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Company registration number: 01971795
Wakefield Decorators Limited
Unaudited filleted financial statements
31 January 2024
Wakefield Decorators Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Wakefield Decorators Limited
Directors and other information
Directors D Cross
A Cross
J Cross
Secretary S Cross
Company number 01971795
Registered office 2 The Walled Garden
Nostell Estate, Nostell
Wakefield
West Yorkshire
WF4 1AB
Accountants SMH Howard Matthews Ltd
Lidgett House
56 Lidgett Lane
Garforth
Leeds
LS25 1LL
Bankers National Westminster Bank Plc
3 Ropergate
Pontefract
WF8 1LL
Wakefield Decorators Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 54,321 50,984
_______ _______
54,321 50,984
Current assets
Stocks 8,530 1,975
Debtors 6 55,318 77,318
Cash at bank and in hand 518,191 540,805
_______ _______
582,039 620,098
Creditors: amounts falling due
within one year 7 ( 22,232) ( 31,414)
_______ _______
Net current assets 559,807 588,684
_______ _______
Total assets less current liabilities 614,128 639,668
Provisions for liabilities ( 1,911) ( 2,842)
_______ _______
Net assets 612,217 636,826
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 612,117 636,726
_______ _______
Shareholders funds 612,217 636,826
_______ _______
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.
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
A Cross J Cross
Director Director
Company registration number: 01971795
Wakefield Decorators Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 The Walled Garden, Nostell Estate, Nostell, Wakefield, West Yorkshire, WF4 1AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 13 (2023: 14 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 9,924 1,264 110,970 122,158
Additions 1,690 - 20,450 22,140
Disposals - - ( 12,379) ( 12,379)
_______ _______ _______ _______
At 31 January 2024 11,614 1,264 119,041 131,919
_______ _______ _______ _______
Depreciation
At 1 February 2023 8,513 1,236 61,426 71,175
Charge for the year 772 7 17,325 18,104
Disposals - - ( 11,681) ( 11,681)
_______ _______ _______ _______
At 31 January 2024 9,285 1,243 67,070 77,598
_______ _______ _______ _______
Carrying amount
At 31 January 2024 2,329 21 51,971 54,321
_______ _______ _______ _______
At 31 January 2023 1,411 28 49,544 50,983
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 41,419 57,173
Other debtors 9,059 6,704
_______ _______
50,478 63,877
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 8,473 8,682
Social security and other taxes 4,778 12,747
Other creditors 8,981 9,985
_______ _______
22,232 31,414
_______ _______
8. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
D Cross 2,458 2,458
_______ _______
9. Controlling party
The company is jointly controlled by A Cross and J Cross by virtue of their equal shareholding.