Registered number
06861157
N T J Plasterers Limited
Filleted Accounts
31 March 2024
N T J Plasterers Limited
Registered number: 06861157
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 130,036 198,033
Investments 4 120,000 90,000
250,036 288,033
Current assets
Debtors 5 1,164,743 1,039,764
Cash at bank and in hand 166,930 275,453
1,331,673 1,315,217
Creditors: amounts falling due within one year 6 (663,561) (400,435)
Net current assets 668,112 914,782
Total assets less current liabilities 918,148 1,202,815
Provisions for liabilities (32,509) (49,508)
Net assets 885,639 1,153,307
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 52,659 12,127
Profit and loss account 832,978 1,141,178
Shareholders' funds 885,639 1,153,307
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 members have 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.
Mr Neil Edwards
Director
Approved by the board on 26 July 2024
N T J Plasterers Limited
Notes to the Accounts
for the year ended 31 March 2024
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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 equipment 20% reducing balance
Office equipment 20% reducing balance
Motor vehicles 20% reducing balance
Investment properties
Investment properties are initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 30
3 Tangible fixed assets
Plant and equipment Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 61,167 22,071 374,776 458,014
Additions - - 22,500 22,500
Disposals - - (128,860) (128,860)
At 31 March 2024 61,167 22,071 268,416 351,654
Depreciation
At 1 April 2023 48,866 19,446 191,669 259,981
Charge for the year 3,075 584 29,692 33,351
On disposals - - (71,714) (71,714)
At 31 March 2024 51,941 20,030 149,647 221,618
Net book value
At 31 March 2024 9,226 2,041 118,769 130,036
At 31 March 2023 12,301 2,625 183,107 198,033
Investment properties: 2024 2023
£ £
Historical cost 77,873 77,873
Cumulative depreciation based on historical cost - -
77,873 77,873
4 Investments
Investment
properties
£
Valuation
At 1 April 2023 90,000
Revaluation 30,000
At 31 March 2024 120,000
The investment property was valued at the year end by the directors.
5 Debtors 2024 2023
£ £
Trade debtors 780,808 502,685
Amounts owed by group undertakings and undertakings in which the company has a participating interest 195,115 423,786
Other debtors 188,820 113,293
1,164,743 1,039,764
6 Creditors: amounts falling due within one year 2024 2023
£ £
Directors loan account - 61
Trade creditors 568,296 334,779
Taxation and social security costs 89,133 61,055
Other creditors 6,132 4,540
663,561 400,435
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 12,127 -
Gain on revaluation of land and buildings 30,000 12,127
Deferred taxation arising on the revaluation of land and buildings 10,532 -
At 31 March 2024 52,659 12,127
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 412,779 58,867
9 Ultimate controlling party
The company is controlled by directors Neil and Velda Edwards by way of their ownership of
NTJ Holdings Limited, which owns 100% of the issued share capital of NTJ Plasterers Ltd.
10 Related party transactions
During the year the following related party transactions took place:
Nature of 2024 2023
Relationship Transaction £ £
Holding Company Loan Account (31,989) 214,683
Other Group Company Loan Account 209,103 209,103
11 Presentation currency
The financial statements are presented in Sterling and rounded to the nearest £1.
12 Other information
N T J Plasterers Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
Llwyn Deri
Cwrt Fforest
Newtown
Mountain Ash
CF45 4LA
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