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Company No: 07685961 (England and Wales)

P MEEK CARPENTRY LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

P MEEK CARPENTRY LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

P MEEK CARPENTRY LTD

BALANCE SHEET

As at 30 June 2023
P MEEK CARPENTRY LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 9,546 13,376
9,546 13,376
Current assets
Stocks 5 2,500 1,000
Debtors
- due within one year 6 262,717 234,766
- due after more than one year 6 28,175 0
Cash at bank and in hand 46,533 97,305
339,925 333,071
Creditors: amounts falling due within one year 7 ( 85,844) ( 83,825)
Net current assets 254,081 249,246
Total assets less current liabilities 263,627 262,622
Provision for liabilities ( 2,388) ( 2,340)
Net assets 261,239 260,282
Capital and reserves
Called-up share capital 1 1
Profit and loss account 261,238 260,281
Total shareholder's funds 261,239 260,282

For the financial year ending 30 June 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 financial statements of P Meek Carpentry Ltd (registered number: 07685961) were approved and authorised for issue by the Director on 28 March 2024. They were signed on its behalf by:

Philip James Meek
Director
P MEEK CARPENTRY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
P MEEK CARPENTRY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

P Meek Carpentry Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20 Rockwood House, Gravel Hill Road Yate, Bristol, BS37 7BW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of carpentry services.
Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4.67 years straight line
Goodwill

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 recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation 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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 65,073 65,073
At 30 June 2023 65,073 65,073
Accumulated amortisation
At 01 July 2022 65,073 65,073
At 30 June 2023 65,073 65,073
Net book value
At 30 June 2023 0 0
At 30 June 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2022 19,426 19,426
Additions 108 108
At 30 June 2023 19,534 19,534
Accumulated depreciation
At 01 July 2022 6,050 6,050
Charge for the financial year 3,938 3,938
At 30 June 2023 9,988 9,988
Net book value
At 30 June 2023 9,546 9,546
At 30 June 2022 13,376 13,376

5. Stocks

2023 2022
£ £
Stocks 2,500 1,000

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 175,392 137,520
Other debtors 87,325 97,246
262,717 234,766
Debtors: amounts falling due after more than one year
Other debtors 28,175 0

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 53,162 40,746
Taxation and social security 15,568 26,473
Other creditors 17,114 16,606
85,844 83,825

8. Related party transactions

Transactions with the entity's director

Advances

The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2021, the balance owed by the director was £16,303. During the year, £173,948 was advanced to the director, and £98,704 was repaid by the director. At 30 June 2022, the balance owed by the director was £91,547.

At 1 July 2022, the balance owed by the director was £91,547. During the year, £107,466 was advanced to the director, and £116,259 was repaid by the director. At 30 June 2023, the balance owed by the director was £82,754.