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REGISTERED NUMBER: 07018411 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

ERW Joinery Limited

ERW Joinery Limited (Registered number: 07018411)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ERW Joinery Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Wall
S Wall
H Wood
P Tye





REGISTERED OFFICE: Renovation House
Skippers Lane
Skippers Lane Industrial Estate
Middlesbrough
TS6 6HA





REGISTERED NUMBER: 07018411 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

ERW Joinery Limited (Registered number: 07018411)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 475,598 524,775
475,599 524,776

CURRENT ASSETS
Stocks 6 383,556 360,302
Debtors 7 102,051 36,220
Cash at bank and in hand 221,690 383,319
707,297 779,841
CREDITORS
Amounts falling due within one year 8 579,428 615,299
NET CURRENT ASSETS 127,869 164,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

603,468

689,318

CREDITORS
Amounts falling due after more than one
year

9

(276,964

)

(356,442

)

PROVISIONS FOR LIABILITIES 12 (173,799 ) (181,147 )
NET ASSETS 152,705 151,729

CAPITAL AND RESERVES
Called up share capital 13 10,000 10,000
Retained earnings 142,705 141,729
152,705 151,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ERW Joinery Limited (Registered number: 07018411)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:





H Wood - Director


ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

ERW Joinery Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on completion of the contract.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised over their estimated useful life at 15% of the cost per annum.

Goodwill
Goodwill is amortised over its estimated useful life at 15% of the cost per annum.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property improvements - 5% on reducing balance and over period of the lease
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment.

Government grants
Revenue based grants are credited to the profit and loss account when entitled.

Capital based grants are accounted for using the accruals model and are credited to the profit and loss account over the useful life of the asset.

ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 35 ) .

ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1 40,515 40,516
AMORTISATION
At 1 January 2023
and 31 December 2023 - 40,515 40,515
NET BOOK VALUE
At 31 December 2023 1 - 1
At 31 December 2022 1 - 1

5. TANGIBLE FIXED ASSETS
Leasehold Fixtures
property Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 January 2023 5,684 413,113 108,394
Additions 983 33,427 1,483
At 31 December 2023 6,667 446,540 109,877
DEPRECIATION
At 1 January 2023 1,913 193,684 45,342
Charge for year 230 23,758 16,127
At 31 December 2023 2,143 217,442 61,469
NET BOOK VALUE
At 31 December 2023 4,524 229,098 48,408
At 31 December 2022 3,771 219,429 63,052

ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 263,697 40,477 831,365
Additions 36,555 403 72,851
At 31 December 2023 300,252 40,880 904,216
DEPRECIATION
At 1 January 2023 47,619 18,032 306,590
Charge for year 72,530 9,383 122,028
At 31 December 2023 120,149 27,415 428,618
NET BOOK VALUE
At 31 December 2023 180,103 13,465 475,598
At 31 December 2022 216,078 22,445 524,775

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 97,830 218,014 315,844
Additions - 36,555 36,555
At 31 December 2023 97,830 254,569 352,399
DEPRECIATION
At 1 January 2023 16,305 44,705 61,010
Charge for year 8,152 56,025 64,177
At 31 December 2023 24,457 100,730 125,187
NET BOOK VALUE
At 31 December 2023 73,373 153,839 227,212
At 31 December 2022 81,525 173,309 254,834

6. STOCKS
2023 2022
£    £   
Stocks 77,985 147,221
Work-in-progress 305,571 213,081
383,556 360,302

ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,590 2,387
Amounts owed by group undertakings 60,000 -
Other debtors 7,947 22,719
Prepayments and accrued income 12,514 11,114
102,051 36,220

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 49,800 49,800
Hire purchase contracts (see note 10) 55,605 47,777
Payments on account 254,974 270,682
Trade creditors 46,042 97,757
Taxation and social security 58,093 42,259
Other creditors 86,139 79,969
Accruals and deferred income 22,235 19,952
Deferred government grants 6,540 7,103
579,428 615,299

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 49,800 49,800
Bank loans - 2-5 years 24,900 74,700
Hire purchase contracts (see note 10) 146,316 171,891
Deferred government grants 55,948 60,051
276,964 356,442

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 55,605 47,777
Between one and five years 146,316 171,891
201,921 219,668

ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 39,500 39,500
Between one and five years 158,000 158,000
In more than five years 26,333 65,833
223,833 263,333

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 124,500 174,300
Hire purchase contracts 201,921 219,668
326,421 393,968

Bank loans are secured by a fixed and floating charge covering all property and undertaking of the company.

Hire purchase contracts are secured on the assets to which they relate.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 53,912 65,421
Warranty provisions 119,887 115,726
173,799 181,147

Deferred Warranty
tax provision
£    £   
Balance at 1 January 2023 65,421 115,726
Charge to Profit & Loss Account during year - 4,161
Accelerated capital allowances (11,509 ) -
Balance at 31 December 2023 53,912 119,887

ERW Joinery Limited (Registered number: 07018411)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid up:

Number Class Nominal value 2023 2022
£ £
5,100 Ordinary £1 5,100 5,100
500 A Ordinary £1 500 500
500 B Ordinary £1 500 500
500 C Ordinary £1 500 500
3,400 D Ordinary £1 3,400 3,400
10,000 10,000

14. ULTIMATE PARENT COMPANY

The ultimate parent company is ERW Group Limited, a company registered in England and Wales, their registered office is Renovation House, Skippers Lane, Skippers Lane Industrial Estate, Middlesbrough, Cleveland, TS6 6HA.