Woodford Lake Ltd - Filleted accounts

Woodford Lake Ltd - Filleted accounts

WOODFORD LAKE LIMITED - Company Information

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Registered number
08850989
Woodford Lake Ltd
Unaudited Filleted Accounts
30 June 2020
Woodford Lake Ltd
Registered number: 08850989
Balance Sheet
as at 30 June 2020
Notes 2020 2019
£ £
Fixed assets
Intangible assets 3 163,671 206,538
Tangible assets 4 63,423 70,464
227,094 277,002
Current assets
Stocks 357,727 432,634
Debtors 5 236,252 362,004
Cash at bank and in hand 66,894 30,720
660,873 825,358
Creditors: amounts falling due within one year 6 (396,628) (579,977)
Net current assets 264,245 245,381
Total assets less current liabilities 491,339 522,383
Creditors: amounts falling due after more than one year 7 (203,984) (162,460)
Net assets 287,355 359,923
Capital and reserves
Called up share capital 8,965 8,965
Share premium 1,272,705 1,272,705
Profit and loss account (994,315) (921,747)
Shareholders' funds 287,355 359,923
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Denise Amiri
Director
Approved by the board on 23 June 2021
Woodford Lake Ltd
Notes to the Accounts
for the year ended 30 June 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the total amount receivable for goods supplied in the ordinary course of business, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

The company acquired the trade and assets of the partnership Artstat on 12 April 2014. Goodwill represents the excess of the cost of acquisition over the book value of the net assets acquired,

Goodwill is being amortised over its useful life of ten years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15-25% Straight Line
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

A provision for slow moving stock of £33,595 (2019 - £32,865) has been included against the value of closing stock.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. .
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government Grants
Grants are accounted for under the accruals model as permitted by FRS 102.

Grants of a revenue nature are regonised in the profit & loss account in the same period as the related expenditure, provided conditions for the receipt have been complied with.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Rebates
Advertising contributions and rebates from suppliers are recognised when received
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Invoice Financing
Risk for none payment of debtors remains with the company. Debtors held by the financing company are included within trade debtors. The amount advanced by the financing company is included within liabilities.
Going Concern
The company meets its funding requirement through investment provided from the company directors and shareholders.

The impact on the company arising from the uncertainty of the recent Covid-19 outbreak has been considered by the Directors:

- The director's consider that the company has sufficient liquidity to continue in business for at least the next 12 months as a going concern.

- The director has reviewed the assets of the business and do not believe there to be any impairments arising as a result of the pandemic

- The company has been impacted by Covid-19 restrictions, with periods of reduced trading and staff being placed on furlough or flexible furlough. The Furlough funding received has allowed the business to retain its ability to continue as a going concern. The furlough grant funding received is shown within other income.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 17 18
3 Intangible fixed assets £
Goodwill & website development costs:
Cost
At 1 July 2019 713,583
At 30 June 2020 713,583
Amortisation
At 1 July 2019 507,045
Provided during the year 42,867
At 30 June 2020 549,912
Net book value
At 30 June 2020 163,671
At 30 June 2019 206,538
The company acquired the trade and assets of the partnership Artstat on 12 April 2014. Goodwill represents the excess of the cost of acquisition over the book value of the net assets acquired,

Goodwill is being amortised over its useful life of ten years
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2019 51,072 94,671 145,743
Additions 1,334 20,925 22,259
Disposals - (12,095) (12,095)
At 30 June 2020 52,406 103,501 155,907
Depreciation
At 1 July 2019 43,080 32,199 75,279
Charge for the year 2,734 22,739 25,473
On disposals - (8,268) (8,268)
At 30 June 2020 45,814 46,670 92,484
Net book value
At 30 June 2020 6,592 56,831 63,423
At 30 June 2019 7,992 62,472 70,464
5 Debtors 2020 2019
£ £
Trade debtors 185,999 332,747
Other debtors 50,253 29,257
236,252 362,004
6 Creditors: amounts falling due within one year 2020 2019
£ £
Obligations under finance lease and hire purchase contracts 20,738 21,883
Trade creditors 152,949 235,588
Taxation and social security costs 71,902 37,862
Other creditors 151,039 284,644
396,628 579,977
Included in other creditors is an advance of £90,426 from the invoice financing company. The advance is secured by means of a fixed and floating charge over all the property or undertaking of the company.
7 Creditors: amounts falling due after one year 2020 2019
£ £
Bank loans 50,000 -
Obligations under finance lease and hire purchase contracts 38,984 47,460
Directors Loan Account 115,000 115,000
203,984 162,460
8 Related party transactions
The Director, P Tobin provided a loan of £115,000 to the company, which is included within other creditors due after more than one year. The loan carries no interest and is repayable at a time and amount as if had been a subscription of 'D' shares
9 Other information
Woodford Lake Ltd is a private company limited by shares and incorporated in England. Its registered office is:
200 Woodford Road
Woodford
Stockport
Cheshire
SK7 1QF
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