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COMPANY REGISTRATION NUMBER: 07324982
PATCHETT JOINERY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
PATCHETT JOINERY LTD
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
100,810
138,735
CURRENT ASSETS
Stocks
7
113,651
91,168
Debtors
8
189,316
79,701
Cash at bank and in hand
111,222
235,373
----------
----------
414,189
406,242
CREDITORS: amounts falling due within one year
9
814,746
1,026,793
----------
-------------
NET CURRENT LIABILITIES
400,557
620,551
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 299,747)
( 481,816)
CREDITORS: amounts falling due after more than one year
10
19,167
29,967
----------
----------
NET LIABILITIES
( 318,914)
( 511,783)
----------
----------
PATCHETT JOINERY LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 319,014)
( 511,883)
----------
----------
SHAREHOLDERS DEFICIT
( 318,914)
( 511,783)
----------
----------
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.
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 were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
J E Patchett
Director
Company registration number: 07324982
PATCHETT JOINERY LTD
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 Ryefield Works, Clayton Heights, Queensbury, Bradford, West Yorkshire, BD13 1DS.
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.
Going concern
The directors have given assurances that they will continue to support the company and the financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered for joinery services, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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.
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:
Leasehold Property
-
10% straight line
Plant & Machinery
-
10% straight line
Fixtures & Fittings
-
33.33% straight line
Research and development
Research and development expenditure is written off in the period in which it is incurred.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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 receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. 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.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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. TAXATION
The company has corporation tax losses of £598,266 available to carry forward and be set off against future profits.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 21 (2022: 21 ).
6. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
30,022
324,164
118,166
472,352
Additions
4,135
3,114
7,249
---------
----------
----------
----------
At 30 June 2023
34,157
324,164
121,280
479,601
---------
----------
----------
----------
Depreciation
At 1 July 2022
14,907
211,142
107,568
333,617
Charge for the year
3,067
32,093
10,014
45,174
---------
----------
----------
----------
At 30 June 2023
17,974
243,235
117,582
378,791
---------
----------
----------
----------
Carrying amount
At 30 June 2023
16,183
80,929
3,698
100,810
---------
----------
----------
----------
At 30 June 2022
15,115
113,022
10,598
138,735
---------
----------
----------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 June 2023
----
At 30 June 2022
11,630
---------
7. STOCKS
2023
2022
£
£
Raw materials and consumables
71,158
68,729
Work in progress
42,493
22,439
----------
---------
113,651
91,168
----------
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
15,513
25,573
Other debtors
173,803
54,128
----------
---------
189,316
79,701
----------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
203,446
185,862
Social security and other taxes
66,531
104,942
Other creditors
534,769
725,989
----------
-------------
814,746
1,026,793
----------
-------------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
Other creditors
800
---------
---------
19,167
29,967
---------
---------
11. PROVISIONS
Deferred tax (note 12)
£
At 1 July 2022
Additions
11,114
Unused tax losses
( 11,114)
---------
At 30 June 2023
---------
12. DEFERRED TAX
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
11,114
14,788
Unused tax losses
( 11,114)
( 14,788)
---------
---------
---------
---------
13. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in creditors:
Deferred government grants due within one year
800
800
Deferred government grants due after more than one year
800
----
-------
800
1,600
----
-------
Recognised in other operating income:
Government grants recognised directly in income
2,339
Government grants released to profit or loss
800
800
----
-------
800
3,139
----
-------
14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had unsecured interest free loans with the company. The directors loan accounts were in credit throughout the year and are repayable on demand.
15. RELATED PARTY TRANSACTIONS
During the year, the company had an unsecured interest free loan with Patchett Homes Limited, a company in which all the directors are also directors of Patchett Joinery Limited. The balance owing to Patchett Homes Limited as at 30 June 2023 was £84,791. This balance is repayable on demand.