Company Registration No. 07340359 (England and Wales)
Acute Carpentry Limited
Unaudited accounts
for the year ended 31 December 2023
Acute Carpentry Limited
Unaudited accounts
Contents
Acute Carpentry Limited
Company Information
for the year ended 31 December 2023
Company Number
07340359 (England and Wales)
Registered Office
36 Norman Avenue
Abingdon
Oxfordshire
OX14 2HJ
Accountants
Optics Accounting Ltd
17 Willow Pike
Sutton Courtenay
Abingdon
OX14 4GB
Acute Carpentry Limited
Statement of financial position
as at 31 December 2023
Tangible assets
3,141
9,769
Cash at bank and in hand
24,895
(8,149)
Creditors: amounts falling due within one year
(102,562)
(111,436)
Net current assets
11,267
23,361
Total assets less current liabilities
14,408
33,130
Creditors: amounts falling due after more than one year
(14,166)
(32,756)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
52
57
Shareholders' funds
152
157
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 April 2024 and were signed on its behalf by
Paul Prior
Director
Company Registration No. 07340359
Acute Carpentry Limited
Notes to the Accounts
for the year ended 31 December 2023
Acute Carpentry Limited is a private company, limited by shares, registered in England and Wales, registration number 07340359. The registered office is 36 Norman Avenue, Abingdon, Oxfordshire, OX14 2HJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
33% reducing balance
Fixtures & fittings
25% straight line
Computer equipment
33% straight line
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 recognizes 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.
Acute Carpentry Limited
Notes to the Accounts
for the year ended 31 December 2023
The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except that a change attributable to an item of income or expense recognized as other comprehensive income is also recognized 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.
Deferred tax is recognized 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 recognized 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.
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 are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognized initially at the transaction price. They are subsequently measured at amortized 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.
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 labor 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 recognized immediately in profit or loss.
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 recognized initially at the transaction price and subsequently measured at amortized cost using the effective interest method.
Acute Carpentry Limited
Notes to the Accounts
for the year ended 31 December 2023
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortized cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognized as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognized 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.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognized at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividend distribution to the company’s shareholders is recognized 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 recognized as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognized as a prepayment.
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 recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less accumulated amortization 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 amortized over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Acute Carpentry Limited
Notes to the Accounts
for the year ended 31 December 2023
Amortization 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 Amortization method and rate
Goodwill 20% straight line
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
22,574
64,741
87
8,487
95,889
Disposals
-
(46,741)
-
-
(46,741)
At 31 December 2023
22,574
18,000
87
8,487
49,148
At 1 January 2023
22,574
56,113
87
7,346
86,120
Charge for the year
-
10,450
-
671
11,121
On disposals
-
(51,234)
-
-
(51,234)
At 31 December 2023
22,574
15,329
87
8,017
46,007
At 31 December 2023
-
2,671
-
470
3,141
At 31 December 2022
-
8,628
-
1,141
9,769
Amounts falling due within one year
Trade debtors
22,848
69,736
Accrued income and prepayments
2,157
3,802
Other debtors
63,929
69,408
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
8,589
1,108
Trade creditors
50,475
39,552
Taxes and social security
25,896
34,461
Acute Carpentry Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
8,589
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Overdrawn loan account - unsecured, repayable on demand & interest bearing at the HMRC official rate
62,221
96,773
102,253
56,741
62,221
96,773
102,253
56,741
A significant advance of £96,773 and significant repayments of £102,253 were made on 31 December 2023 respectively.
10
Average number of employees
During the year the average number of employees was 3 (2022: 7).