Acorah Software Products - Accounts Production 14.5.601 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 SC171882 Mr John Gordon Mrs Helen Gordon iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC171882 2023-01-31 SC171882 2024-01-31 SC171882 2023-02-01 2024-01-31 SC171882 frs-core:CurrentFinancialInstruments 2024-01-31 SC171882 frs-core:Non-currentFinancialInstruments 2024-01-31 SC171882 frs-core:FurnitureFittings 2024-01-31 SC171882 frs-core:FurnitureFittings 2023-02-01 2024-01-31 SC171882 frs-core:FurnitureFittings 2023-01-31 SC171882 frs-core:MotorVehicles 2024-01-31 SC171882 frs-core:MotorVehicles 2023-02-01 2024-01-31 SC171882 frs-core:MotorVehicles 2023-01-31 SC171882 frs-core:PlantMachinery 2024-01-31 SC171882 frs-core:PlantMachinery 2023-02-01 2024-01-31 SC171882 frs-core:PlantMachinery 2023-01-31 SC171882 frs-core:ShareCapital 2024-01-31 SC171882 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 SC171882 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC171882 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 SC171882 frs-bus:SmallEntities 2023-02-01 2024-01-31 SC171882 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 SC171882 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC171882 frs-bus:Director1 2023-02-01 2024-01-31 SC171882 frs-bus:CompanySecretary1 2023-02-01 2024-01-31 SC171882 frs-core:CurrentFinancialInstruments 2 2024-01-31 SC171882 frs-countries:EnglandWales 2023-02-01 2024-01-31 SC171882 2022-01-31 SC171882 2023-01-31 SC171882 2022-02-01 2023-01-31 SC171882 frs-core:CurrentFinancialInstruments 2023-01-31 SC171882 frs-core:Non-currentFinancialInstruments 2023-01-31 SC171882 frs-core:ShareCapital 2023-01-31 SC171882 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 SC171882 frs-core:CurrentFinancialInstruments 2 2023-01-31
Registered number: SC171882
Sequoia Joinery Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
TaxAssist Accountants
635 Bath Road
Slough
Berkshire
SL1 6AE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC171882
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,132 9,387
7,132 9,387
CURRENT ASSETS
Stocks 5 19,875 24,000
Debtors 6 2,378 18,655
Cash at bank and in hand 16,786 17,499
39,039 60,154
Creditors: Amounts Falling Due Within One Year 7 (41,197 ) (51,818 )
NET CURRENT ASSETS (LIABILITIES) (2,158 ) 8,336
TOTAL ASSETS LESS CURRENT LIABILITIES 4,974 17,723
Creditors: Amounts Falling Due After More Than One Year 8 (36,477 ) (41,252 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,355 ) (1,784 )
NET LIABILITIES (32,858 ) (25,313 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (32,860 ) (25,315 )
SHAREHOLDERS' FUNDS (32,858) (25,313)
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Gordon
Director
23rd April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sequoia Joinery Limited is a private company, limited by shares, incorporated in England & Wales, registered number SC171882 . The registered office is 2 Huntly Cottages, Aboyne, Deeside, AB34 5HD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:4 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 February 2023 5,604 41,184 14,937 61,725
Additions - - 650 650
As at 31 January 2024 5,604 41,184 15,587 62,375
Depreciation
As at 1 February 2023 5,545 33,560 13,233 52,338
Provided during the period 12 1,906 987 2,905
As at 31 January 2024 5,557 35,466 14,220 55,243
Net Book Value
As at 31 January 2024 47 5,718 1,367 7,132
As at 1 February 2023 59 7,624 1,704 9,387
5. Stocks
2024 2023
£ £
Finished goods 19,875 -
Work in progress - 24,000
19,875 24,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 9,340
Prepayments and accrued income 807 4,383
Corporation tax recoverable assets - 3,133
VAT 1,571 1,799
2,378 18,655
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,236 3,366
Bank loans and overdrafts 5,179 5,582
Other taxes and social security 5,915 18,645
Other creditors (2) 1,033 2,038
Accruals and deferred income 7,423 9,643
Director's loan account 20,411 12,544
41,197 51,818
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 36,477 41,252
36,477 41,252
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Dividends were paid to the Directors on 6th April 2021 at a time where there was sufficient profit avaliable to do so. Subsequent trading activity and confirmed bad debts have resulkted in a loss for the year but these transactions did not impact on the Company's ability to declare dividends at the record date
Page 5