12331775
THE JOINERY WORKSHOP (ORPINGTON) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
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THE JOINERY WORKSHOP (ORPINGTON) LTD
REGISTERED NUMBER:12331775
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BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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THE JOINERY WORKSHOP (ORPINGTON) LTD
REGISTERED NUMBER:12331775
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 11 form part of these financial statements.
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Shares issued during the year
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The notes on pages 4 to 11 form part of these financial statements.
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Joinery Workshop (Orpington) Limited ("the Company") is a company limited by shares that is domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is 6 Lagoon Road, Orpington, England, BR5 3QX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Monetary amounts in these financial statements are stated in Pounds and are rounded to the nearest £1, except where otherwise indicated.
The following principal accounting policies have been applied:
The directors of the Company and the Group have taken into account all available information about the Company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Company is a going concern.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Revenue comprises the value of joinery construction work certified during the year and the invoiced value of goods and services supplied by the Company, exclusive of the value added tax and trade discounts.
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Stocks, work in progress and long term contracts
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Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Turnover and corresponding work in progress is calculated as that proportion of total contract value to which costs incurred bear to total expected costs for that contract. Full provision is made for losses on contracts in the year in which they are first foreseen.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including the directors, during the year was as follows:
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Amounts owed by group undertakings
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Amounts recoverable on long term contracts
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to companies under common control
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Other taxation and social security
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Defect project provisions
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Charged to profit or loss
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These relate to expected costs on projects that have acheived practical completion certification. The timing of payment of these amounts is uncertain and therefore management consider it prudent to include them as a provision.
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The ultimate parent company is Bryen & Langley (Holdings) Limited by virtue of its shareholding. The registered office address of this company is 6 Lagoon Road, Orpington, England, BR5 3QX. The smallest and largest group that the company is consolidated to is Bryen & Langley (Holdings) Limited.
The ultimate controlling parties are Alan Escudier, Paul McMahon and David Wrighton by virtue of their shareholding in Bryen & Langley (Holdings) Limited.
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THE JOINERY WORKSHOP (ORPINGTON) LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.
The audit report was signed on 21 August 2024 by Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor) on behalf of CLA Evelyn Partners Limited.
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