Falkus Joinery Limited - Limited company accounts 23.2

REGISTERED NUMBER: 00558629 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31st December 2022

for

Falkus Joinery Limited

Page

Company Information

1

Report of the Directors

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mr M L Field

Mr D Westwood

REGISTERED OFFICE:

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

REGISTERED NUMBER:

00558629 (England and Wales)

ACCOUNTANTS:

Field & Co LLP

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

The directors present their report with the financial statements of the Company for the year ended 31st December 2022.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of a joinery company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

Mr M L Field

Mr D Westwood

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr D Westwood - Director

29th September 2023

TURNOVER

2,500,368

1,854,785

Cost of sales

1,561,052

1,641,551

GROSS PROFIT

939,316

213,234

Distribution costs

37,285

16,515

Administrative expenses

917,484

(1,311,014

)

954,769

(1,294,499

)

OPERATING (LOSS)/PROFIT

4

(15,453

)

1,507,733

Interest payable and similar expenses

6

10,510

52

(LOSS)/PROFIT BEFORE TAXATION

(25,963

)

1,507,681

Tax on (loss)/profit

7

6,336

10,847

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(32,299

)

1,496,834

Retained earnings at beginning of year

570,838

(925,996

)

Dividends

8

(62,816

)

-

RETAINED EARNINGS AT END OF YEAR

475,723

570,838

FIXED ASSETS

Tangible assets

9

434,311

163,835

CURRENT ASSETS

Stocks

717,448

453,095

Debtors

10

324,273

85,552

Cash at bank and in hand

16,063

160,660

1,057,784

699,307

CREDITORS

Amounts falling due within one year

11

734,822

260,585

NET CURRENT ASSETS

322,962

438,722

TOTAL ASSETS LESS CURRENT LIABILITIES

757,273

602,557

CREDITORS

Amounts falling due after more than one year

12

(198,611

)

-

PROVISIONS FOR LIABILITIES

(82,519

)

(31,299

)

NET ASSETS

476,143

571,258

CAPITAL AND RESERVES

Called up share capital

13

420

420

Retained earnings

14

475,723

570,838

SHAREHOLDERS' FUNDS

476,143

571,258

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2023 and were signed on its behalf by:

Mr D Westwood - Director

1.	STATUTORY INFORMATION

Falkus 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

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.

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.

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 and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 12 ) .

4.	OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging:

Period

1.8.20

Year Ended

to

31.12.22

31.12.21

£

£

Depreciation - owned assets

48,403

27,597

5.	EXCEPTIONAL ITEMS

Period

1.8.20

Year Ended

to

31.12.22

31.12.21

£

£

Exceptional items

-

2,196,591

During the year the company went through a change of owners ship, and the exceptional item represents the out going parent company's loan account being written off as part of the agreement.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.8.20

Year Ended

to

31.12.22

31.12.21

£

£

Interest payable

4,654

52

Hire purchase

5,856

-

10,510

52

7.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

Period

1.8.20

Year Ended

to

31.12.22

31.12.21

£

£

Current tax:

UK corporation tax

(44,884

)

-

Deferred tax

51,220

10,847

Tax on (loss)/profit

6,336

10,847

8.

DIVIDENDS

Period

1.8.20

Year Ended

to

31.12.22

31.12.21

£

£

Ordinary shares of 1 each

Interim

62,816

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2022

271,133

18,879

-

290,012

Additions

283,452

19,073

30,000

332,525

Disposals

(17,890

)

-

-

(17,890

)

At 31st December 2022

536,695

37,952

30,000

604,647

DEPRECIATION

At 1st January 2022

119,770

6,407

-

126,177

Charge for year

44,617

3,286

500

48,403

Eliminated on disposal

(4,244

)

-

-

(4,244

)

At 31st December 2022

160,143

9,693

500

170,336

NET BOOK VALUE

At 31st December 2022

376,552

28,259

29,500

434,311

At 31st December 2021

151,363

12,472

-

163,835

10.

DEBTORS

31/12/22

31/12/21

£

£

Amounts falling due within one year:

Trade debtors

10,388

5,140

Amounts owed by group undertakings

20,410

-

Amounts recoverable on contract

60,000

-

Other debtors

186,504

80,412

277,302

85,552

Amounts falling due after more than one year:

Trade debtors

46,971

-

Aggregate amounts

324,273

85,552

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade creditors

152,115

183,698

Amounts owed to group undertakings

151,304

62,065

Taxation and social security

212,970

3,849

Other creditors

218,433

10,973

734,822

260,585

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/22

31/12/21

£

£

Hire purchase contracts

198,611

-

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/22

31/12/21

value:

£

£

420

Ordinary

1

420

420

14.

RESERVES

Retained

earnings

£

At 1st January 2022

570,838

Deficit for the year

(32,299

)

Dividends

(62,816

)

At 31st December 2022

475,723

15.	RELATED PARTY DISCLOSURES

At the end of the year Falkus Joinery Limited owed Make One Holdings Limited £46,983 (2021: £14,387) via an interest free inter company loan account.

During the year Falkus Joinery Limited was charged by its ultimate parent undertaking Make One Holdings Limited £6,000 (2021: £NIL) for management services which were fully paid at the period end.

At the end of the year Falkus Joinery Limited owed Make One London Limited £104,321 (2021:£37,232) via an interest free inter company loan account.

At the end of the year Falkus Joinery Limited was owed by Make One Construct Limited £410 (2021: £228) via an interest free inter company loan account.

At the end of the year Falkus Joinery Limited was owed by Falkus Joinery Property Investments Limited £20,000 via an interest free inter company loan account.