ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
|
Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors present the Strategic Report of Woodland Global Ltd (the "Company") for the year ended 31 December 2022.
The principal activities of the Company continue to be shipping, international freight forwarding, warehousing, fulfilment, transport, and distribution. The Company is a proud member of the Woodland Group.
The Company is more than just a logistics and supply chain company. Independently owned, we continuously challenge ourselves and our teams to innovate and adapt, provide expert solutions, and create opportunities for clients, team members, partners, and communities. Our culture thrives on a drive for excellence and innovation, collaboration, agility through independence, opportunities to learn and develop, our diversity and relationship building, and our desire to bring skills and passion to a quickly changing and fast-paced environment.
The Company’s key performance indicators (KPIs) are turnover, gross profit, operating profit and profit before tax.
2022 saw reduced revenues for the Company as the costs of moving freight for our customers reduced across the world. Coupled with increased space availability this had the effect of reducing our gross margin from the previous year despite continuing strong demand from our customers. The results of the Company are set out on page 12. The operating profit is £8,985,905 (2021 - £14,614,130) and profit before tax was £8,627,638 (2021 - £16,076,423). The year ended 31 December 2022 saw a reduction in revenue to £162,707,211 (2021 - £192,743,944) and a reduction in gross profit to £29,009,543 (2021 - £33,493,662). Additional warehouse capacity was taken on during the year to better serve our customers and this increased our overheads accordingly. Good client wins and increased warehouse activity, offset by the reduction in freight pricing from the shipping industry and the airlines all contributed to an excellent set of results for the year.. The Company continues to have a strong Balance Sheet with net assets standing at £17,140,786 at 31 December 2022 (2021 - £12,194,769). During the year, the Company disposed of its investment property at market value.
The Company uses other key performance indicators such as customer satisfaction ratings, on time delivery indicators, and first time pick accuracy rates to monitor and manage performance, thereby ensuring continued success.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Digitalisation is continuing to transform the supply chain industry and the Woodland Group has been investing in a number of digital solutions over the years to provide agile, trackable and carbon conscious solutions to our clients. From reducing inefficiencies and the industry’s undeniable environmental impact to improving operational efficiency, highlighting supply chain deficiencies and opportunities, delivering a better customer experience, communication flow and increased transparency of the entire supply chain, our digital development and focus on data analysis to better forecast and protect our customers' supply chains play a key role in meeting our clients’ needs through quickly changing times.
Environmental, Social Governance (ESG) is very much at the forefront of what Woodland delivers upon. We have issued our first ESG report and a copy can be found on our website at 2022-sustainability-report-woodland. Here we outline our social, environmental and governance credentials as well as reviewing our energy emissions. In April 2022 we completed the EcoVadis assessment, EcoVadis is a global sustainability rating company which validates corporate adherence to 21 recognized CSR criteria which follow verifiable international CSR standards (the Global Compact Principles, the International Labour Organization conventions, the Global Reporting Initiative standard, the ISO 26000). Going through this assessment meant answering 31 pages of questions and adding documentation and proof of ‘policies in action’ to support every answer covering Human Rights, Equality, Diversity and Inclusion, Training, Health and Safety, Environmental reporting, accreditations and initiatives, Ethics, IT security and sustainable procurement, which includes environmental choices such as choosing to procure sustainable/recycled materials etc following our assessment we were awarded bronze EcoVadis status. Twelve months later in May 2023 we achieved a gold rating from EcoVadis. This places Woodland amongst the top 5% of the 90,000+ companies that have been assessed through the program thus far.
The Directors have taken steps over the last few years to minimise the impact on the business of risks which had previously been identified. Risk reviews are undertaken in order that management can deal with any issues as they arise.
Liquidity risk: The Company manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of its business. Interest rate risk: The Company has exposure to fair value interest rate risk on its fixed rate leases and cash flow interest rate risk on floating rate deposits or bank overdrafts. The Company has no borrowings save for leases which are either fixed rate agreements or capitalised at inception at a fixed rate. Foreign currency risk: The effect of the UK leaving the European Community has resulted in more volatility in the sterling exchange rates and this has also had the effect of increasing costs for our ocean and air services. Furthermore, the ongoing Russia/Ukraine conflict has greatly increased uncertainty in FX markets in more recent times. The Company's principal foreign currency exposures arise from trading operations in overseas countries. Hedging contracts are taken out on foreign currencies where thought necessary in addition to using cash receipts in a particular currency to pay for expenditure incurred in that currency.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Credit risk:
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on a weekly basis and provision is made for doubtful debts where necessary. Commercial and pricing risk: All commercial cost exposures are managed by a constant review of the prices charged so as to ensure that not only are they competitive but that we also make a recovery. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on a weekly basis and provision is made for doubtful debts where necessary.
The Directors continue to have regard to the interests of the Company’s wider stakeholders, in accordance with section 172(1) of the Companies Act 2006. The Directors consider the following to be key stakeholders to the Company;
Customers: As part of our philosophy we engage with our clients to seek better solutions for their supply chain. To clients, we deliver:
∙Opportunity to reshape their supply chains and streamline processes (through health checks for example);
∙Opportunity for quick global growth through partners, and exposure to best- in- class local market experts;
∙Opportunity to enter brand-new markets through our extensive IT offering and global partner network;
∙Value added offering to deliver on their missions, whether environmental, social, efficiency or financial;
∙We make the connections, so they don’t have to, making their supply chain management easy so they have opportunity to focus on growing the business;
∙Through our diverse offering and huge database, we create opportunities for clients to look at alternative solutions and use us to benchmark many service and pricing opportunities;
∙Visibility and transparency giving the client opportunity to make fast decisions, plan ahead, change route, mode or even sourcing structure;
∙Business to Business (B2B) introductions facilitating further benefits and business growth; and
∙B2B and Business to Consumer (B2C) growth opportunities through our digital capabilities.
Suppliers:
To suppliers and partners, we deliver:
∙Opportunity to develop their offering and grow with us, as we partner them rather than treat them just as ‘suppliers’;
∙Share training and learning material to help facilitate growth;
∙B2B introductions to other partners/clients/networks;
∙Opportunity to get involved in public relations and marketing activities at social, environmental and community level;
∙Make use of resources and teams for joint initiatives and growth projects;
∙Access to and collaborative build of impact reports; and
∙IT integrations and software development.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Employees:
In addition to our investment in people, the Company regularly engages with Woodlanders using surveys, both through formal communication methods as well as informal ones. Woodlanders are encouraged to support Panathlon and Essex and Herts Air Ambulance Trust, two of the Company’s longstanding chosen charities, by being given time off to support their activities. Woodlanders receive regular personal and professional development reviews with their line managers as well as training resources delivered either online, in classrooms or on a one-to-one basis.
Shareholders:
Company management attend monthly management meetings to discuss individual subsidiary’s results and plans so as to ensure co-ordination with the Group’s overall strategic objectives. In addition to the regular management meetings held, the ultimate shareholder holds regular meetings with management and staff.
Local communities:
The Company supports Panathlon and Essex and Herts Air Ambulance Trust on a national basis and other local charities through local events organised by staff at our regional offices.
Environment:
The Company is committed to minimising its effect on the environment and reducing its carbon footprint wherever possible. As stated above, we have invested many energy saving schemes and are better measuring our carbon footprint following the introduction of the carbon footprint calculator. We have reduced and changed our packaging materials to be less harmful to the environment.
As a result of these activities, the Directors believe that they have demonstrated compliance with their legal duty under s172(1) of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors present their report and the financial statements for the year ended 31 December 2022.
The Directors who served during the year were:
The profit for the year, after taxation, amounted to £6,946,017 (2021 - £13,343,463).
The Company declared and paid a dividend of £2,000,000 in respect of the year ended 31 December 2022 (2021 - £7,159,500) in respect of the year ended 31 December 2021). The total dividend was £44.44 per share (2021 - £159.10 per share).
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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;
∙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 to 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.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company is an equal opportunity employer and bases decisions on individual ability regardless of race, religion, gender, age, disability, belief, sexual orientation or marital status. The Company's policy is designed to ensure that, as far as possible, opportunities for training, career development and prospects of disabled persons should be identical to those for other employees. Employees are kept informed of the financial and economic performance of the Company by means of regular briefings and prospects of disabled persons should be identical to those for other employees.
The Company has made qualifying third-party indemnity provisions for the benefit of its Directors and senior managers during the year. These provisions remain in force at the reporting date.
A carbon and energy report which includes the Company has been set out in the financial statements of the ultimate parent company, Woodland Group Holdings Limited, which are publicly available on our website here https://www.woodlandgroup .com/uk/reports /sustainability-report -2022.
There have been no significant events affecting the Company since the year end.
Following a rebranding exercise on 15 May 2023 the trading name of the company’s independent auditor changed from MHA MacIntyre Hudson to MHA. Under section 487(2) of the Companies Act 2006, MHA will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
The Directors have chosen, in accordance with section 414c (11) of the Companies Act 2006 to include the Strategic Report matters otherwise required to be disclosed in the Directors’ Report as the Directors consider these to be of strategic importance to the Company. These matters include:
∙Principal risks and uncertainties
∙Future developments
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the Board and signed on its behalf.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LTD
We have audited the financial statements of Woodland Global Ltd (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report 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.
In the light of the 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 or the Directors' Report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LTD (CONTINUED)
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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of the entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business for reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LTD (CONTINUED)
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
Statutory Auditor
Colchester, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
REGISTERED NUMBER: 02278005
BALANCE SHEET
AS AT 31 DECEMBER 2022
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
REGISTERED NUMBER: 02278005
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Woodland Global Ltd (the 'Company') is a private Company limited by shares incorporated and domiciled in England and Wales (Company Registration Number: 02278005). Its registered office is Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF.
2.Accounting policies
The Company is exempt under Section 400 of the Companies Act 2006 from the requirement to prepare Group financial statements. These financial statements present information about the Company as an individual undertaking and not the Group. Woodland Group Holdings Limited, the ultimate parent company, produces consolidated accounts which include this entity and its subsidiaries.
The financial statements are rounded to the nearest pound. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see Note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙The requirement to publish a Statement of Cash Flows and related notes;
∙The requirement to disclose the future impact of new but not yet effective IFRSs;
∙The requirement to disclose compensation for key management between short term employee benefits, post-employment benefits and other long-term benefits;
∙Disclosure of the categories of financial instruments and nature and extent of risks arising on these financial instruments;
∙Disclosure of the objectives, policies and processes for managing capital;
∙Related party disclosures for transactions with the parent or wholly owned members of the Group;
∙Certain disclosures required under IFRS15 "Revenue from contracts with customers", including disaggregation of revenue, details of changes in contract assets and liabilities, and details of incomplete performance obligations;
∙For investment properties measured at fair value, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements on the result for the period and the impact of credit risk on the fair value;
∙Comparative period reconciliations for share capital; and
∙The requirement to provide detailed comparative information for tangible fixed assets.
This information is included in the consolidated financial statements of Woodland Group Holdings Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. The Company has net current assets of £12,373,610 (2021 - £8,381,413) and net assets of £17,140,786 (2021 - £12,194,769).
The Company has and continues to consider the impact of the Russia/Ukraine conflict on the operational and financial performance of its business. The Company’s financial forecasts, taking into consideration the current environment, show that the Company is expected to remain profitable and generate positive cash flows giving the Company the ability to operate for the foreseeable future. We continue to closely monitor the ongoing situation, staying alert to the impact of any economic recession on the trading position of the Company and our principal customers. Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Functional and presentation currency
Transactions and balances
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Basic financial instruments are initially recognised at transaction cost and then subsequently at amortised cost. For short term items discounting is not applied and they will be stated at the amount of cash expected to be paid or received.
Basic financial instruments include: • Cash • Demand and fixed-term deposits when the entity is the depositor • Accounts, notes and loans receivable and payable • Investments in non-convertible preference shares and non-puttable ordinary and preference shares The Company only holds basic financial instruments.
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Financial assets
Amortised cost
Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.
Impairment of financial assets
Financial liabilities
At amortised cost
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accruals for consignment costs
The level of accruals for consignment costs is estimated based on individual job costings, with a reasonable allocation of time afforded by the Directors for the final cost invoices to be received and reconciled prior to closing the consignment and actualising the final level of accrual.
Lease accounting
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
The whole of the turnover is attributable to freight forwarding, warehousing and fulfilment services.
Analysis of turnover by geographical market
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12.Taxation (continued)
An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and will take effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14.Tangible fixed assets (continued)
Page 29
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 30
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Subsidiary undertakings (continued)
Page 31
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 32
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 34
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Capital redemption reserve
Non-distributable reserve
Retained earnings
The Company has entered into an intercompany guarantee for banking facilities with certain fellow group and related party undertakings totalling £5,092,069 (2021 - £6,711,753) at the year end. This includes overdraft facilities of £4,000,000 (2021 - £4,000,000) which were undrawn at the 31 December 2022. In addition, the Group held United Kingdom and Irish customs bonds amounting to £997,601 (2021 - £997,601).
The Company has entered into an intercompany guarantee for the VAT payments due with certain fellow group companies and the amount receivable at the year end amounted to £297,758 (2021 payable - £191,326).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £180,381 (2021 - £154,806). Contributions totalling £41,680 (2021 - £46,872) were payable to the fund at the Balance Sheet date and is included within other creditors.
Page 35
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 36
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
WOODLAND GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company's ultimate parent is Woodland Group Holdings Limited (Company Registered Number: 14078193), a company incorporated in England and Wales. The immediate parent company is Woodland Group Limited (Company Registered Number: 05455052), a company incorporated in England and Wales.
The smallest and largest group of undertakings for which consolidated accounts have been drawn up is Woodland Group Holdings Limited. The consolidated financial statements of Woodland Group Holdings Limited are publicly available and can be obtained from Companies House. The registered office of Woodland Group Holdings Limited is Arlington House, West Station Business Park, Spital Road, Maldon, CM9 6FF. Mr K G Stevens is this Company's ultimate controlling party by virtue of his majority shareholding in the ultimate parent company.
Page 37
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||