Bullock Joinery Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06204421 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH JUNE 2022

FOR

BULLOCK JOINERY LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Director:

D Bullock

Secretary:

Mrs K Bullock

Registered office:

3 Foxwood Court

Rotherwas Industrial Estate

Hereford

HR2 6JQ

Registered number:

06204421 (England and Wales)

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

41,275

59,499

41,275

59,499

Current assets

Stocks

6

15,120

19,750

Debtors

7

86,136

95,183

Cash at bank

65,175

86,221

166,431

201,154

Creditors

Amounts falling due within one year

8

103,912

70,018

Net current assets

62,519

131,136

Total assets less current liabilities

103,794

190,635

Creditors

Amounts falling due after more than one year

9

(55,382

)

(113,454

)

Provisions for liabilities

11

-

(1,400

)

Net assets

48,412

75,781

Capital and reserves

Called up share capital

12

1,000

1,000

Retained earnings

47,412

74,781

Shareholders' funds

48,412

75,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15th March 2023 and were signed by:

D Bullock - Director

1.	Statutory information

Bullock 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.

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

The turnover, all of which arises in the UK, consists of invoiced sales net of returns, trade discounts and value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following rates, on the straight line method, in order to write off each asset over its estimated useful life:

Leasehold improvements

15%

SL

Plant & equipment etc

15%-25%

SL

Stocks & work in progress

Stock has been valued at the lower of cost and net realisable value. Work in progress has been valued as a percentage of the full contract value according to the level of completion. At the year end the work in progress value is treated as turnover in the profit and loss account and included within debtors in the balance sheet.

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 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.

Hire purchase

Assets held under hire purchase contracts are capitalised as tangible fixed assets and depreciated over the useful lives of the assets. The capital elements of future obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the contracts on a straight line basis.

Pension costs

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period in which they arise.

Operating leases

The cost of operating leases is charged to the profit and loss account on a straight line basis over the lease term.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3.	Employees (including officers)

The average number of employees during the year was 6 (2021 - 6 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st July 2021

and 30th June 2022

90,000

Amortisation

At 1st July 2021

and 30th June 2022

90,000

Net book value

At 30th June 2022

-

At 30th June 2021

-

5.	Tangible fixed assets

Plant &

Leasehold

equipment

improvements

etc

Totals

£

£

£

Cost

At 1st July 2021

10,103

347,906

358,009

Additions

-

5,928

5,928

Disposals

-

(52,310

)

(52,310

)

At 30th June 2022

10,103

301,524

311,627

Depreciation

At 1st July 2021

10,103

288,407

298,510

Charge for year

-

18,394

18,394

Eliminated on disposal

-

(46,552

)

(46,552

)

At 30th June 2022

10,103

260,249

270,352

Net book value

At 30th June 2022

-

41,275

41,275

At 30th June 2021

-

59,499

59,499

The net book value of tangible fixed assets includes £ 18,837 (2021 - £ 22,873 ) in respect of assets held under hire purchase contracts.

6.

Stocks

30.6.22

30.6.21

£

£

Stocks

15,120

19,750

7.

Debtors: amounts falling due within one year

30.6.22

30.6.21

£

£

Trade debtors

66,821

79,847

Other debtors & prepayments

7,305

4,337

Work in progress

8,218

10,999

Corporation tax

3,792

-

86,136

95,183

8.

Creditors: amounts falling due within one year

30.6.22

30.6.21

£

£

Hire purchase contracts (see note 10)

8,073

8,073

Trade creditors

34,332

36,892

Social security & other tax

13,005

14,763

Other creditors

990

542

Director's loan account

47,512

9,748

103,912

70,018

9.

Creditors: amounts falling due after more than one year

30.6.22

30.6.21

£

£

Hire purchase contracts (see note 10)

5,382

13,454

Director's loan account

50,000

100,000

55,382

113,454

10.	Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

30.6.22

30.6.21

£

£

Net obligations repayable:

Within one year

8,073

8,073

Between one and five years

5,382

13,454

13,455

21,527

11.	Provisions for liabilities

30.6.22

30.6.21

£

£

Deferred tax

-

1,400

Deferred tax

£

Balance at 1st July 2021

1,400

Provided during year

(1,400

)

Balance at 30th June 2022

-

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.22

30.6.21

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

13.	Contingent liabilities

There were no contingent liabilities at 30th June 2022.

14.	Related party transactions

During the year, the director of the company used a current account with the company to record amounts due to them and amounts drawn by them. The balance owed by the company at the end of the year was £97,512 (2021: £109,748).

No interest was charged by the director during the year ended 30th June 2022 nor during the year ended 30th June 2021.