Company No: 12497947 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr C P Jackson
	Mrs B J P Jackson
	Mr T C Jackson

REGISTERED OFFICE	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE
	United Kingdom

COMPANY NUMBER

12497947 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	26,860		0
		26,860		0
Current assets
Stocks	4	4,900		0
Debtors	5	9,245		0
Cash at bank and in hand		1,921		20
		16,066		20
Creditors: amounts falling due within one year	6	( 105,012)		0
Net current (liabilities)/assets		(88,946)		20
Total assets less current liabilities		(62,086)		20
Net (liabilities)/assets		( 62,086)		20
Capital and reserves
Called-up share capital	7	20		20
Profit and loss account		( 62,106 )		0
Total shareholders' (deficit)/funds		( 62,086)		20

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Just Wood Furniture Limited (registered number: 12497947) were approved and authorised for issue by the Board of Directors on 28 September 2023. They were signed on its behalf by:

Mr C P Jackson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Just Wood Furniture Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House, Peninsula Park, Rydon Lane, Exeter, Devon EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £62,086. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		0

3. Tangible assets

	Plant and machinery		Computer equipment		Total
	£		£		£
Cost
At 01 April 2022	0		0		0
Additions	30,558		1,484		32,042
At 31 March 2023	30,558		1,484		32,042
Accumulated depreciation
At 01 April 2022	0		0		0
Charge for the financial year	5,058		124		5,182
At 31 March 2023	5,058		124		5,182
Net book value
At 31 March 2023	25,500		1,360		26,860
At 31 March 2022	0		0		0

4. Stocks

	2023		2022
	£		£
Stocks	4,900		0

5. Debtors

	2023		2022
	£		£
Trade debtors	7,332		0
Other debtors	1,913		0
	9,245		0

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	1,893		0
Other creditors	103,119		0
	105,012		0

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
20 Ordinary shares of £ 1.00 each	20		20