European Wood Products Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02533479 (England and Wales)

Financial Statements for the Year Ended 28 February 2022

for

European Wood Products Limited

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

P Bailey

Mrs A H Bailey

N Bailey

C Faragher

J Swift

REGISTERED OFFICE:

Langley Road

Burscough Industrial Estate

Ormskirk

Lancashire

L40 8JR

REGISTERED NUMBER:

02533479 (England and Wales)

ACCOUNTANTS:

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of European Wood Products Limited for the year ended 28 February 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of European Wood Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of European Wood Products Limited and state those matters that we have agreed to state to the Board of Directors of European Wood Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than European Wood Products Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that European Wood Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of European Wood Products Limited. You consider that European Wood Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of European Wood Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kinsella Clarke Limited

61 Stanley Road

Bootle

Merseyside

L20 7BZ

22 November 2022

FIXED ASSETS

Tangible assets

4

213,754

242,804

CURRENT ASSETS

Stocks

325,478

260,136

Debtors

5

4,506,802

4,435,683

Cash at bank and in hand

494,639

940,951

5,326,919

5,636,770

CREDITORS

Amounts falling due within one year

6

1,081,636

1,583,333

NET CURRENT ASSETS

4,245,283

4,053,437

TOTAL ASSETS LESS CURRENT LIABILITIES

4,459,037

4,296,241

CREDITORS

Amounts falling due after more than one year

7

(197,343

)

(245,832

)

PROVISIONS FOR LIABILITIES

(38,147

)

(43,252

)

NET ASSETS

4,223,547

4,007,157

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

4,223,545

4,007,155

SHAREHOLDERS' FUNDS

4,223,547

4,007,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2022 and were signed on its behalf by:

P Bailey - Director

1.	STATUTORY INFORMATION

European Wood Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2021 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2021

890,117

106,144

98,459

147,315

1,242,035

Additions

10,355

850

-

1,760

12,965

At 28 February 2022

900,472

106,994

98,459

149,075

1,255,000

DEPRECIATION

At 1 March 2021

702,498

85,706

94,587

116,440

999,231

Charge for year

29,695

3,193

968

8,159

42,015

At 28 February 2022

732,193

88,899

95,555

124,599

1,041,246

NET BOOK VALUE

At 28 February 2022

168,279

18,095

2,904

24,476

213,754

At 28 February 2021

187,619

20,438

3,872

30,875

242,804

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST

At 1 March 2021

and 28 February 2022

153,500

DEPRECIATION

At 1 March 2021

92,924

Charge for year

6,790

At 28 February 2022

99,714

NET BOOK VALUE

At 28 February 2022

53,786

At 28 February 2021

60,576

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Trade debtors

857,460

789,598

Amounts owed by group undertakings

3,568,412

3,539,302

Other debtors

80,930

106,783

4,506,802

4,435,683

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Bank loans and overdrafts

45,000

95,142

Trade creditors

678,954

846,483

Taxation and social security

279,739

591,651

Other creditors

77,943

50,057

1,081,636

1,583,333

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.22

28.2.21

£

£

Bank loans

197,343

245,832

8.	SECURED DEBTS

Svenska Handelsbanken AB hold a debenture on the bank's standard form to support an inter company guarantee between European Wood Products Limited and Lyons 3 Limited.