European Wood Products Limited - Limited company - abbreviated

REGISTERED NUMBER: 02533479 (England and Wales)

Abbreviated Accounts for the Year Ended 28 February 2014

for

European Wood Products Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

P Bailey

Mrs A H Bailey

N Bailey

T R Wakeman

C Faragher

REGISTERED OFFICE:

Plantation Road

Burscough Industrial Estate

Ormskirk

Lancashire

L40 8JT

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, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

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 2014 which comprise the

Profit and Loss Account, the Balance Sheet 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 at icaew.com/membershandbook.

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 AAF 2/10 as detailed at

icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone

other than the company 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

Date: .............................................

FIXED ASSETS

Tangible assets

2

261,479

133,549

CURRENT ASSETS

Stocks

247,955

106,549

Debtors

2,249,273

1,824,073

Cash at bank and in hand

495,087

412,429

2,992,315

2,343,051

CREDITORS

Amounts falling due within one year

1,210,661

1,007,865

NET CURRENT ASSETS

1,781,654

1,335,186

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,043,133

1,468,735

CREDITORS

Amounts falling due after more than one
year

(83,650

)

-

PROVISIONS FOR LIABILITIES

(46,214

)

(19,679

)

NET ASSETS

1,913,269

1,449,056

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

1,913,267

1,449,054

SHAREHOLDERS' FUNDS

1,913,269

1,449,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 November 2014 and were signed on its behalf
by:

P Bailey - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of the tax effect of all timing differences that have originated but not

reversed at the balance sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available

evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the

future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the

periods in which the timing differences are expected to reverse, based on tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2013

794,682

Additions

161,755

At 28 February 2014

956,437

DEPRECIATION

At 1 March 2013

661,133

Charge for year

33,825

At 28 February 2014

694,958

NET BOOK VALUE

At 28 February 2014

261,479

At 28 February 2013

133,549

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.14

28.2.13

value:

£

2

Ordinary

£1

2

4.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Lyons 3 Limited.

European Wood Products Limited - Limited company - abbreviated - 11.6

European Wood Products Limited - Limited company - abbreviated - 11.6