Woodcut Limited - Limited company accounts 20.1

REGISTERED NUMBER: 10678743 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 April 2022

for

Woodcut Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Richard P Bate

Simon Bate

Adam Bate

REGISTERED OFFICE:

Unit 12 Rockhill Business Park

Higher Bugle

St Austell

Cornwall

PL24 8RA

REGISTERED NUMBER:

10678743 (England and Wales)

ACCOUNTANTS:

Southshore Accounting Services

66, Biscovey Road

St Blazey Gate

Par

Cornwall

PL24 2HW

The directors present their report with the financial statements of the company for the year ended 30 April 2022.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2021 to

the date of this report.

Richard P Bate

Simon Bate

Adam Bate

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

Richard P Bate - Director

30 September 2022

TURNOVER

625,693

404,813

Cost of sales

429,379

231,436

GROSS PROFIT

196,314

173,377

Distribution costs

6,606

5,708

Administrative expenses

172,868

168,233

179,474

173,941

16,840

(564

)

Other operating income

18,415

31,597

OPERATING PROFIT

4

35,255

31,033

Interest payable and similar expenses

(544

)

3,797

PROFIT BEFORE TAXATION

35,799

27,236

Tax on profit

11,597

-

PROFIT FOR THE FINANCIAL YEAR

24,202

27,236

FIXED ASSETS

Intangible assets

5

86,250

92,000

Tangible assets

6

125,042

165,742

211,292

257,742

CURRENT ASSETS

Stocks

32,750

32,750

Debtors

7

109,119

62,913

Cash at bank and in hand

87,820

76,914

229,689

172,577

CREDITORS

Amounts falling due within one year

8

190,512

184,873

NET CURRENT ASSETS/(LIABILITIES)

39,177

(12,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

250,469

245,446

CREDITORS

Amounts falling due after more than one year

9

114,142

127,321

NET ASSETS

136,327

118,125

CAPITAL AND RESERVES

Called up share capital

1,300

1,300

Retained earnings

135,027

116,825

136,327

118,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2022 and were signed on its behalf by:

Richard P Bate - Director

1.	STATUTORY INFORMATION

Woodcut 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.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. 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 2017, 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.

TANGIBLE FIXED ASSETS

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

STOCKS

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

for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 6 ).

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.4.22

30.4.21

£

£

Depreciation - owned assets

42,810

52,809

Goodwill amortisation

5,750

5,750

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2021

and 30 April 2022

115,000

AMORTISATION

At 1 May 2021

23,000

Charge for year

5,750

At 30 April 2022

28,750

NET BOOK VALUE

At 30 April 2022

86,250

At 30 April 2021

92,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

301,980

Additions

2,110

At 30 April 2022

304,090

DEPRECIATION

At 1 May 2021

136,238

Charge for year

42,810

At 30 April 2022

179,048

NET BOOK VALUE

At 30 April 2022

125,042

At 30 April 2021

165,742

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

102,650

57,734

Other debtors

6,469

5,179

109,119

62,913

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans and overdrafts

73,770

99,717

Trade creditors

48,421

18,448

Taxation and social security

28,077

14,998

Other creditors

40,244

51,710

190,512

184,873

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Other creditors

114,142

127,321