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COMPANY REGISTRATION NUMBER: 12245246
Joe Smalley Joinery Ltd
Filleted Unaudited Financial Statements
31 October 2023
Joe Smalley Joinery Ltd
Financial Statements
Year ended 31 October 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Joe Smalley Joinery Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
16,156
20,212
Current assets
Debtors
6
11,497
13,689
Cash at bank and in hand
64,060
46,012
--------
--------
75,557
59,701
Creditors: amounts falling due within one year
7
15,549
8,701
--------
--------
Net current assets
60,008
51,000
--------
--------
Total assets less current liabilities
76,164
71,212
Creditors: amounts falling due after more than one year
8
12,077
15,097
Provisions
Taxation including deferred tax
3,070
3,840
--------
--------
Net assets
61,017
52,275
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
60,917
52,175
--------
--------
Shareholders funds
61,017
52,275
--------
--------
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 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Joe Smalley Joinery Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 9 February 2024 , and are signed on behalf of the board by:
Mr J Smalley
Director
Company registration number: 12245246
Joe Smalley Joinery Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
Joe Smalley Joinery Ltd is a private company limited by shares, registered in the United Kingdom number 12245246 . Its registered office is 147 Hardy Mill Road, Harwood, Bolton, , BL2 4EJ. The principal activity of the company during the year continued to be that of joinery contractors.
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.
Revenue recognition
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
25% reducing balance
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.
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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
26,949
26,949
Additions
1,330
1,330
-------
--------
--------
At 31 October 2023
1,330
26,949
28,279
-------
--------
--------
Depreciation
At 1 November 2022
6,737
6,737
Charge for the year
333
5,053
5,386
-------
--------
--------
At 31 October 2023
333
11,790
12,123
-------
--------
--------
Carrying amount
At 31 October 2023
997
15,159
16,156
-------
--------
--------
At 31 October 2022
20,212
20,212
-------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
11,497
13,689
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
10,795
2,957
Other creditors
4,754
5,744
--------
-------
15,549
8,701
--------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
12,077
15,097
--------
--------