Company registration number 04598790 (England and Wales)
VICTORIA JOINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
VICTORIA JOINERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VICTORIA JOINERY LIMITED (REGISTERED NUMBER: 04598790)
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
31 August 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,584
Investment property
4
299,589
299,589
303,173
299,589
Current assets
Stocks
-
10,000
Debtors
5
36,427
91,662
Cash at bank and in hand
328,650
247,084
365,077
348,746
Creditors: amounts falling due within one year
6
(52,330)
(119,042)
Net current assets
312,747
229,704
Total assets less current liabilities
615,920
529,293
Provisions for liabilities
(896)
Net assets
615,024
529,293
Capital and reserves
Called up share capital
12
4
Profit and loss reserves
615,012
529,289
Total equity
615,024
529,293
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VICTORIA JOINERY LIMITED (REGISTERED NUMBER: 04598790)
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Mr Gregory Pugh
Director
VICTORIA JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Victoria Joinery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
1.1
Reporting period
The accounts have been prepared for the period 6th April 2022 to 31st August 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Motor vehicles
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
VICTORIA JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
4
7
VICTORIA JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022
22,482
Additions
6,100
Disposals
(22,482)
At 31 August 2023
6,100
Depreciation and impairment
At 1 April 2022
22,482
Depreciation charged in the Period
2,516
Eliminated in respect of disposals
(22,482)
At 31 August 2023
2,516
Carrying amount
At 31 August 2023
3,584
At 31 March 2022
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 August 2023
299,589
Investment property comprises a rental property. The property has been valued by a director based on the sale prices of similar properties in the area. The value remains unchanged from the previous year.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,652
Other debtors
36,427
80,010
36,427
91,662
VICTORIA JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
49,113
Trade creditors
6,368
13,848
Taxation and social security
32,760
35,625
Other creditors
13,202
20,456
52,330
119,042
7
Related party transactions
Last year, a loan of £50,000 was made to a company owned by a party related to Mr and Mrs Pugh. The balance at 31 March 2022 was £50,000. The loan was repaid in full by 26 April 2022.
At 31 August 2023, the company is owed £32,010 (31 March 2022: £26,010) by Sashy & Sashy Ltd, a related company. Mr and Mrs Pugh are directors of both companies.
8
Directors' transactions
Dividends totalling £36,183 (2022 - £426) were paid in the Period in respect of shares held by the company's directors.