Superior Joinery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03966585 (England and Wales)

SUPERIOR JOINERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 26 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

A J Bater

I M Bater

SECRETARY:

A J Bater

REGISTERED OFFICE:

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

REGISTERED NUMBER:

03966585 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

20,267

19,718

CURRENT ASSETS

Stocks

22,700

18,300

Debtors

5

12,243

34,996

Cash at bank

96,362

81,939

131,305

135,235

CREDITORS

Amounts falling due within one year

6

68,140

48,526

NET CURRENT ASSETS

63,165

86,709

TOTAL ASSETS LESS CURRENT LIABILITIES

83,432

106,427

CREDITORS

Amounts falling due after more than one year

7

(34,260

)

(47,660

)

PROVISIONS FOR LIABILITIES

(1,808

)

-

NET ASSETS

47,364

58,767

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

47,264

58,667

SHAREHOLDERS' FUNDS

47,364

58,767

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2022 and were signed on its behalf by:

A J Bater - Director

1.	STATUTORY INFORMATION

Superior Joinery Limited 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 (£) and has been rounded to the nearest pound.

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.

Going concern

The company has made a loss before tax in the year but has both net current assets and net assets at the balance sheet date. The directors believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook.

The directors have assessed the principal risks and uncertainties impacting the company, including COVID-19 and the pressures facing the global economy. The directors are aware that the situation is continually evolving and are prepared to adapt with the latest developments and recommendations.

Therefore, after enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Stock provisions

Stocks are assessed for indicators of obsolescence at each balance sheet date. If there is objective evidence of obsolescence, a provision is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover and revenue recognition

Turnover represents net invoiced sale of goods excluding value added tax. Revenue is recognised on the despatch of goods from the company's premises.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Fixed assets are valued at cost less depreciation.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and estimated selling value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 towards capital expenditure are credited to deferred income and released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 27 December 2020

99,691

Additions

7,125

Disposals

(1,400

)

At 26 December 2021

105,416

DEPRECIATION

At 27 December 2020

79,973

Charge for year

6,557

Eliminated on disposal

(1,381

)

At 26 December 2021

85,149

NET BOOK VALUE

At 26 December 2021

20,267

At 26 December 2020

19,718

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

5,934

8,044

Other debtors

6,309

26,952

12,243

34,996

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,633

5,333

Trade creditors

24,473

20,881

Taxation and social security

2,024

1,176

Other creditors

31,010

21,136

68,140

48,526

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

34,260

47,660

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date there were unpaid contributions of £407 (2020:- £135) due to the fund.

9.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 26 December 2021 and 26 December 2020:

2021

2020

£

£

I M Bater

Balance outstanding at start of year

1,596

1,293

Amounts advanced

-

303

Amounts repaid

(2,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(404

)

1,596

At the balance sheet date a director was owed £2,100 (2020:- £100).

The loan balances are unsecured, interest free and repayable on demand.