Classic Joinery Products Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC395329 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Classic Joinery Products Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Makarewicz

Mrs M Makarewicz

SECRETARY:

Jenkins & Co. (Falkirk) Ltd

REGISTERED OFFICE:

Unit G

6 The Roundel

Middlefield Ind Estate

Falkirk

Stirlingshire

FK2 9HG

REGISTERED NUMBER:

SC395329 (Scotland)

ACCOUNTANTS:

Jenkins & Co.

25 Manor Street

Falkirk

Stirlingshire

FK1 1NH

BANKERS:

Bank of Scotland plc

Edinburgh Royal Mile

300 Lawnmarket

Edinburgh

EH1 2PH

SOLICITORS:

Russel & Aitken LLP

King's Court

High Street

Falkirk

Stirlingshire

FK1 1PQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,875

7,833

5,875

7,833

CURRENT ASSETS

Stocks

5,650

6,250

Debtors

32,702

-

Cash at bank

-

28,714

38,352

34,964

CREDITORS

Amounts falling due within one year

(42,968

)

(41,119

)

NET CURRENT LIABILITIES

(4,616

)

(6,155

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,259

1,678

PROVISIONS FOR LIABILITIES

(1,175

)

(1,567

)

NET ASSETS

84

111

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

82

109

SHAREHOLDERS' FUNDS

84

111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 September 2017 and were signed on its behalf by:

Mr S Makarewicz - Director

1.	STATUTORY INFORMATION

Classic Joinery Products Limited is a private company, limited by shares , registered in Scotland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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

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 reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

41,650

AMORTISATION

At 1 April 2016

and 31 March 2017

41,650

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

18,423

DEPRECIATION

At 1 April 2016

10,590

Charge for year

1,958

At 31 March 2017

12,548

NET BOOK VALUE

At 31 March 2017

5,875

At 31 March 2016

7,833

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates from a property owned jointly by the directors, Mr and Mrs Makarewicz. The rent is payable at

commercial market rates.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £1,200 (2016 - £16,000) were paid to the directors .

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Makarewicz together with hiswife, Mrs M Makarewicz.

9.	FIRST YEAR ADOPTION

These are the company's first set of financial statements prepared in accordance with FRS 102.