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COMPANY REGISTRATION NUMBER: 08598028
BASSINGFIELD WOODYARD LIMITED
Filleted Unaudited Financial Statements
31 July 2023
BASSINGFIELD WOODYARD LIMITED
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
23,609
30,910
--------
--------
23,610
30,911
Current assets
Stocks
203,901
229,825
Debtors
7
89,074
115,064
Cash at bank and in hand
52,629
34,410
---------
---------
345,604
379,299
Creditors: amounts falling due within one year
8
195,135
281,838
---------
---------
Net current assets
150,469
97,461
---------
---------
Total assets less current liabilities
174,079
128,372
Creditors: amounts falling due after more than one year
9
19,195
28,684
Provisions
Taxation including deferred tax
3,292
3,593
---------
---------
Net assets
151,592
96,095
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
151,590
96,093
---------
--------
Shareholders funds
151,592
96,095
---------
--------
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 income and retained earnings has not been delivered.
For the year ending 31st July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BASSINGFIELD WOODYARD LIMITED
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr P M Allison
Mrs N D Allison
Director
Director
Company registration number: 08598028
BASSINGFIELD WOODYARD LIMITED
Notes to the Financial Statements
Year ended 31st July 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 17 Newstead Grove, NOTTINGHAM, NG1 4GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated 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, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
20% straight line
Plant and machinery
-
15% 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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1st August 2022 and 31st July 2023
1
----
Amortisation
At 1st August 2022 and 31st July 2023
----
Carrying amount
At 31st July 2023
1
----
At 31st July 2022
1
----
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st August 2022 and 31st July 2023
19,802
34,206
31,695
85,703
--------
--------
--------
--------
Depreciation
At 1st August 2022
19,802
20,201
14,790
54,793
Charge for the year
3,075
4,226
7,301
--------
--------
--------
--------
At 31st July 2023
19,802
23,276
19,016
62,094
--------
--------
--------
--------
Carrying amount
At 31st July 2023
10,930
12,679
23,609
--------
--------
--------
--------
At 31st July 2022
14,005
16,905
30,910
--------
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
88,158
97,679
Other debtors
916
17,385
--------
---------
89,074
115,064
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
129,727
239,258
Corporation tax
27,711
7,958
Social security and other taxes
4,285
827
Other creditors
22,764
23,147
---------
---------
195,135
281,838
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,195
28,684
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,996
Later than 1 year and not later than 5 years
33,006
--------
----
55,002
--------
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P M Allison
( 15,611)
( 15,611)
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P M Allison
( 6,611)
( 9,000)
( 15,611)
-------
-------
--------