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Company registration number: 05212987
PAUL WOOLLAM JOINERY LIMITED
31 August 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PAUL WOOLLAM JOINERY LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PAUL WOOLLAM JOINERY LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr P Woollam
Company number 05212987
Registered office Unit 1i Leaton Industrial Estate
Leaton
Bomere Heath
Shropshire
SY4 3AP
Business address Unit 1i Leaton Industrial Estate
Leaton
Bomere Heath
Shropshire
SY4 3AP
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PAUL WOOLLAM JOINERY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PAUL WOOLLAM JOINERY LIMITED
YEAR ENDED 31 AUGUST 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul Woollam Joinery Limited for the year ended 31 August 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Paul Woollam Joinery Limited, as a body, in accordance with the terms of our engagement letter dated 16 February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Paul Woollam Joinery Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul Woollam Joinery Limited and its director as a body for our work or for this report.
It is your duty to ensure that Paul Woollam Joinery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paul Woollam Joinery Limited. You consider that Paul Woollam Joinery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Paul Woollam Joinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
8 March 2024
PAUL WOOLLAM JOINERY LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,731 4,975
_______ _______
3,731 4,975
Current assets
Stocks 1,300 1,200
Debtors 6 6,918 3,670
Cash at bank and in hand 130,538 179,859
_______ _______
138,756 184,729
Creditors: amounts falling due
within one year 7 ( 23,721) ( 92,756)
_______ _______
Net current assets 115,035 91,973
_______ _______
Total assets less current liabilities 118,766 96,948
Provisions for liabilities ( 708) ( 945)
_______ _______
Net assets 118,058 96,003
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 117,958 95,903
_______ _______
Shareholder funds 118,058 96,003
_______ _______
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr P Woollam
Director
Company registration number: 05212987
PAUL WOOLLAM JOINERY LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 AUGUST 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 100 90,103 90,203
Profit for the year 57,800 57,800
_______ _______ _______
Total comprehensive income for the year - 57,800 57,800
Dividends paid and payable ( 52,000) ( 52,000)
_______ _______ _______
Total investments by and distributions to owners - ( 52,000) ( 52,000)
_______ _______ _______
At 31 August 2022 and 1 September 2022 100 95,902 96,002
Profit for the year 34,256 34,256
_______ _______ _______
Total comprehensive income for the year - 34,256 34,256
Dividends paid and payable ( 12,200) ( 12,200)
_______ _______ _______
Total investments by and distributions to owners - ( 12,200) ( 12,200)
_______ _______ _______
At 31 August 2023 100 117,958 118,058
_______ _______ _______
PAUL WOOLLAM JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1i Leaton Industrial Estate, Leaton, Bomere Heath, Shropshire, SY4 3AP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently states at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 and 31 August 2023 9,331 1,365 13,998 24,694
_______ _______ _______ _______
Depreciation
At 1 September 2022 8,218 825 10,677 19,720
Charge for the year 278 135 830 1,243
_______ _______ _______ _______
At 31 August 2023 8,496 960 11,507 20,963
_______ _______ _______ _______
Carrying amount
At 31 August 2023 835 405 2,491 3,731
_______ _______ _______ _______
At 31 August 2022 1,113 540 3,321 4,974
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 6,474 3,360
Other debtors 444 310
_______ _______
6,918 3,670
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,432 580
Corporation tax 8,271 13,650
Social security and other taxes 4,365 7,382
Other creditors 8,653 71,144
_______ _______
23,721 92,756
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr P Woollam ( 70,039) - 62,675 ( 7,364)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr P Woollam ( 28,884) ( 41,155) - ( 70,039)
_______ _______ _______ _______