Woodhart Group Limited Filleted accounts for Companies House (small only)

WOODHART GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10214683

Woodhart Group Limited

Filleted Unaudited Financial Statements

31 March 2023

Woodhart Group Limited

Consolidated Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	632,538	654,162
Investments	6	252	521
		---------	---------
		632,790	654,683

Current assets

Stocks		3,475,024	1,724,828
Debtors	7	2,200,296	2,335,956
Cash at bank and in hand		641,037	416,358
		------------	------------
		6,316,357	4,477,142

Creditors: amounts falling due within one year	8	4,139,075	2,692,412
		------------	------------
Net current assets		2,177,282	1,784,730
		------------	------------
Total assets less current liabilities		2,810,072	2,439,413

Creditors: amounts falling due after more than one year	9	426,385	548,071

Provisions	45,114	51,401
	------------	------------
Net assets	2,338,573	1,839,941
	------------	------------

Capital and reserves

Called up share capital	8	8
Profit and loss account	2,338,565	1,839,933
	------------	------------
Shareholders funds	2,338,573	1,839,941
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Woodhart Group Limited

Consolidated Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:

Mr B Woodhart	Mr M Woodhart
Director	Director

Company registration number: 10214683

Woodhart Group Limited

Company Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	191,198	179,729
Investments	6	260	529
		---------	---------
		191,458	180,258

Current assets

Stocks		542,212	817,605
Debtors	7	781,086	402,988
Cash at bank and in hand		16,029	5,720
		------------	------------
		1,339,327	1,226,313

Creditors: amounts falling due within one year	8	1,297,786	1,300,586
		------------	------------
Net current assets/(liabilities)		41,541	( 74,273)
		---------	---------
Total assets less current liabilities		232,999	105,985

Creditors: amounts falling due after more than one year	9	3,351	9,096
		---------	---------
Net assets		229,648	96,889
		---------	---------

Capital and reserves

Called up share capital	8	8
Profit and loss account	229,640	96,881
	---------	--------
Shareholders funds	229,648	96,889
	---------	--------

The profit for the financial year of the parent company was £ 388,011 (2022: £ 259,195 ).

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Woodhart Group Limited

Company Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:

Mr B Woodhart	Mr M Woodhart
Director	Director

Company registration number: 10214683

Woodhart Group Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodhart House, Unit 4 Carlton Terrace, Portslade, Brighton, BN41 1XF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Woodhart Group Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Work in progress

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 46 (2022: 38 ).

5. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2022	350,000	43,812	625	452,005	68,068	914,510
Additions	–	4,710	6,900	32,365	28,815	72,790
Disposals	–	( 1,333)	–	( 19,990)	( 2,105)	( 23,428)
	---------	--------	-------	---------	--------	---------
At 31 Mar 2023	350,000	47,189	7,525	464,380	94,778	963,872
	---------	--------	-------	---------	--------	---------
Depreciation
At 1 Apr 2022	–	23,672	17	203,237	33,422	260,348
Charge for the year	–	9,226	1,641	67,821	13,152	91,840
Disposals	–	( 1,332)	–	( 18,449)	( 1,073)	( 20,854)
	---------	--------	-------	---------	--------	---------
At 31 Mar 2023	–	31,566	1,658	252,609	45,501	331,334
	---------	--------	-------	---------	--------	---------
Carrying amount
At 31 Mar 2023	350,000	15,623	5,867	211,771	49,277	632,538
	---------	--------	-------	---------	--------	---------
At 31 Mar 2022	350,000	20,140	608	248,768	34,646	654,162
	---------	--------	-------	---------	--------	---------

Company	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022	23,671	625	173,013	17,757	215,066
Additions	4,710	6,900	32,365	28,815	72,790
Disposals	–	–	–	( 497)	( 497)
	--------	-------	---------	--------	---------
At 31 March 2023	28,381	7,525	205,378	46,075	287,359
	--------	-------	---------	--------	---------
Depreciation
At 1 April 2022	4,211	17	29,178	1,931	35,337
Charge for the year	8,789	1,641	41,967	8,632	61,029
Disposals	–	–	–	( 205)	( 205)
	--------	-------	---------	--------	---------
At 31 March 2023	13,000	1,658	71,145	10,358	96,161
	--------	-------	---------	--------	---------
Carrying amount
At 31 March 2023	15,381	5,867	134,233	35,717	191,198
	--------	-------	---------	--------	---------
At 31 March 2022	19,460	608	143,835	15,826	179,729
	--------	-------	---------	--------	---------

In March 2022 the Directors requested a valuation from John Hilton an established estate agent since 1972 based in Brighton.

6. Investments

Group	Other loans
	£
Cost
At 1 April 2022	521
Disposals	( 269)
	----
At 31 March 2023	252
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----

Carrying amount
At 31 March 2023	252
	----
At 31 March 2022	521
	----

Company	Other investments other than loans	Other loans	Total
	£	£	£
Cost
At 1 April 2022	8	–	8
Additions	–	252	252
	----	----	----
At 31 March 2023	8	252	260
	----	----	----
Impairment
At 1 April 2022 and 31 March 2023	–	–	–
	----	----	----

Carrying amount
At 31 March 2023	8	252	260
	----	----	----
At 31 March 2022	8	–	8
	----	----	----

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Woodhart Carpentry Limited	Ordinary	100
Woodhart Construction Limited	Ordinary	100
Woodhart Lofts and Extensions Limited	Ordinary	100

7. Debtors

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Trade debtors	301,886	814,922	–	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	555,273	248,651
Other debtors	1,898,410	1,521,034	225,813	154,337
	------------	------------	---------	---------
	2,200,296	2,335,956	781,086	402,988
	------------	------------	---------	---------

8. Creditors: amounts falling due within one year

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Bank loans and overdrafts	112,845	112,845	–	–
Trade creditors	1,406,973	744,442	266,935	124,777
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	–	865,503	1,097,697
Corporation tax	59,851	38,604	–	–
Social security and other taxes	148,116	56,302	146,551	55,213
Other creditors	2,411,290	1,740,219	18,797	22,899
	------------	------------	------------	------------
	4,139,075	2,692,412	1,297,786	1,300,586
	------------	------------	------------	------------

9. Creditors: amounts falling due after more than one year

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Bank loans and overdrafts	423,034	532,591	–	–
Other creditors	3,351	15,480	3,351	9,096
	---------	---------	-------	-------
	426,385	548,071	3,351	9,096
	---------	---------	-------	-------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr B Woodhart	( 175,856)	37,827	( 138,029)
Mr M Woodhart	( 179,459)	28,760	( 150,699)
	---------	--------	---------
	( 355,315)	66,587	( 288,728)
	---------	--------	---------

	2022
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr B Woodhart	( 185,353)	9,497	( 175,856)
Mr M Woodhart	( 189,677)	10,218	( 179,459)
	---------	--------	---------
	( 375,030)	19,715	( 355,315)
	---------	--------	---------

11. Controlling party

The group was controlled throughout the year by B Woodhart and M Woodhart by virtue of their shareholdings.