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Registration number: SC620881

Impact Joinery Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Impact Joinery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Impact Joinery Ltd

Company Information

Directors

Mr Christopher Malone

Mr Brian Cairns

Registered office

27 Croftburn Drive
Glasgow
G44 5JG

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

Impact Joinery Ltd

(Registration number: SC620881)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,006

21,257

Current assets

 

Debtors

5

162,907

184,718

Cash at bank and in hand

 

118,411

122,169

 

281,318

306,887

Creditors: Amounts falling due within one year

6

(47,282)

(60,824)

Net current assets

 

234,036

246,063

Net assets

 

251,042

267,320

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

251,040

267,318

Shareholders' funds

 

251,042

267,320

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 July 2024 and signed on its behalf by:
 

 

Impact Joinery Ltd

(Registration number: SC620881)
Balance Sheet as at 29 February 2024

.........................................
Mr Christopher Malone
Director

.........................................
Mr Brian Cairns
Director

 

Impact Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 Croftburn Drive
Glasgow
G44 5JG

These financial statements were authorised for issue by the Board on 17 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Impact Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Impact Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

34,757

3,388

38,145

At 29 February 2024

34,757

3,388

38,145

Depreciation

At 1 March 2023

14,887

2,001

16,888

Charge for the year

3,974

277

4,251

At 29 February 2024

18,861

2,278

21,139

Carrying amount

At 29 February 2024

15,896

1,110

17,006

At 28 February 2023

19,870

1,387

21,257

5

Debtors

Current

2024
£

2023
£

Trade debtors

74,585

125,222

Other debtors

88,322

59,496

 

162,907

184,718

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,265

1,936

Taxation and social security

38,583

58,711

Other creditors

434

177

47,282

60,824

7

Share capital

Allotted, called up and fully paid shares

 

Impact Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £50,000.00 (2023 - £50,000.00) per ordinary share

 

100,000

 

100,000

         

9

Related party transactions

 

Impact Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140