Company Registration No. SC395329 (Scotland)
Classic Joinery Products Limited
Unaudited accounts
for the year ended 31 March 2022
Classic Joinery Products Limited
Unaudited accounts
Contents
Classic Joinery Products Limited
Company Information
for the year ended 31 March 2022
Directors
Morag Makarewicz
Stephen Makarewicz
Company Number
SC395329 (Scotland)
Registered Office
Unit G
The Roundel
Falkirk
FK2 9HG
Accountants
Armet Accounting Ltd
Room 31
Haypark Business Centre
Polmont
FK2 0NZ
Classic Joinery Products Limited
Statement of financial position
as at 31 March 2022
Tangible assets
18,867
18,571
Cash at bank and in hand
118,187
28,286
Creditors: amounts falling due within one year
(51,983)
(41,332)
Net current assets
107,484
105,714
Total assets less current liabilities
126,351
124,285
Creditors: amounts falling due after more than one year
(12,667)
(16,000)
Provisions for liabilities
Deferred tax
(3,584)
(3,528)
Net assets
110,100
104,757
Called up share capital
2
2
Profit and loss account
110,098
104,755
Shareholders' funds
110,100
104,757
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2022 and were signed on its behalf by
Morag Makarewicz
Director
Company Registration No. SC395329
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2022
Classic Joinery Products Limited is a private company, limited by shares, registered in Scotland, registration number SC395329. The registered office is Unit G, The Roundel, Falkirk, FK2 9HG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Straight Line
Computer equipment
33% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2022
4
Intangible fixed assets
Goodwill
Goodwill, the amount paid in connection with the acquisition of a business in 2011, has been amortised evenly over its estimated useful life of five years.
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2021
13,882
20,750
1,025
1,137
36,794
Additions
3,066
-
3,547
-
6,613
At 31 March 2022
16,948
20,750
4,572
1,137
43,407
At 1 April 2021
11,943
5,188
154
938
18,223
Charge for the year
1,606
3,891
621
199
6,317
At 31 March 2022
13,549
9,079
775
1,137
24,540
At 31 March 2022
3,399
11,671
3,797
-
18,867
At 31 March 2021
1,939
15,562
871
199
18,571
Amounts falling due within one year
Trade debtors
21,473
66,902
Accrued income and prepayments
2,647
2,500
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
4,000
4,000
Trade creditors
18,285
14,320
Taxes and social security
7,226
12,259
Loans from directors
1,949
-
8
Creditors: amounts falling due after more than one year
2022
2021
9
Deferred taxation
2022
2021
Accelerated capital allowances
3,584
3,528
Provision at start of year
3,528
717
Charged to the profit and loss account
56
2,811
Provision at end of year
3,584
3,528
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
21,579
3,948
26,501
(974)
21,579
3,947
26,501
(975)
43,158
7,895
53,002
(1,949)
These loans are repayable on demand and no interest has been charged.
11
Transactions with related parties
The company operates from a property owned jointly by the directors, Mr and Mrs Makarewicz. The rent is payable at commercial market rates.
12
Average number of employees
During the year the average number of employees was 4 (2021: 4).
