Registered number
10059224
Walsall Builders & Timber Merchants Ltd
Filleted Accounts
31 March 2023
Walsall Builders & Timber Merchants Ltd
Registered number: 10059224
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,738 21,304
Investments 4 148,324 -
166,062 21,304
Current assets
Stocks 420,300 280,775
Debtors 5 229,525 256,150
Cash at bank and in hand 617,309 507,141
1,267,134 1,044,066
Creditors: amounts falling due within one year 6 (608,731) (460,826)
Net current assets 658,403 583,240
Net assets 824,465 604,544
Capital and reserves
Called up share capital 2 2
Profit and loss account 824,463 604,542
Shareholders' funds 824,465 604,544
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 director acknowledges his 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.
Mr Kamran Aftab
Director
Approved by the board on 30 March 2024
Walsall Builders & Timber Merchants Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
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.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 13
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 33,248 11,760 45,008
At 31 March 2023 33,248 11,760 45,008
Depreciation
At 1 April 2022 18,888 4,816 23,704
Charge for the year 2,872 694 3,566
At 31 March 2023 21,760 5,510 27,270
Net book value
At 31 March 2023 11,488 6,250 17,738
At 31 March 2022 14,360 6,944 21,304
4 Investments
Other
investments
£
Cost
Additions 148,324
At 31 March 2023 148,324
5 Debtors 2023 2022
£ £
Trade debtors 98,525 125,150
Other debtors 131,000 131,000
229,525 256,150
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 477,721 288,901
Taxation and social security costs 92,268 97,355
Other creditors 38,742 74,570
608,731 460,826
7 Other information
Walsall Builders & Timber Merchants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
32 Holly Hedge Lane
Walsall
West Midlands
WS2 8PT
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