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Registration number: 04567237

Knotty Ash Woodworking Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Knotty Ash Woodworking Limited

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Knotty Ash Woodworking Limited

Company Information

Directors

Mr Kevin Peck

Mr Andrew Brewer

Registered office

5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

Accountants

Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

 

Knotty Ash Woodworking Limited

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

966,391

818,230

Cost of sales

 

(648,614)

(539,207)

Gross profit

 

317,777

279,023

Administrative expenses

 

(187,356)

(130,467)

Other operating income

 

851

8

Operating profit

 

131,272

148,564

Profit before tax

131,272

148,564

Tax on profit

 

(28,699)

(28,013)

Profit for the financial year

 

102,573

120,551

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Knotty Ash Woodworking Limited

(Registration number: 04567237)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,635

17,137

Current assets

 

Stocks

5

35,000

35,000

Debtors

6

191,698

106,868

Cash at bank and in hand

 

201,794

226,449

 

428,492

368,317

Creditors: Amounts falling due within one year

7

(164,443)

(133,174)

Net current assets

 

264,049

235,143

Net assets

 

282,684

252,280

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

282,681

252,277

Shareholders' funds

 

282,684

252,280

For the financial year ending 30 November 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

 

Knotty Ash Woodworking Limited

(Registration number: 04567237)
Balance Sheet as at 30 November 2023

.........................................
Mr Kevin Peck
Director

.........................................
Mr Andrew Brewer
Director

 

Knotty Ash Woodworking Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company's registered number is 04567237.

The address of its registered office is:
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

These financial statements were authorised for issue by the Board on 29 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Knotty Ash Woodworking Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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 and machinery

25% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Knotty Ash Woodworking Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 10 (2022 - 10).

 

Knotty Ash Woodworking Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

22,555

202,367

1,500

226,422

Additions

6,055

1,654

-

7,709

At 30 November 2023

28,610

204,021

1,500

234,131

Depreciation

At 1 December 2022

20,273

187,512

1,500

209,285

Charge for the year

2,084

4,127

-

6,211

At 30 November 2023

22,357

191,639

1,500

215,496

Carrying amount

At 30 November 2023

6,253

12,382

-

18,635

At 30 November 2022

2,282

14,855

-

17,137

5

Stocks

2023
£

2022
£

Other inventories

35,000

35,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

191,698

106,868

 

191,698

106,868

7

Creditors

Creditors: amounts falling due within one year

 

Knotty Ash Woodworking Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Due within one year

Trade creditors

80,171

70,904

Taxation and social security

53,749

42,865

Accruals and deferred income

3,395

3,225

Other creditors

27,128

16,180

164,443

133,174

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £0.01 each

180

1.80

180

1.80

Ordinary B of £1 each

1

1

1

1

Ordinary C of £0.01 each

10

0.10

10

0.10

Ordinary D of £0.01 each

10

0.10

10

0.10

201

3.00

201

3.00

9

Related party transactions

 

Knotty Ash Woodworking Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,040

21,750

Contributions paid to money purchase schemes

4,403

4,403

27,443

26,153