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Registration number: 13236919

JS Woodwork Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 March 2021 to 31 March 2022

 

JS Woodwork Ltd

Director's Report for the Period from 1 March 2021 to 31 March 2022

The director presents his report and the abridged financial statements for the period from 1 March 2021 to 31 March 2022.

Incorporation

The company was incorporated and commenced trading on 1 March 2021.

Director of the company

The director who held office during the period was as follows:

Mr James Stephen Spencer (appointed 1 March 2021)

Principal activity

The principal activity of the company is Carpentry

Small companies provision statement

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

Approved and authorised by the director on 3 September 2022
 

.........................................
Mr James Stephen Spencer
Director

 

JS Woodwork Ltd

(Registration number: 13236919)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

Fixed assets

 

Tangible assets

5

11,577

Current assets

 

Stocks

6

450

Debtors

1,758

Cash at bank and in hand

 

9,427

 

11,635

Creditors: Amounts falling due within one year

(9,074)

Net current assets

 

2,561

Total assets less current liabilities

 

14,138

Creditors: Amounts falling due after more than one year

(10,000)

Provisions for liabilities

(2,200)

Accruals and deferred income

 

(48)

Net assets

 

1,890

Capital and reserves

 

Called up share capital

7

100

Retained earnings

1,790

Shareholders' funds

 

1,890

For the financial period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

JS Woodwork Ltd

(Registration number: 13236919)
Abridged Balance Sheet as at 31 March 2022

Approved and authorised by the director on 3 September 2022
 

.........................................
Mr James Stephen Spencer
Director

 

JS Woodwork Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 March 2021 to 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 Park Drive
Leicester Forest East
Leicester
LE3 3FN

These financial statements were authorised for issue by the director on 3 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

JS Woodwork Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 March 2021 to 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

JS Woodwork Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 March 2021 to 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

Depreciation expense

3,152

 

JS Woodwork Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 March 2021 to 31 March 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

8,729

6,000

14,729

At 31 March 2022

8,729

6,000

14,729

Depreciation

Charge for the period

1,652

1,500

3,152

At 31 March 2022

1,652

1,500

3,152

Carrying amount

At 31 March 2022

7,077

4,500

11,577

6

Stocks

2022
£

Raw materials and consumables

450

7

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary shares of £1 each

100

100

     

8

Dividends

   

2022

 
   

£

 

Interim dividend of £62.26 per ordinary share

 

10,000

 
       

9

Related party transactions

 

JS Woodwork Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 March 2021 to 31 March 2022

Director's remuneration

The director's remuneration for the period was as follows:

2022
£

Remuneration

12,600