Finewood Joinery Products Limited
Registered number
SC124376
Filleted Accounts
31 July 2023
Finewood Joinery Products Limited
Registered number: SC124376
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 261,852 304,677
Current assets
Stocks 2,322,812 2,492,521
Debtors 4 1,142,702 983,406
Cash at bank and in hand 517,887 407,279
3,983,401 3,883,206
Creditors: amounts falling due within one year 5 (2,280,688) (2,384,160)
Net current assets 1,702,713 1,499,046
Total assets less current liabilities 1,964,565 1,803,723
Creditors: amounts falling due after more than one year 6 (51,445) (90,802)
Provisions for liabilities (54,042) (37,607)
Net assets 1,859,078 1,675,314
Capital and reserves
Called up share capital 13 13
Profit and loss account 1,859,065 1,675,301
Shareholders' funds 1,859,078 1,675,314
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I C Thomson
Director
Approved by the board on 11 October 2023
Finewood Joinery Products Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 36 34
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 12,112 929,831 240,196 1,182,139
Additions - 13,584 - 13,584
Disposals - (1,213) - (1,213)
At 31 July 2023 12,112 942,202 240,196 1,194,510
Depreciation
At 1 August 2022 - 660,768 216,694 877,462
Charge for the year - 51,287 3,909 55,196
At 31 July 2023 - 712,055 220,603 932,658
Net book value
At 31 July 2023 12,112 230,147 19,593 261,852
At 31 July 2022 12,112 269,063 23,502 304,677
4 Debtors 2023 2022
£ £
Trade debtors 1,142,642 976,806
Other debtors 60 6,600
1,142,702 983,406
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 22,790 22,790
Trade creditors 857,938 820,359
Amounts owed to group undertakings and undertakings in which the company has a participating interest 880,233 1,143,185
Other taxes and social security costs 365,530 250,226
Other creditors 154,197 147,600
2,280,688 2,384,160
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 51,445 90,802
7 Related party transactions
During the year the company paid rent of £115,000 (2022: £115,000) to the directors' private penson scheme for the use of land and buildings.
8 Controlling party
Finewood (Holdings) Limited, a company registered in Scotland, is the controlling party by way of its owning 100% of the issued share capital. The director, Ian Thomson, is the ultimate controlling party.
9 Other information
Finewood Joinery Products Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Valentine Court
Dundee Business Park
Dundee
DD2 3QB
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