Registration number:
Alan Woodard Ltd
for the Year Ended 31 August 2022
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 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,000 |
2,000 |
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Retained earnings |
4,582 |
972 |
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Shareholders' funds |
6,582 |
2,972 |
For the financial year ending 31 August 2022 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
Alan Woodard Ltd
(Registration number: 07757529)
Balance Sheet as at 31 August 2022 (continued)
.........................................
Director
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
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
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
2 |
Accounting policies (continued) |
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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 |
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.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
2 |
Accounting policies (continued) |
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
2 |
Accounting policies (continued) |
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 2022 (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 2021 |
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- |
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- |
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Additions |
- |
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Disposals |
- |
( |
( |
- |
( |
At 31 August 2022 |
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Depreciation |
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At 1 September 2021 |
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- |
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- |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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- |
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- |
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Included within the net book value of land and buildings above is £2,937 (2021 - £4,454) in respect of long leasehold land and buildings.
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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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 2022: £464,568 (2021: £325,066).
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
7 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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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
2022 |
2021 |
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No. |
£ |
No. |
£ |
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2,000 |
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2,000 |
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
Dividends |
Interim dividends paid
2022 |
2021 |
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Interim dividend of £
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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 |
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
11 |
Related party transactions (continued) |
Transactions with directors |
2022 |
At 1 September 2021 |
Advances to director |
Repayments by director |
At 31 August 2022 |
Mr A J Woodard |
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Transactions during the year. Interest has been charged on the overdrawn directors' loan account at the official rate of interest. |
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( |
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Mrs N Woodard |
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Transactions during the year. Interest has been charged on the overdrawn directors' loan account at the official rate of interest. |
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( |
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2021 |
At 1 September 2020 |
Advances to director |
Repayments by director |
At 31 August 2021 |
Mr A J Woodard |
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Transactions during the year. Interest has been charged on the overdrawn directors' loan account at the official rate of interest. |
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( |
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Mrs N Woodard |
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Transactions during the year. Interest has been charged on the overdrawn directors' loan account at the official rate of interest. |
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( |
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
11 |
Related party transactions (continued) |
Interest on overdrawn directors loan accounts
Interest was charged on any overdrawn directors loan account balance at the official rate.
Directors' remuneration
The directors' remuneration for the year was as follows:
2022 |
2021 |
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Remuneration |
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Contributions paid to money purchase schemes |
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31,630 |
58,792 |
Summary of transactions with entities with joint control or significant interest
Income and receivables from related parties
Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
11 |
Related party transactions (continued) |
2022 |
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
2022 |
Entities with joint control or significant influence |
Purchase of goods |
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Loans to related parties
2022 |
Entities with joint control or significant influence |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
11 |
Related party transactions (continued) |
2021 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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Loans from related parties
2022 |
Entities with joint control or significant influence |
Total |
Advanced |
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At end of period |
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Alan Woodard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022 (continued)
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Other borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
- |
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HP and finance lease liability 1 (1-2 yrs) |
20,206 |
6,271 |
HP and finance lease liability 1 (2-5 yrs) |
7,877 |
524 |
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