REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
PERFORMANCE JOINERY LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Hire purchase contracts (see note 8) |
Trade creditors |
Tax |
Social security and other taxes |
Pension | 6,941 | 6,584 |
VAT | 115,394 | 104,267 |
Other creditors |
Accruals and deferred income |
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 |
Bank loans - 2-5 years |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 134,615 | 32,951 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Charge to Profit and Loss Account during year |
Balance at 30 September 2023 |
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: | £ | £ |
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. |