Ashbocking Joinery Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04019821 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

ASHBOCKING JOINERY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D R Mills

Mrs A Mills

SECRETARY:

Mrs A Mills

REGISTERED OFFICE:

Commercial Barns

Helmingham Road

Ashbocking

Ipswich

Suffolk

IP6 9JS

REGISTERED NUMBER:

04019821 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

BANKERS:

National Westminster Bank Plc

2 Tavern Street

Ipswich

Suffolk

IP1 3BD

FIXED ASSETS

Tangible assets

4

3,670

7,249

CURRENT ASSETS

Stocks

5

10,412

8,601

Debtors

6

40,345

41,877

Cash at bank

39,317

34,194

90,074

84,672

CREDITORS

Amounts falling due within one year

7

41,808

42,988

NET CURRENT ASSETS

48,266

41,684

TOTAL ASSETS LESS CURRENT LIABILITIES

51,936

48,933

CREDITORS

Amounts falling due after more than one year

8

-

(704

)

PROVISIONS FOR LIABILITIES

10

(194

)

(842

)

NET ASSETS

51,742

47,387

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

11

51,442

47,087

SHAREHOLDERS' FUNDS

51,742

47,387

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2022 and were signed on its behalf by:

D R Mills - Director

1.	STATUTORY INFORMATION

Ashbocking Joinery Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents the manufacture of bespoke joinery excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Straight line over 7 years

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants

Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2021

37,747

57,878

9,460

31,024

136,109

Additions

-

-

2,700

-

2,700

Disposals

-

-

(1,069

)

-

(1,069

)

At 31 December 2021

37,747

57,878

11,091

31,024

137,740

DEPRECIATION

At 1 January 2021

37,747

56,003

8,186

26,924

128,860

Charge for year

-

625

699

4,100

5,424

Eliminated on disposal

-

-

(214

)

-

(214

)

At 31 December 2021

37,747

56,628

8,671

31,024

134,070

NET BOOK VALUE

At 31 December 2021

-

1,250

2,420

-

3,670

At 31 December 2020

-

1,875

1,274

4,100

7,249

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2021

and 31 December 2021

16,400

DEPRECIATION

At 1 January 2021

12,300

Charge for year

4,100

At 31 December 2021

16,400

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

4,100

5.

STOCKS

2021

2020

£

£

Stocks

2,000

1,000

Work-in-progress

8,412

7,601

10,412

8,601

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

32,841

38,732

Other debtors

7,504

3,145

40,345

41,877

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

704

2,715

Trade creditors

14,653

7,395

Taxation and social security

21,906

29,978

Other creditors

4,545

2,900

41,808

42,988

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

704

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

704

3,419

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

194

842

Deferred

tax

£

Balance at 1 January 2021

842

Accelerated capital allowances

(648

)

Balance at 31 December 2021

194

11.

RESERVES

Retained

earnings

£

At 1 January 2021

47,087

Profit for the year

40,958

Dividends

(36,603

)

At 31 December 2021

51,442

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

D R Mills and Mrs A Mills

Balance outstanding at start of year

-

6,600

Amounts repaid

-

(6,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-