James Greenwood Joinery Limited Filleted accounts for Companies House (small and micro)

JAMES GREENWOOD JOINERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC251260

James Greenwood Joinery Limited

Filleted Unaudited Financial Statements

30 June 2023

James Greenwood Joinery Limited

Statement of Financial Position

30 June 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		39,365	22,697

Current assets

Stocks		20,230	28,212
Debtors	6	55,717	109,956
Cash at bank and in hand		253,734	177,317
		---------	---------
		329,681	315,485

Creditors: amounts falling due within one year	7	46,920		96,114
		---------		---------
Net current assets			282,761	219,371
			---------	---------
Total assets less current liabilities			322,126	242,068

Provisions

Taxation including deferred tax	7,420	4,312
	---------	---------
Net assets	314,706	237,756
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	314,704	237,754
	---------	---------
Shareholders funds	314,706	237,756
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

James Greenwood Joinery Limited

Statement of Financial Position (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:

Mrs S Greenwood
Director

Company registration number: SC251260

James Greenwood Joinery Limited

Notes to the Financial Statements

Year ended 30 June 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 27 Culcabock Avenue, Inverness, IV2 3RG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance / 20% straight line
Motor vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 July 2022	19,910	28,995	48,905
Additions	385	32,967	33,352
Disposals	( 468)	( 12,700)	( 13,168)
	--------	--------	--------
At 30 June 2023	19,827	49,262	69,089
	--------	--------	--------
Depreciation
At 1 July 2022	11,028	15,180	26,208
Charge for the year	2,523	2,447	4,970
Disposals	( 396)	( 1,058)	( 1,454)
	--------	--------	--------
At 30 June 2023	13,155	16,569	29,724
	--------	--------	--------
Carrying amount
At 30 June 2023	6,672	32,693	39,365
	--------	--------	--------
At 30 June 2022	8,882	13,815	22,697
	--------	--------	--------

6. Debtors

	2023	2022
	£	£
Trade debtors	846	108,542
Other debtors	54,871	1,414
	--------	---------
	55,717	109,956
	--------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	5,005	48,122
Corporation tax	31,479	20,286
Social security and other taxes	1,401	12,437
Other creditors	9,035	15,269
	--------	--------
	46,920	96,114
	--------	--------

8. Related party transactions

At 30 June 2023 the company was due two (2022 - two) directors £6,307 (2022 - £10,367). This loan is interest free and has no definite terms of repayment.