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12331775







THE JOINERY WORKSHOP (ORPINGTON) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023


































THE JOINERY WORKSHOP (ORPINGTON) LTD
REGISTERED NUMBER:12331775

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,644
58,670

Current assets
  

Stocks
 5 
23,448
39,445

Debtors: amounts falling due after more than one year
 6 
-
12,131

Debtors: amounts falling due within one year
 6 
154,079
366,704

Bank and cash balances
  
30,874
103,321

  
208,401
521,601

Creditors: amounts falling due within one year
 7 
(188,974)
(449,507)

Net current assets
  
 
 
19,427
 
 
72,094

Total assets less current liabilities
  
53,071
130,764

Creditors: amounts falling due after more than one year
 8 
-
(426,712)

Provisions for liabilities
  

Deferred tax
 9 
(8,410)
(14,667)

  
 
 
(8,410)
 
 
(14,667)

Net assets/(liabilities)
  
44,661
(310,615)


Capital and reserves
  

Called up share capital 
  
350,001
1

Profit and loss account
  
(305,340)
(310,616)

  
44,661
(310,615)


Page 1

THE JOINERY WORKSHOP (ORPINGTON) LTD
REGISTERED NUMBER:12331775
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



P. McMahon
Director

Date: 6 November 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 2

THE JOINERY WORKSHOP (ORPINGTON) LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
1
(131,865)
(131,864)


Comprehensive income for the year

Loss for the year
-
(178,751)
(178,751)



At 1 April 2022
1
(310,616)
(310,615)


Comprehensive income for the year

Profit for the year
-
5,276
5,276


Contributions by and distributions to owners

Shares issued during the year
350,000
-
350,000


At 31 March 2023
350,001
(305,340)
44,661


The notes on pages 4 to 11 form part of these financial statements.

Page 3

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Joinery Workshop (Orpington) Limited ("the Company") is a company limited by shares that is domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is 6 Lagoon Road, Orpington, England, BR5 3QX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

Monetary amounts in these financial statements are stated in Pounds and are rounded to the nearest £1, except where otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has returned to profits this year of £5,276 (2022: £178,751 loss) and has returned to a net asset position of £44,661 (2022: £310,615 net liability). However, the company continues to be supported by the group following the issue of £350,000 Ordinary Shares in the year to the parent company.
The directors of the Company and the group have taken into account all available information about the Company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Company is a going concern. 

Page 4

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue comprises the value of joinery construction work certified during the year and the invoiced value of goods and services supplied by the Company, exclusive of the value added tax and trade discounts. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
on cost
Office equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

 Stocks, work in progress and long term contracts

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 

Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect  the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Turnover and corresponding work in progress is calculated as that proportion of total contract value to which costs incurred bear to total expected costs for that contract. Full provision is made for losses on contracts in the year in which they are first foreseen. 

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Joinery employees
9
11



Office employees
7
8

16
19

Page 7

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
160,302
5,230
165,532



At 31 March 2023

160,302
5,230
165,532



Depreciation


At 1 April 2022
102,613
4,249
106,862


Charge for the year
24,045
981
25,026



At 31 March 2023

126,658
5,230
131,888



Net book value



At 31 March 2023
33,644
-
33,644



At 31 March 2022
57,689
981
58,670


5.


Stocks

2023
2022
£
£

Raw materials
23,448
39,445



6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
-
12,131


2023
2022
£
£

Due within one year

Trade debtors
103,449
73,010

Amounts owed by group undertakings
12,830
99,723

Other debtors
5,589
20,716

Prepayments
8,707
15,738

Amounts recoverable on long term contracts
23,504
157,517
Page 8

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.Debtors (continued)


154,079
366,704



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
17,026
42,211

Amounts owed to group undertakings
97,703
302,377

Amounts owed to companies under common control
297
643

Corporation tax
5,752
-

Other taxation and social security
26,344
14,519

Other creditors
2,871
3,714

Accruals and deferred income
38,981
86,043

188,974
449,507


Page 9

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
-
426,712


On 30 March 2022, an existing guarantee with the Bank of Scotland PLC between connected companies Andara Limited and Bryen & Langley (Holdings) Limited, was extended to also cover The Joinery Workshop (Orpington) Limited. Each Company has a fixed charge over any overdraft held within Bryen & Langley Limited, with an overdraft limit of £350,000. At 31 March 2023 there was no overdraft held within The Joinery Workshop (Orpington) Limited and the Company had positive bank balances totalling £30,874 (2022: £103,322).
Loans are secured by a debenture over all the assets of the Company and a legal charge over its assets with interest payable at the default rate.


9.


Deferred taxation




2023


£






At beginning of year
(14,667)


Charged to profit or loss
6,257



At end of year
(8,410)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(8,410)
(14,667)

(8,410)
(14,667)


10.


Controlling party

The ultimate parent company is Bryen & Langley (Holdings) Limited by virtue of its shareholding. The registered office address of this company is 6 Lagoon Road, Orpington, England, BR5 3QX. The smallest and largest group that the company is consolidated to is Bryen & Langley (Holdings) Limited. 
The ultimate controlling parties are Alan Escudier, Paul McMahon and David Wrighton by virtue of their shareholding in Bryen & Langley (Holdings) Limited. 

Page 10

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 15 November 2023 by Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor) on behalf of CLA Evelyn Partners Limited.

 
Page 11