Registered number
SC454873
C W Joinery Ltd
Unaudited Filleted Accounts
28 July 2023
C W Joinery Ltd
Registered number: SC454873
Balance Sheet
as at 28 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 133,236 154,295
Current assets
Stocks 100,573 78,691
Debtors 4 34,759 106,929
Cash at bank and in hand 10,195 9,999
145,527 195,619
Creditors: amounts falling due within one year 5 (114,421) (175,544)
Net current assets 31,106 20,075
Total assets less current liabilities 164,342 174,370
Creditors: amounts falling due after more than one year 6 (47,852) (75,377)
Provisions for liabilities (25,315) (22,530)
Net assets 91,175 76,463
Capital and reserves
Called up share capital 1 1
Profit and loss account 91,174 76,462
Shareholder's funds 91,175 76,463
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C Windsor
Director
Approved by the board on 29 July 2024
C W Joinery Ltd
Notes to the Accounts
for the period from 30 July 2022 to 28 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
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:
Plant and machinery 25% 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 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 30 July 2022 98,104 151,594 249,698
Additions 16,332 7,000 23,332
Disposals - (16,580) (16,580)
At 28 July 2023 114,436 142,014 256,450
Depreciation
At 30 July 2022 62,387 33,016 95,403
Charge for the period 11,158 29,120 40,278
On disposals - (12,467) (12,467)
At 28 July 2023 73,545 49,669 123,214
Net book value
At 28 July 2023 40,891 92,345 133,236
At 29 July 2022 35,717 118,578 154,295
4 Debtors 2023 2022
£ £
Trade debtors 8,610 23,156
Other debtors 26,149 83,773
34,759 106,929
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,585 18,444
Obligations under finance lease and hire purchase contracts 19,023 22,172
Trade creditors 57,740 54,711
Taxation and social security costs 18,998 74,278
Other creditors 6,075 5,939
114,421 175,544
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 8,024
Obligations under finance lease and hire purchase contracts 47,852 67,353
47,852 75,377
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Windsor
Loan 42,515 35,696 (82,358) (4,147)
42,515 35,696 (82,358) (4,147)
The loan to C Windsor is unsecured, interest free and has no fixed repayment terms.
8 Other information
C W Joinery Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Dingwall Place
Culbokie
Dingwall
IV7 8JL
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