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12331775







THE JOINERY WORKSHOP (ORPINGTON) LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024


































THE JOINERY WORKSHOP (ORPINGTON) LTD
REGISTERED NUMBER:12331775

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,278
33,644

Current assets
  

Stocks
 5 
24,211
23,448

Debtors: amounts falling due within one year
 6 
182,716
154,079

Bank and cash balances
  
86,643
30,874

  
293,570
208,401

Creditors: amounts falling due within one year
 7 
(237,082)
(188,974)

Net current assets
  
 
 
56,488
 
 
19,427

Total assets less current liabilities
  
78,766
53,071

Provisions for liabilities
  

Deferred tax
 8 
(5,569)
(8,410)

Other provisions
 9 
(17,000)
-

  
 
 
(22,569)
 
 
(8,410)

Net assets
  
56,197
44,661


Capital and reserves
  

Called up share capital 
  
350,001
350,001

Profit and loss account
  
(293,804)
(305,340)

  
56,197
44,661


Page 1

THE JOINERY WORKSHOP (ORPINGTON) LTD
REGISTERED NUMBER:12331775
    
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: 



P. McMahon
Director

Date: 19 August 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

THE JOINERY WORKSHOP (ORPINGTON) LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
(310,616)
(310,615)



Profit for the year
-
5,276
5,276

Shares issued during the year
350,000
-
350,000



At 1 April 2023
350,001
(305,340)
44,661



Profit for the year
-
11,536
11,536


At 31 March 2024
350,001
(293,804)
56,197


The notes on pages 4 to 11 form part of these financial statements.

Page 3

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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. 

 
2.3

Revenue

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. 

Page 4

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.6

Finance costs

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.

 
2.7

Pensions

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.

 
2.8

Current and deferred taxation

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.

Page 5

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

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:

Plant and machinery
-
15%
on cost
Office equipment
-
25%
on cost

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.

 
2.10

 Stocks, work in progress and long term contracts

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. 

 
2.11

 Debtors

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.

 
2.12

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

 Creditors

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.

Page 6

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

 Provisions for liabilities

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.

 
2.15

 Financial instruments

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Joinery employees
8
9



Office employees
7
7

15
16

Page 7

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
160,302
5,230
165,532


Disposals
-
(5,230)
(5,230)



At 31 March 2024

160,302
-
160,302



Depreciation


At 1 April 2023
126,658
5,230
131,888


Charge for the year
11,366
-
11,366


Disposals
-
(5,230)
(5,230)



At 31 March 2024

138,024
-
138,024



Net book value



At 31 March 2024
22,278
-
22,278



At 31 March 2023
33,644
-
33,644


5.


Stocks

2024
2023
£
£

Raw materials
24,211
23,448


Page 8

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
67,236
103,449

Amounts owed by group undertakings
32,809
12,830

Other debtors
197
5,589

Prepayments
18,792
8,707

Amounts recoverable on long term contracts
63,682
23,504

182,716
154,079



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
52,563
17,026

Amounts owed to group undertakings
73,105
97,703

Amounts owed to companies under common control
257
297

Corporation tax
6,504
5,752

Other taxation and social security
54,406
26,344

Other creditors
3,992
2,871

Accruals
46,255
38,981

237,082
188,974



8.


Deferred taxation




2024


£






At beginning of year
(8,410)


Charged to profit or loss
2,841



At end of year
(5,569)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,569)
(8,410)

Page 9

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Provisions




Defect project provisions

£





Charged to profit or loss
17,000



At 31 March 2024
17,000

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.


10.


Controlling party

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. 

Page 10

THE JOINERY WORKSHOP (ORPINGTON) LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Auditors' information

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.

 
Page 11