Registered number
00484283
W JERMAN & SON LIMITED
Filleted Accounts
31 December 2023
W JERMAN & SON LIMITED
Registered number: 00484283
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 177,373 188,071
Current assets
Stocks 88,000 85,000
Debtors 4 17,931 33,708
Cash at bank and in hand 114,555 51,866
220,486 170,574
Creditors: amounts falling due within one year 5 (70,491) (70,519)
Net current assets 149,995 100,055
Total assets less current liabilities 327,368 288,126
Creditors: amounts falling due after more than one year 6 (1,806) (7,222)
Net assets 325,562 280,904
Capital and reserves
Called up share capital 7,500 7,500
Share premium 7,125 7,125
Revaluation reserve 7 37,590 37,590
Profit and loss account 273,347 228,689
Shareholders' funds 325,562 280,904
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 directors acknowledge their 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 R J Baxter
Director
Approved by the board on 3 April 2024
W JERMAN & SON LIMITED
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 1% reducing balance
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 137,173 128,518 126,389 392,080
Additions - 5,560 - 5,560
At 31 December 2023 137,173 134,078 126,389 397,640
Depreciation
At 1 January 2023 26,324 82,052 95,633 204,009
Charge for the year 1,109 7,460 7,689 16,258
At 31 December 2023 27,433 89,512 103,322 220,267
Net book value
At 31 December 2023 109,740 44,566 23,067 177,373
At 31 December 2022 110,849 46,466 30,756 188,071
4 Debtors 2023 2022
£ £
Trade debtors 15,658 22,894
Deferred tax asset 2,273 10,814
17,931 33,708
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 5,417 7,515
Trade creditors 31,280 36,448
Corporation tax 13,866 5,238
Other taxes and social security costs 8,994 13,516
Other creditors 10,934 7,802
70,491 70,519
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 1,806 7,222
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 37,590 37,590
At 31 December 2023 37,590 37,590
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr R J Baxter
Directors loan account (377) (2,471) (2,848)
Miss K Olivas
Directors loan account (376) (2,472) (2,848)
(753) - (4,943) (5,696)
9 Controlling party
The company is ultimately controlled by the directors by virtue of their shareholding.
10 Other information
W JERMAN & SON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Longbridge
1 Tredegar Street
Risca
Newport
NP11 6BU
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