Walkers Joinery & Woodcraft Ltd. Company accounts

WALKERS JOINERY AND WOODCRAFT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09425665

Walkers Joinery & Woodcraft Ltd.

Unaudited Financial Statements

29 February 2020

Walkers Joinery & Woodcraft Ltd.

Financial Statements

Year ended 29 February 2020

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

Walkers Joinery & Woodcraft Ltd.

Director's Report

Year ended 29 February 2020

The director presents his report and the unaudited financial statements of the company for the year ended 29 February 2020 .

Director

The director who served the company during the year was as follows:

Mr P A Dixon

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 27 October 2020 and signed on behalf of the board by:

Mr P A Dixon
Director

Registered office:

Unit 9 Coundon Industrial Estate

Coundon

Bishop Auckland

Co.Durham

England

DL14 8NR

Walkers Joinery & Woodcraft Ltd.

Statement of Income and Retained Earnings

Year ended 29 February 2020

	2020	2019
Note	£	£
Turnover	119,175	66,182

Cost of sales	71,571	46,498
	---------	--------
Gross profit	47,604	19,684

Distribution costs	300	–
Administrative expenses	47,102	38,386
	--------	--------
Operating profit/(loss)	202	( 18,702)

		--------	--------
Profit/(loss) before taxation	5	202	( 18,702)

Tax on profit/(loss)	( 129)	( 178)
	----	--------
Profit/(loss) for the financial year and total comprehensive income	331	( 18,524)
	----	--------

Retained (losses)/earnings at the start of the year	( 15,068)	3,456
	--------	--------
Retained losses at the end of the year	( 14,737)	( 15,068)
	--------	--------

All the activities of the company are from continuing operations.

Walkers Joinery & Woodcraft Ltd.

Statement of Financial Position

29 February 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	7,688	8,368

Current assets

Stocks		2,500	2,500
Debtors	7	6,756	2,520
Cash at bank and in hand		1,717	3,418
		--------	-------
		10,973	8,438

Creditors: amounts falling due within one year	8	31,936	29,084
		--------	--------
Net current liabilities		20,963	20,646
		--------	--------
Total assets less current liabilities		( 13,275)	( 12,278)

Creditors: amounts falling due after more than one year	9	–	1,199

Provisions	1,461	1,590
	--------	--------
Net liabilities	( 14,736)	( 15,067)
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 14,737)	( 15,068)
	--------	--------
Shareholders deficit	( 14,736)	( 15,067)
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Walkers Joinery & Woodcraft Ltd.

Statement of Financial Position (continued)

29 February 2020

These financial statements were approved by the board of directors and authorised for issue on 27 October 2020 , and are signed on behalf of the board by:

Mr P A Dixon
Director

Company registration number: 09425665

Walkers Joinery & Woodcraft Ltd.

Notes to the Financial Statements

Year ended 29 February 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9 Coundon Industrial Estate, Coundon, Bishop Auckland, Co.Durham, DL14 8NR, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2020	2019
	£	£
Depreciation of tangible assets	1,018	1,157
	-------	-------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 March 2019	10,858	3,000	13,858
Additions	338	–	338
	--------	-------	--------
At 29 February 2020	11,196	3,000	14,196
	--------	-------	--------
Depreciation
At 1 March 2019	3,519	1,971	5,490
Charge for the year	761	257	1,018
	--------	-------	--------
At 29 February 2020	4,280	2,228	6,508
	--------	-------	--------
Carrying amount
At 29 February 2020	6,916	772	7,688
	--------	-------	--------
At 28 February 2019	7,339	1,029	8,368
	--------	-------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	6,756	2,520
	-------	-------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	369	–
Social security and other taxes	23,074	20,438
Other creditors	8,493	8,646
	--------	--------
	31,936	29,084
	--------	--------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	–	1,199
	----	-------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr P A Dixon	7,846	–	( 152)	7,694
	-------	----	----	-------

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr P A Dixon	3,526	4,320	–	7,846
	-------	-------	----	-------