Jonathan Tibbs Woodworks Ltd 11525925 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the provision of woodwork services. Digita Accounts Production Advanced 6.30.9574.0 true true 11525925 2022-09-01 2023-08-31 11525925 2023-08-31 11525925 core:CurrentFinancialInstruments 2023-08-31 11525925 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 11525925 core:Non-currentFinancialInstruments 2023-08-31 11525925 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 11525925 core:Goodwill 2023-08-31 11525925 core:FurnitureFittingsToolsEquipment 2023-08-31 11525925 core:MotorVehicles 2023-08-31 11525925 bus:SmallEntities 2022-09-01 2023-08-31 11525925 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 11525925 bus:FilletedAccounts 2022-09-01 2023-08-31 11525925 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 11525925 bus:RegisteredOffice 2022-09-01 2023-08-31 11525925 bus:Director1 2022-09-01 2023-08-31 11525925 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11525925 core:Goodwill 2022-09-01 2023-08-31 11525925 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 11525925 core:MotorVehicles 2022-09-01 2023-08-31 11525925 core:PlantMachinery 2022-09-01 2023-08-31 11525925 countries:EnglandWales 2022-09-01 2023-08-31 11525925 2022-08-31 11525925 core:Goodwill 2022-08-31 11525925 core:FurnitureFittingsToolsEquipment 2022-08-31 11525925 core:MotorVehicles 2022-08-31 11525925 2021-09-01 2022-08-31 11525925 2022-08-31 11525925 core:CurrentFinancialInstruments 2022-08-31 11525925 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 11525925 core:Non-currentFinancialInstruments 2022-08-31 11525925 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 11525925 core:Goodwill 2022-08-31 11525925 core:FurnitureFittingsToolsEquipment 2022-08-31 11525925 core:MotorVehicles 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 11525925

Jonathan Tibbs Woodworks Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Jonathan Tibbs Woodworks Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Jonathan Tibbs Woodworks Ltd

(Registration number: 11525925)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

2,000

Tangible assets

5

16,976

20,116

 

16,976

22,116

Current assets

 

Stocks

6

2,545

2,500

Debtors

7

2,870

2,987

Cash at bank and in hand

 

35,543

19,861

 

40,958

25,348

Creditors: Amounts falling due within one year

8

(38,265)

(42,863)

Net current assets/(liabilities)

 

2,693

(17,515)

Total assets less current liabilities

 

19,669

4,601

Creditors: Amounts falling due after more than one year

8

(11,117)

(17,257)

Provisions for liabilities

(2,097)

(430)

Net assets/(liabilities)

 

6,455

(13,086)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,355

(13,186)

Shareholders' funds/(deficit)

 

6,455

(13,086)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Jonathan Tibbs Woodworks Ltd

(Registration number: 11525925)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 22 March 2024 and signed on its behalf by:
 

.........................................
J Tibbs
Director

 

Jonathan Tibbs Woodworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Jonathan Tibbs Woodworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Jonathan Tibbs Woodworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Jonathan Tibbs Woodworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

10,000

10,000

At 31 August 2023

10,000

10,000

Amortisation

At 1 September 2022

8,000

8,000

Amortisation charge

2,000

2,000

At 31 August 2023

10,000

10,000

Net book value

At 31 August 2023

-

-

At 31 August 2022

2,000

2,000

5

Tangible assets

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

31,608

12,999

44,607

Additions

2,519

-

2,519

At 31 August 2023

34,127

12,999

47,126

Depreciation

At 1 September 2022

15,605

8,886

24,491

Charge for the year

4,631

1,028

5,659

At 31 August 2023

20,236

9,914

30,150

Net book value

At 31 August 2023

13,891

3,085

16,976

At 31 August 2022

16,003

4,113

20,116

6

Stocks

2023
£

2022
£

Stock

2,545

2,500

 

Jonathan Tibbs Woodworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Debtors

2023
£

2022
£

Trade debtors

2,628

2,745

Other debtors

242

242

2,870

2,987

8

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

6,139

5,983

Taxation and social security

 

17,349

4,737

Other creditors

 

14,777

32,143

 

38,265

42,863

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

11,117

17,257

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

11,117

17,257

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,139

5,983