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COMPANY REGISTRATION NUMBER: 02890970
HOLME VALLEY JOINERY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
HOLME VALLEY JOINERY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
HOLME VALLEY JOINERY LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
315,111
158,232
Current assets
Stocks
140,930
555,627
Debtors
6
352,934
300,337
Cash at bank and in hand
220,020
793
-------------
-------------
713,884
856,757
Creditors: amounts falling due within one year
7
( 570,337)
( 650,993)
-------------
-------------
Net current assets
143,547
205,764
-------------
-------------
Total assets less current liabilities
458,658
363,996
Creditors: amounts falling due after more than one year
8
( 139,052)
( 165,876)
Provisions
Taxation including deferred tax
( 78,000)
( 28,000)
-------------
-------------
Net assets
241,606
170,120
-------------
-------------
HOLME VALLEY JOINERY LIMITED
BALANCE SHEET (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss account
240,606
169,120
-------------
-------------
Shareholders funds
241,606
170,120
-------------
-------------
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 profit and loss account has not been delivered.
For the 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 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 .
These financial statements were approved by the board of directors and authorised for issue on 4 October 2023 , and are signed on behalf of the board by:
P Jackson M Guest
Director Director
Company registration number: 02890970
HOLME VALLEY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 13-14 Albion Mills, Miry Lane, Thongsbridge, Holmfirth, HD9 7HP.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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
Fixtures, Fittings and Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 28 (2022: 25 ).
5. Tangible assets
Plant and Machinery
Fixtures, Fittings and Equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 April 2022
643,171
76,410
98,268
817,849
Additions
186,267
3,111
189,378
Disposals
( 24,090)
( 24,090)
-------------
-------------
-------------
-------------
At 31 March 2023
829,438
79,521
74,178
983,137
-------------
-------------
-------------
-------------
Depreciation
At 1 April 2022
560,410
71,250
27,957
659,617
Charge for the year
13,958
889
17,048
31,895
Disposals
( 23,486)
( 23,486)
-------------
-------------
-------------
-------------
At 31 March 2023
574,368
72,139
21,519
668,026
-------------
-------------
-------------
-------------
Carrying amount
At 31 March 2023
255,070
7,382
52,659
315,111
-------------
-------------
-------------
-------------
At 31 March 2022
82,761
5,160
70,311
158,232
-------------
-------------
-------------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
300,935
262,194
Prepayments and accrued income
9,119
11,382
Directors' loan accounts
6,547
6,177
Corporation tax recoverable
27,340
Other debtors
8,993
20,584
-------------
-------------
352,934
300,337
-------------
-------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
112,784
166,100
Trade creditors
404,074
412,216
Accruals and deferred income
14,461
16,089
Corporation tax
10,714
Social security and other taxes
17,298
15,394
Obligations under finance leases and hire purchase contracts
20,970
17,555
Other creditors
750
12,925
-------------
-------------
570,337
650,993
-------------
-------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
41,667
96,925
Obligations under finance leases and hire purchase contracts
67,385
38,951
Other creditors
30,000
30,000
-------------
-------------
139,052
165,876
-------------
-------------
9. Secured liabilities
2023
2022
£
£
Aggregate aount of secured liabilities
181,139
237,864
-------------
-------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
78,000
28,000
-------------
-------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
78,000
28,000
-------------
-------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
900
900
900
900
Ordinary A shares of £ 1 each
100
100
100
100
-------------
-------------
-------------
-------------
1,000
1,000
1,000
1,000
-------------
-------------
-------------
-------------
The two classes of share rank pari passu.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
36,300
36,300
Later than 1 year and not later than 5 years
53,370
7,162
-------------
-------------
89,670
43,462
-------------
-------------
13. Related party transactions
The directors' loan accounts of £6,547 (2022: £6,177) included in debtors are unsecured, currently interest free and have been repaid to the company before 31 December 2022. A director has provided a personal guarantee of £30,000 in support of the company's bank facilities. The company is controlled by P Jackson .