Company Registration No. SC395329 (Scotland)
Classic Joinery Products Limited
Unaudited accounts
for the year ended 31 March 2024
Classic Joinery Products Limited
Unaudited accounts
Contents
Classic Joinery Products Limited
Company Information
for the year ended 31 March 2024
Directors
Morag Makarewicz
Stephen Makarewicz
Company Number
SC395329 (Scotland)
Registered Office
Unit G
The Roundel
Falkirk
FK2 9HG
Accountants
Armet Accounting Ltd
Room 31
Haypark Business Centre
Polmont
FK2 0NZ
Classic Joinery Products Limited
Statement of financial position
as at 31 March 2024
Tangible assets
11,277
14,800
Cash at bank and in hand
87,799
86,879
Creditors: amounts falling due within one year
(36,460)
(102,856)
Net current assets
84,065
105,520
Total assets less current liabilities
95,342
120,320
Creditors: amounts falling due after more than one year
-
(8,667)
Provisions for liabilities
Deferred tax
(2,987)
(3,921)
Called up share capital
2
2
Profit and loss account
92,353
107,730
Shareholders' funds
92,355
107,732
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by
Morag Makarewicz
Director
Company Registration No. SC395329
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2024
Classic Joinery Products Limited is a private company, limited by shares, registered in Scotland, registration number SC395329. The registered office is Unit G, The Roundel, Falkirk, FK2 9HG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Straight Line
Computer equipment
33% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill
Goodwill, the amount paid in connection with the acquisition of a business in 2011, has been amortised evenly over its estimated useful life of five years.
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
17,159
20,750
4,572
1,247
43,728
At 31 March 2024
17,159
20,750
4,572
1,440
43,921
At 1 April 2023
14,306
11,997
1,461
1,164
28,928
Charge for the year
795
2,188
686
47
3,716
At 31 March 2024
15,101
14,185
2,147
1,211
32,644
At 31 March 2024
2,058
6,565
2,425
229
11,277
At 31 March 2023
2,853
8,753
3,111
83
14,800
Amounts falling due within one year
Trade debtors
17,868
106,788
Accrued income and prepayments
2,608
3,460
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
4,000
Trade creditors
10,078
33,123
Taxes and social security
10,563
15,469
Loans from directors
230
-
Deferred income
5,000
27,362
8
Creditors: amounts falling due after more than one year
2024
2023
A bounceback loan was repaid in full within the year.
9
Deferred taxation
2024
2023
Accelerated capital allowances
2,987
3,921
Provision at start of year
3,921
3,584
(Credited)/charged to the profit and loss account
(934)
337
Provision at end of year
2,987
3,921
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to directors
2,998
677
3,905
(230)
12
Transactions with related parties
The company operates from a property owned jointly by the directors. Rent of £12,000 (2022: £12,000) has been paid.
Classic Joinery Products Limited
Notes to the Accounts
for the year ended 31 March 2024
13
Average number of employees
During the year the average number of employees was 4 (2023: 4).