Company No: SC559158 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	379,062		415,714
		379,062		415,714
Current assets
Debtors	4	84,181		60,000
Cash at bank and in hand	5	471		37,593
		84,652		97,593
Creditors: amounts falling due within one year	6	( 351,564)		( 352,412)
Net current liabilities		(266,912)		(254,819)
Total assets less current liabilities		112,150		160,895
Creditors: amounts falling due after more than one year	7	( 19,991)		( 28,667)
Provision for liabilities	8	( 5,459)		( 5,284)
Net assets		86,700		126,944
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		86,600		126,844
Total shareholder's funds		86,700		126,944

For the financial 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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Woodshed (r&d) Limited (registered number: SC559158) were approved and authorised for issue by the Director on 14 December 2023. They were signed on its behalf by:

Peter Barnes Moyes Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Woodshed (r&d) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 37 Albyn Place, Aberdeen, AB10 1YN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The balance sheet shows net current liabilities of £266,912 (2022 - £254,819) mainly due to loans from directors. However, the directors have confirmed that they will not seek repayments of their loans until all due debts have been paid. The directors have confirmed that on a temporary basis they will provide adequate resources to ensure that the company continues its operational existence. In reaching this conclusion, particular attention has been paid to the period of 12 months from the date of approval of the financial statements, and therefore they have been prepared on a going concern basis.

Turnover

Turnover represents rental income receivable for the research facility and is recognised on an accruals basis where it is allocated to accounting periods so as to reflect a constant periodic rate of return on the company's net investment outstanding in respect of leases.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements

15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Leasehold improve- ments		Total
	£		£
Cost
At 01 April 2022	549,775		549,775
At 31 March 2023	549,775		549,775
Accumulated depreciation
At 01 April 2022	134,061		134,061
Charge for the financial year	36,652		36,652
At 31 March 2023	170,713		170,713
Net book value
At 31 March 2023	379,062		379,062
At 31 March 2022	415,714		415,714

4. Debtors

	2023		2022
	£		£
Trade debtors	55		0
Amounts owed by related parties	69,000		60,000
Other debtors	15,126		0
	84,181		60,000

5. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	471		37,593

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	8,676		8,000
Trade creditors	0		3,677
Amounts owed to related parties	500		0
Taxation and social security	0		7,247
Other creditors	342,388		333,488
	351,564		352,412

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

	2023		2022
	£		£
Bank loans	19,991		28,667

There are no amounts included above in respect of which any security has been given by the small entity. The loan was received as part of the government's COVID-19 support.

8. Deferred tax

	2023		2022
	£		£
At the beginning of financial year	( 5,284)		( 10,504)
(Charged)/credited to the Profit and Loss Account	( 175)		5,220
At the end of financial year	( 5,459)		( 5,284)

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	2023		2022
	£		£
Directors Current Accounts	339,988		330,488

The loan has no fixed repayment terms and is interest free.