Woodward-Kelly__Co_Limited_28_Feb_2023_companies_house_set_of_accounts.html
Woodward-Kelly__Co_Limited_28_Feb_2023_companies_house_set_of_accounts.html
Company registration number:
Report to the board of directors on the preparation of the unaudited statutory financial statements of Woodward-Kelly & Co Limited
Year ended 28 February 2023
As described on the statement of financial position, the Board of Directors of Woodward-Kelly & Co Limited are responsible for the preparation of the financial statements for the year ended 28 February 2023 , which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
Egerton House55 Hoole RoadChesterCH2 3NJUnited Kingdom
Statement of Financial Position
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
|
|
||
| Current assets | |||||
| Stocks |
|
|
|||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: amounts falling due within one year | 7 |
(
|
) |
(
|
) |
| Net current assets |
|
|
|||
| Total assets less current liabilities | 38,033 | 13,667 | |||
| Creditors: amounts falling due after more than one year | 8 |
(
|
) |
(
|
) |
| Net assets/(liabilities) |
|
(
|
) | ||
| Capital and reserves | |||||
| Called up share capital |
|
|
|||
| Profit and loss account |
|
(
|
) | ||
| Shareholders funds/(deficit) |
|
(
|
) | ||
For the year ending 28 February 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.
These 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.
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
| Director |
Company registration number:
06002617
Notes to the Financial Statements
Year ended 28 February 2023
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Egerton House , 55 Hoole Road , Chester , CH2 3NJ , England.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.
Current tax
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.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Fixtures and fittings | |
| Office equipment | |
| Motor vehicles |
Impairment
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.
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 stocks to their present location and condition.
4 Average number of employees
The average number of persons employed by the company during the year was 1 (2022: 1 ).
5 Tangible assets
| Plant and machinery etc. | ||
|---|---|---|
| £ | ||
| Cost | ||
| At |
|
|
| Additions |
|
|
| At |
|
|
| Depreciation | ||
| At |
|
|
| Charge |
|
|
| At |
|
|
| Carrying amount | ||
| At |
|
|
| At 28 February 2022 |
|
|
6 Debtors
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors |
|
|
||
| Other debtors |
|
|
||
|
|
|
|||
7 Creditors: amounts falling due within one year
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts |
|
|
||
| Taxation and social security |
|
|
||
| Other creditors |
|
|
||
|
|
|
|||
8 Creditors: amounts falling due after more than one year
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts |
|
|
||
| Other creditors |
|
(
|
) | |
|
|
|
|||