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

REGISTERED NUMBER: 11381895 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

Odiham Joinery Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M Tott

SECRETARY:

Mrs M Tott

REGISTERED OFFICE:

92 Park Street

Camberley

Surrey

GU15 3NY

REGISTERED NUMBER:

11381895 (England and Wales)

ACCOUNTANTS:

Butt Miller

Chartered Accountants

92 Park Street

Camberley

Surrey

GU15 3NY

FIXED ASSETS

Tangible assets

4

19,925

30,536

CURRENT ASSETS

Stocks

5

2,000

2,000

Debtors

6

16,598

1,830

Cash at bank

9,371

1,641

27,969

5,471

CREDITORS

Amounts falling due within one year

7

(24,068

)

(31,429

)

NET CURRENT ASSETS/(LIABILITIES)

3,901

(25,958

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,826

4,578

CREDITORS

Amounts falling due after more than one year

8

(29,196

)

-

PROVISIONS FOR LIABILITIES

(3,786

)

(5,231

)

NET LIABILITIES

(9,156

)

(653

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(9,256

)

(753

)

(9,156

)

(653

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 25 November 2021 and were signed by:

M Tott - Director

1.	STATUTORY INFORMATION

Odiham 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 (£).

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 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

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 cost

Government grants

Grants comprise amounts received under the Government's Job Retention Scheme and a Business Interruption Loan Agreement. Income is recognised in the Income Statement once the relevant performance conditions have been met.

Stocks

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

Work in progress reflects the accrual of the right to consideration by reference to the value of work performed.

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 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.

Leasing commitments

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, he continues to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 June 2020

and 31 May 2021

42,434

DEPRECIATION

At 1 June 2020

11,898

Charge for year

10,611

At 31 May 2021

22,509

NET BOOK VALUE

At 31 May 2021

19,925

At 31 May 2020

30,536

5.

STOCKS

2021

2020

£

£

Stocks

2,000

2,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

63

1,830

Director's current account

16,535

-

16,598

1,830

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans

6,554

-

Trade creditors

4,828

3,307

Social security and other taxes

883

574

VAT

1,169

1,785

Other creditors

8,634

10,273

Director's current account

-

13,490

Accruals

2,000

2,000

24,068

31,429

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

7,150

-

Bank loans - 2-5 years

21,450

-

Bank loans more than 5 years

596

-

29,196

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

596

-

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

M Tott

Balance outstanding at start of year

(13,490

)

(6,535

)

Amounts advanced

30,649

18,113

Amounts repaid

(624

)

(25,068

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,535

(13,490

)

The above loan is unsecured and repayable on demand. Loans from the company in excess of £10,000 are subject to interest at HMRC's approved rate.

10.

COVID-19

The Covid-19 pandemic has resulted in the country going into periods of 'lockdown'. The situation continues to affect the company and the UK economy as a whole. During this period the company has taken advantage of government support through loan programmes and staff furloughs. The director is optimistic about the future and believes that the foundations are in place for the company to continue for the foreseeable future.