Registration number:
Alan Woodard Ltd
for the Year Ended 31 August 2020
Alan Woodard Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alan Woodard Ltd
Company Information
Directors |
Mrs N Woodard Mr A J Woodard Mr S N Hayward |
Registered office |
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Accountants |
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Alan Woodard Ltd
(Registration number: 07757529)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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|
|
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Current assets |
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Stocks |
- |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
2,000 |
2,000 |
|
Profit and loss account |
(100,694) |
(106,065) |
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Shareholders' deficit |
(98,694) |
(104,065) |
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
506 Wallisdown Road
Bournemouth
Dorset
BH11 8PT
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.
Going concern
The company’s Balance Sheet shows a net liability due to the trading losses in recent years and due to the COVID-19 pandemic. The trading losses are largely due to the write down of both tangible fixed assets and goodwill, together with losses incurred on bad debts. The directors are of the opinion that the company will be able to trade out of their current position, and that the company is a going concern. The financial statements have been prepared on this basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Office equipment |
33% on cost |
Motor vehicles |
25% reducing balance or over the term of the lease |
Fixture & fittings |
15% reducing balance |
Goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill purchased November 2014 |
over 6 years |
Goodwill purchased June 2012 |
over 10 years |
Goodwill purchased April 2017 |
over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.Trade debtors are recognised at the transaction price.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Leases
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 September 2019 |
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Disposals |
( |
At 31 August 2020 |
- |
Amortisation |
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At 1 September 2019 |
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Amortisation eliminated on disposals |
( |
At 31 August 2020 |
- |
Carrying amount |
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At 31 August 2020 |
- |
At 31 August 2019 |
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 September 2019 |
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Additions |
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Disposals |
- |
( |
( |
( |
( |
At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
( |
At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Included within the net book value of land and buildings above is £5,971 (2019 - £2,595) in respect of long leasehold land and buildings.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
Stocks |
2020 |
2019 |
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Raw materials and consumables |
- |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors amounts falling due within one year includes the following liabilities, on which security has been given:-
Lloyds Bank Commercial Finance Ltd hold a debenture over the book debts of the company, amounting to 2020: £107,784 (2019: £291,833).
Lloyds bank overdraft facility is guaranteed by two of the directors for a principal amount of £20,000 plus interest and any additional costs. Overdraft facility 2020: £18,263 (2019: £5,158).
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
8 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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|
1,000 |
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1,000 |
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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Finance lease liabilities |
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Other borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
HP and finance lease liability 1 (1-2 yrs) |
9,111 |
10,273 |
HP and finance lease liability 1 (2-5 yrs) |
4,804 |
19,205 |
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
Dividends |
Interim dividends paid
2020 |
2019 |
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Interim dividend of £Nil per each |
- |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2020 |
At 1 September 2019 |
Advances to directors |
Repayments by director |
At 31 August 2020 |
Mr A J Woodard |
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Transactions during the year. |
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( |
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Mrs N Woodard |
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Transactions during the year. |
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( |
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2019 |
At 1 September 2018 |
Advances to directors |
Repayments by director |
At 31 August 2019 |
Mr A J Woodard |
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Transactions during the year. |
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( |
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Mrs N Woodard |
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Transactions during the year. |
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( |
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Interest on overdrawn directors loan accounts
Interest was charged on any overdrawn directors loan account balance at the official rate.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020 (continued)
13 |
Related party transactions (continued) |
Directors' remuneration
The directors' remuneration for the year was as follows:
2020 |
2019 |
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Remuneration |
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Summary of transactions with entities with joint control or significant interest
Income and receivables from related parties
2020 |
Entities with joint control or significant influence |
Sale of goods |
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Receipt of services |
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Expenditure with and payables to related parties
2020 |
Entities with joint control or significant influence |
Purchase of goods |
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Loans to related parties
2020 |
Entities with joint control or significant influence |
Total |
Advanced |
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At end of period |
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