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REGISTERED NUMBER: 11865140 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

PERFORMANCE JOINERY LIMITED

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PERFORMANCE JOINERY LIMITED

COMPANY INFORMATION
for the year ended 30 September 2023







DIRECTORS: J Burdett
A Malhan
N J Richmond





REGISTERED OFFICE: Magma House 16 Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 11865140 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 539,876 529,650

CURRENT ASSETS
Stocks 377,757 373,607
Debtors 5 1,413,481 1,252,312
Cash at bank and in hand 70,704 101,490
1,861,942 1,727,409
CREDITORS
Amounts falling due within one year 6 (901,494 ) (811,352 )
NET CURRENT ASSETS 960,448 916,057
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,500,324

1,445,707

CREDITORS
Amounts falling due after more than one
year

7

(141,397

)

(163,260

)

PROVISIONS FOR LIABILITIES 9 (134,615 ) (32,951 )
NET ASSETS 1,224,312 1,249,496

CAPITAL AND RESERVES
Called up share capital 10 420,001 420,001
Retained earnings 804,311 829,495
SHAREHOLDERS' FUNDS 1,224,312 1,249,496

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:




N J Richmond - Director


PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2023


1. STATUTORY INFORMATION

Performance Joinery Limited is a limited company, registered in England and Wales. Its registered office address is Magma House 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, England, CV23 0UZ and the registered number is 11865140.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling (£), which is the functional and presentational currency of the
company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover 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.

Tangible fixed assets
Tangible fixed assets 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 either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery-20% straight line
Fixtures and fittings-10% straight line
Computer Equipment-25% straight line

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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating and finance lease commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company’s incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023


2. ACCOUNTING POLICIES - continued

(ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

(iii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2022 - 50 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 777,744 73,682 3,844 855,270
Additions 77,675 111,000 970 189,645
Disposals (12,000 ) - - (12,000 )
At 30 September 2023 843,419 184,682 4,814 1,032,915
DEPRECIATION
At 1 October 2022 318,678 5,909 1,033 325,620
Charge for year 160,403 15,693 1,123 177,219
Eliminated on disposal (9,800 ) - - (9,800 )
At 30 September 2023 469,281 21,602 2,156 493,039
NET BOOK VALUE
At 30 September 2023 374,138 163,080 2,658 539,876
At 30 September 2022 459,066 67,773 2,811 529,650

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,363,350 1,210,766
Other debtors 50,131 41,546
1,413,481 1,252,312

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 137,255 109,982
Trade creditors 488,661 408,834
Tax 29,072 39,755
Social security and other taxes 35,297 35,578
Pension 6,941 6,584
VAT 115,394 104,267
Other creditors 16,758 35,401
Accruals and deferred income 62,116 60,951
901,494 811,352

The Bounce Back Loan, included within Bank loans and overdrafts falling due within one year and more than one year , has been partially guaranteed by the UK Government.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 16,667 10,000
Bank loans - 2-5 years - 16,667
Hire purchase contracts (see note 8) 124,730 136,593
141,397 163,260

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 137,255 109,982
Between one and five years 124,730 136,593
261,985 246,575

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 134,615 32,951

Deferred
tax
£   
Balance at 1 October 2022 32,951
Charge to Profit and Loss Account during year 101,664
Balance at 30 September 2023 134,615

PERFORMANCE JOINERY LIMITED (REGISTERED NUMBER: 11865140)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
420,001 Ordinary £1 420,001 420,001

During the year the company repurchased 25,000 Ordinary shares, which are held as treasury shares at the year end, for total consideration of £36,250. The total number of shares held as treasury shares at the year end is 25,000 (2022: none).

11. RELATED PARTY DISCLOSURES

During the period, sales of £4,852,835 (2022 - £1,148,318) were made to, and purchases of £1,141,395 (2022 - £793,892) were made from, a company with common directors. At the period end, £138,947 (2022 - £Nil) was due to, and £1,446,664 (2022 - £1,138,898) was due from this related company. Management charges of £73,300 (2022 - £67,600) were also payable during the period.

During the period, sales of £127,020 (2022 - £76,614) were made to, and purchases of £Nil (2022 - £450) were made from, a company with common directors. At the period end, £1,233 (2022 - £9,133) was due from, and £14,850 (2022: £450) was due to this related company.

During the period, sales of £1,387 (2022 - £Nil) were made to, and purchases of £37,200 (2022 - £62,400) were made from, a company with common directors. At the period end, £Nil (2022 - £Nil) was due from, and £5,040 (2022: £4,800) was due to this related company.