Registered number: 01141574
H J CONTRACTS GENERAL WOODWORKERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
CONTENTS
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Notes to the Financial Statements
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF H J CONTRACTS GENERAL WOODWORKERS LIMITED
FOR THE YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H J Contracts General Woodworkers Limited for the year ended 31 March 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of H J Contracts General Woodworkers Limited, as a body, in accordance with the terms of our engagement letter dated 28 April 2020. Our work has been undertaken solely to prepare for your approval the financial statements of H J Contracts General Woodworkers Limited and state those matters that we have agreed to state to the Board of Directors of H J Contracts General Woodworkers Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H J Contracts General Woodworkers Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that H J Contracts General Woodworkers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of H J Contracts General Woodworkers Limited. You consider that H J Contracts General Woodworkers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of H J Contracts General Woodworkers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
31 October 2023
Page 1
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
REGISTERED NUMBER: 01141574
BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Investment property reserve
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Page 2
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
REGISTERED NUMBER: 01141574
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 on 31 October 2023.
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Mrs K J Drake
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Mr P J Body
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The notes on pages 4 to 9 form part of these financial statements.
Page 3
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office and principal place of business is 43B Hardingham Road, Hingham, Norfolk, NR9 4LX.
The company's principal activity during the year was the manufacture of specialist bespoke lacquer and veneer furniture.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
COVID has caused disruption and uncertainty to the business over the last few years, however, the company was back in a profit situation in the current year accounts. The shareholders and directors have lent money to the company to assist with its cashflow over the last few years and continue to be committed to supporting the company.
Turnover comprises revenue recognised by the company in respect of the manufacture of specialist bespoke lacquer and veneer furniture. Turnover is exclusive of value added tax and is recognised on an accruals basis.
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the turnover can be reliably measured.
Page 4
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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, using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
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.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at book value, previously restated at 31 March 1996 and the company will not update that valuation.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all cost of purchase and other costs incurred in bringing stock to its present location and condition.
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.
Page 5
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
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The average monthly number of employees, including directors, during the year was 9 (2022 - 8).
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Page 6
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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Charge for the year on financed assets
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Page 7
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Freehold investment property
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The 2023 valuations were made by the directors, on an open market value for existing use basis.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Payments received on account
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Included within creditors: amounts falling due within one year are secured creditors of £186,624 (2022 - £173,259).
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Page 8
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H J CONTRACTS GENERAL WOODWORKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Included within creditors: amounts falling due after more than one year are secured creditors of £2,019 (2022 - £6,628).
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Allotted, called up and fully paid
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46 (2022 - 46) Ordinary A shares of £1 each
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44 (2022 - 44) Ordinary B shares of £1 each
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5 (2022 - 5) Ordinary C shares of £1 each
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5 (2022 - 5) Ordinary D shares of £1 each
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Contributions totalling £880 (2022: £288) were payable to the fund at the balance sheet date and are included in creditors.
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Transactions with directors
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As at 31 March 2023 the balance on a director's loan accounts was £8,840 (2022: £28,617) in credit. The loans are interest free and repayable on demand. The loans are included in other creditors note 7 to the accounts.
As at 31 March 2022 the balance on a director's loan account was £2,682 overdrawn. The company advanced £16,660 to the director and the director introduced funds to the company of £14,200. The balance on a director's loan account at 31 March 2023 was £5,142 overdrawn. Interest of £130 (2022: nil) has been charged on the overdrawn balances during the year at a rate of 2%. The loan is included in other debtors note 6 to the accounts and repayable on demand.
As at 31 March 2023 the company owed a shareholder £182,015 (2022: £168,983). The loan is included in other creditors note 7 to the accounts. No interest has been paid on the loan and it is repayable on demand.
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Page 9
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