Certainly Wood Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05473995 (England and Wales)

Abridged Unaudited Financial Statements for the Year Ended 31 March 2018

for

Certainly Wood Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Directors:

S G Snell

N H Snell

R A da Cunha

P Henchoz

D W B Snow

Secretary:

R A da Cunha

Registered office:

Lower Lulham

Madley

Hereford

Herefordshire

HR2 9JJ

Registered number:

05473995 (England and Wales)

Accountants:

Acre Accountancy Limited

Unit 2 Foley Works

Foley Industrial Estate

Hereford

Herefordshire

HR1 2SF

FIXED ASSETS

Intangible assets

5

66,447

74,069

Tangible assets

6

1,389,406

1,348,982

1,455,853

1,423,051

CURRENT ASSETS

Stocks

498,655

499,971

Debtors

572,193

223,769

Cash at bank and in hand

955

135,151

1,071,803

858,891

CREDITORS

Amounts falling due within one year

(1,009,763

)

(721,467

)

NET CURRENT ASSETS

62,040

137,424

TOTAL ASSETS LESS CURRENT LIABILITIES

1,517,893

1,560,475

CREDITORS

Amounts falling due after more than one year

(146,148

)

(284,718

)

PROVISIONS FOR LIABILITIES

(158,499

)

(145,434

)

ACCRUALS AND DEFERRED INCOME

(143,180

)

(160,162

)

NET ASSETS

1,070,066

970,161

CAPITAL AND RESERVES

Called up share capital

9

30,816

32,594

Share premium

10

142,406

142,406

Capital redemption reserve

10

1,778

-

Retained earnings

10

895,066

795,161

SHAREHOLDERS' FUNDS

1,070,066

970,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 25 October 2018 and were signed on its behalf by:

S G Snell - Director

1.	STATUTORY INFORMATION

Certainly Wood Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% and 15% reducing balance

Plant and machinery

-

10% - 33% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on reducing balance

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to

the profit and loss account over the estimated useful life of the assets to which they relate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement.

They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 13 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

Cost

At 1 April 2017

and 31 March 2018

88,700

Amortisation

At 1 April 2017

14,631

Amortisation for year

7,622

At 31 March 2018

22,253

Net book value

At 31 March 2018

66,447

At 31 March 2017

74,069

6.	TANGIBLE FIXED ASSETS

Totals

£

Cost

At 1 April 2017

1,857,023

Additions

201,965

At 31 March 2018

2,058,988

Depreciation

At 1 April 2017

508,041

Charge for year

161,541

At 31 March 2018

669,582

Net book value

At 31 March 2018

1,389,406

At 31 March 2017

1,348,982

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

34,200

32,776

Between one and five years

-

34,200

34,200

66,976

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

76,271

-

Bank loans

110,907

205,272

187,178

205,272

There is also a debenture including a Fixed Equitable Charge over all present and future freehold and leasehold

property and Fixed and Floating Charges over all assets and undertaking both present and future to be given by

Certainly Wood Limited.

Bank loans and overdrafts are secured on the personal assets of Mr S G Snell and by personal guarantee for

£50,000. In addition Mr N H Snell has given a personal guarantee limited to £100,000.

In addition to the above, the directors have provided various sums that total £120,922 to secure bank borrowings.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

30,816

Ordinary (subdivided into four

different classes)

£1

30,816

32,594

The ordinary shares are subdivided into four classes that carry full voting rights but can receive different levels

of dividend. The classes of ordinary share are split as follows:-

Ordinary "A"

11,408

Ordinary "B"

11,408

Ordinary "C"

4,741

Ordinary "D"

3,259

During the year, the company re-purchased 1,778 Ordinary C shares for £150,000.

10.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2017

795,161

142,406

-

937,567

Profit for the year

467,486

467,486

Dividends

(217,581

)

(217,581

)

Purchase of own shares

(150,000

)

-

1,778

(148,222

)

At 31 March 2018

895,066

142,406

1,778

1,039,250