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Prior period adjustment |
- |
|
( |
( |
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At 1 January 2024 (As restated) |
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|
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 December 2024 (As restated) |
100 |
4,440,000 |
6,572,185 |
11,012,285 |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2025 |
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Prior period adjustment |
- |
- |
( |
( |
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At 1 January 2025 (As restated) |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 December 2025 |
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Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
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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 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The company's intermediate and ultimate parent undertaking, Woodco Group Holdings Ltd includes the company in its consolidated financial statements. The consolidated financial statements of Woodco Group Holdings Ltd are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemption available under FRS102 in respect of the requirement to prepare a statement of cash flows and disclosures in relation to financial instruments.
Name of parent of group
These financial statements are consolidated in the financial statements of Woodco Group Holdings Ltd.
The financial statements of Woodco Group Holdings Ltd may be obtained from the company's registered office.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue to operate for the foreseeable future.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources available to continue in operational existence for at least 12 months from the date of approval of the financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Adjusting events after the financial period
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On 1 January 2026, the trade and assets of Faith Furniture Company Limited, a fellow subsidiary, were hived across into Woodco Group Limited.
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Prior period adjustments
In the year ended 31 December 2023. no Capital Redemption Reserve had been recognised for the repurchase of preference shares made at par. The comparative information has therefore been restated to present an undistributable Capital Redemption Reserve at 1 January 2024 and 31 December 2024 of £4,440,000 with a corresponding reduction in the Profit and Loss Account.
During the current year, it was identified that dividends paid in the years ended 31 December 2023 and 31 December 2024 had been understated. The comparative information has been restated to correct the error through a prior year adjustment.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer, which is upon delivery of the product.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
Management regularly reviews the nature, condition and expected saleability of the inventory held by the company. Provisions are made for specific stock lines that are non-moving. In addition an ongoing provision is recognised for slow moving stock lines and items that are now discontinued or pending discontinuation from the company's brochures.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
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Leasehold improvements |
10 - 20 years straight line |
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Fixtures and fittings |
4 years straight line |
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Motor vehicles |
4 years straight line |
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Plant and machinery |
4 years straight line |
|
Office equipment |
4 years straight line |
Intangible assets
Separately acquired computer software and copyright assets are shown at historical cost.
Computer software and copyright intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Computer software and copyright assets |
3 years straight line |
Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
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.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense (included in administrative expenses) |
|
|
|
Profit on disposal of property, plant and equipment |
(40,680) |
(58,701) |
|
Foreign exchange losses |
|
|
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration, distribution and fitters |
|
|
|
Recharged to other group entities |
|
- |
|
156 |
123 |
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
|
|
521,517 |
796,756 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
28,074 |
- |
|
Total deferred taxation |
|
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
( |
( |
|
Adjustments to tax charge in respect of previous periods - deferred tax |
|
- |
|
Total tax charge |
|
|
Deferred tax balances have been calculated at the enacted rate of 25%
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Intangible assets |
|
Computer software and copyright assets |
|
|
Cost |
|
|
At 1 January 2025 |
|
|
Additions |
|
|
At 31 December 2025 |
|
|
Amortisation |
|
|
At 1 January 2025 |
|
|
Amortisation charge |
|
|
At 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Leasehold improvements |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Office equipment |
Total |
|
|
Cost |
||||||
|
At 1 January 2025 |
|
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
|
Disposals |
- |
- |
( |
- |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2025 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2025 |
|
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Stocks |
|
2025 |
2024 |
|
|
Finished goods |
|
|
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Amounts owed by group companies |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Amounts owed by group companies includes an unsecured loan of £3,000,000 (2024 - £1,200,000) on which there are no fixed repayment terms and interest is receivable at a rate of 2.5% above the bank of England base rate. An impairment charge of £1,362,230 (2024 - £nil) has been recognised against this balance to reduce the carrying amount to £1,637,770 (2024 - £1,200,000).
|
Creditors |
|
Note |
2025 |
(As restated) |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
13,569 |
492,052 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £128,675 (2024 - £112,903).
Contributions totalling £34,016 (2024 - £25,480) were payable to the scheme at the end of the year and are included in creditors.
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
28.34 |
|
28.34 |
|
|
|
5.00 |
|
5.00 |
|
|
|
28.33 |
|
28.33 |
|
|
|
5.00 |
|
5.00 |
|
|
|
28.33 |
|
28.33 |
|
Ordinary F of £0.01 each |
500 |
5.00 |
500 |
5.00 |
|
|
|
|
100 |
|
The different classes of Ordinary shares rank pari passu in all respects to voting. The board has discretion over dividends and amounts may be varied across classes. These are non-redeemable shares.
Upon winding up of the company any amounts distributed to the members would firstly be used to repay amounts paid up on the Ordinary A and Ordinary B, with the shares ranking pari passu with each other. Subsequently, amounts paid up on the Ordinary C, D, E and F shares would be repaid.
|
Reserves |
Called up share capital
This represents the nominal value of the issued share capital of the company.
Capital redemption reserve
This reserve represents the nominal value of shares repurchased by the company.
Retained earnings
This reserve includes all current and prior period retained profits and losses, net of dividends paid and other adjustments.
|
Dividends |
|
2025 |
(As restated) |
|
|
Dividends paid |
1,727,000 |
1,722,500 |
Woodco Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Summary of transactions with key management
During the year rent of £200,000 (2024 - £300,000) was paid to a director of the company in respect of the rental of the business premises.
Summary of transactions with companies under common control of the directors
During the year the company made sales of £6,000 (2024 - £6,000) for consultancy services provided to companies under common control of the directors.
At the balance sheet date the amount due from companies under common control was £600 (2024 - £1,200).
|
Parent and ultimate parent undertaking |
The company’s immediate and ultimate parent is Woodco Group Holdings Ltd (incorporated in the United Kingdom). The most senior parent entity producing publicly available financial statements is Woodco Group Holdings Limited. These financial statements are available upon request from Straight Mile House, Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF. The ultimate controlling party is B Doouss, a director of the company.