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COMPANY REGISTRATION NUMBER: 12857337
JTW CARPENTRY AND TILING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
JTW CARPENTRY AND TILING LTD
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
21,380
23,059
Current assets
Stocks
1,250
250
Debtors
6
4,627
2,360
Cash at bank and in hand
45,305
9,083
--------
--------
51,182
11,693
Creditors: amounts falling due within one year
7
33,790
10,784
--------
--------
Net current assets
17,392
909
--------
--------
Total assets less current liabilities
38,772
23,968
Provisions
4,062
4,327
--------
--------
Net assets
34,710
19,641
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
34,708
19,639
--------
--------
Shareholders funds
34,710
19,641
--------
--------
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 31 October 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JTW CARPENTRY AND TILING LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 10 January 2024 , and are signed on behalf of the board by:
Mr J T Williams
Director
Company registration number: 12857337
JTW CARPENTRY AND TILING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 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 Gors Meadows, Penrhyndeudraeth, Gwynedd, LL48 6LS.
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, 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.
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.
Taxation
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
20,675
13,744
34,419
Additions
5,040
( 2,291)
2,749
--------
--------
--------
At 31 October 2023
25,715
11,453
37,168
--------
--------
--------
Depreciation
At 1 November 2022
5,347
6,013
11,360
Charge for the year
3,068
1,360
4,428
--------
--------
--------
At 31 October 2023
8,415
7,373
15,788
--------
--------
--------
Carrying amount
At 31 October 2023
17,300
4,080
21,380
--------
--------
--------
At 31 October 2022
15,328
7,731
23,059
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
4,458
2,219
Other debtors
169
141
-------
-------
4,627
2,360
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,465
2,303
Corporation tax
9,346
Social security and other taxes
7,151
14
Other creditors
11,828
8,467
--------
--------
33,790
10,784
--------
--------
8. Director's advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.