43 30/06/2023 2023-06-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01017470 2022-07-01 2023-06-30 01017470 2023-06-30 01017470 2022-06-30 01017470 2021-07-01 2022-06-30 01017470 2022-06-30 01017470 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 01017470 bus:RegisteredOffice 2022-07-01 2023-06-30 01017470 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 01017470 bus:Director1 2022-07-01 2023-06-30 01017470 bus:Director5 2022-07-01 2023-06-30 01017470 bus:Director6 2022-07-01 2023-06-30 01017470 bus:CompanySecretary1 2022-07-01 2023-06-30 01017470 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 01017470 core:FurnitureFittingsToolsEquipment 2022-06-30 01017470 core:MotorVehicles 2022-06-30 01017470 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 01017470 core:FurnitureFittingsToolsEquipment 2023-06-30 01017470 core:MotorVehicles 2023-06-30 01017470 core:WithinOneYear 2023-06-30 01017470 core:WithinOneYear 2022-06-30 01017470 core:ShareCapital 2023-06-30 01017470 core:ShareCapital 2022-06-30 01017470 core:CapitalRedemptionReserve 2023-06-30 01017470 core:CapitalRedemptionReserve 2022-06-30 01017470 core:RetainedEarningsAccumulatedLosses 2023-06-30 01017470 core:RetainedEarningsAccumulatedLosses 2022-06-30 01017470 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 01017470 core:MotorVehicles 2022-07-01 2023-06-30 01017470 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 01017470 core:FurnitureFittingsToolsEquipment 2022-06-30 01017470 core:MotorVehicles 2022-06-30 01017470 bus:SmallEntities 2022-07-01 2023-06-30 01017470 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 01017470 bus:FullAccounts 2022-07-01 2023-06-30 01017470 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 01017470 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01017470 1 2022-07-01 2023-06-30
Company registration number: 01017470
J Greenwood (Builders) Limited
Unaudited filleted financial statements
30 June 2023
J Greenwood (Builders) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
J Greenwood (Builders) Limited
Directors and other information
Directors J D Greenwood
A V Rooney
D A Garner
Secretary J D Greenwood
Company number 01017470
Registered office Unit B9
Greengate Industrial Estate
Greenside Way
Chadderton
M24 1SW
Business address Unit B9
Greengate Industrial Estate
Greenside Way
Chadderton
M24 1SW
Accountants BK Plus Limited
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers Barclays Bank
25 High Street
Oldham
OL1 3AZ
J Greenwood (Builders) Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 111,382 147,064
_________ _________
111,382 147,064
Current assets
Stocks 703,134 485,148
Debtors 6 2,031,617 1,863,961
Cash at bank and in hand 2,065,817 1,641,324
_________ _________
4,800,568 3,990,433
Creditors: amounts falling due
within one year 7 ( 3,669,334) ( 3,081,644)
_________ _________
Net current assets 1,131,234 908,789
_________ _________
Total assets less current liabilities 1,242,616 1,055,853
Provisions for liabilities ( 25,230) ( 28,050)
_________ _________
Net assets 1,217,386 1,027,803
_________ _________
Capital and reserves
Called up share capital 30 30
Capital redemption reserve 70 70
Profit and loss account 1,217,286 1,027,703
_________ _________
Shareholders funds 1,217,386 1,027,803
_________ _________
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
A V Rooney
Director
Company registration number: 01017470
J Greenwood (Builders) 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 England and Wales. The address of the registered office is J Greenwood (Builders) Limited, Unit B9, Greengate Industrial Estate, Greenside Way, Chadderton, M24 1SW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - Straight line over life of lease
Fittings fixtures and equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 43 (2022: 46 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 176,606 112,483 25,076 314,165
Additions - 4,614 - 4,614
_________ _________ _________ _________
At 30 June 2023 176,606 117,097 25,076 318,779
_________ _________ _________ _________
Depreciation
At 1 July 2022 85,099 75,733 6,269 167,101
Charge for the year 13,576 22,018 4,702 40,296
_________ _________ _________ _________
At 30 June 2023 98,675 97,751 10,971 207,397
_________ _________ _________ _________
Carrying amount
At 30 June 2023 77,931 19,346 14,105 111,382
_________ _________ _________ _________
At 30 June 2022 91,507 36,750 18,807 147,064
_________ _________ _________ _________
6. Debtors
2023 2022
£ £
Trade debtors 1,939,485 1,785,633
Amounts owed by group undertakings and undertakings in which the company has a participating interest 30,757 23,168
Other debtors 61,375 55,160
_________ _________
2,031,617 1,863,961
_________ _________
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,171,659 1,035,933
Corporation tax 87,711 57,122
Social security and other taxes 516,488 441,139
Other creditors 1,893,476 1,547,450
_________ _________
3,669,334 3,081,644
_________ _________
8. Controlling party
The company is a wholly owned subsidiary of Greenwood Builders Limited , a company registered in England and Wales.