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Company registration number: 04678938
TRUEWOOD JOINERY LIMITED
28 February 2024
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
TRUEWOOD JOINERY LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TRUEWOOD JOINERY LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr I R Standard
Company number 04678938
Registered office Unit B3 Centrepoint
Stafford Drive
Battlefield Enterprise Park
Shrewsbury
SY1 3BF
Business address Unit B3 Centrepoint
Stafford Drive
Battlefield Enterprise Park
Shrewsbury
SY1 3BF
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
TRUEWOOD JOINERY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRUEWOOD JOINERY LIMITED
YEAR ENDED 28 FEBRUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Truewood Joinery Limited for the year ended 28 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Truewood Joinery Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Truewood Joinery Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Truewood Joinery Limited and its director as a body for our work or for this report.
It is your duty to ensure that Truewood Joinery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Truewood Joinery Limited. You consider that Truewood Joinery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Truewood Joinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
2 September 2024
TRUEWOOD JOINERY LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 73,498 72,817
_______ _______
73,498 72,817
Current assets
Stock and Work-in-progress 30,469 16,953
Debtors 8 362,993 523,442
Cash at bank and in hand 1,278,697 1,005,680
_______ _______
1,672,159 1,546,075
Creditors: amounts falling due
within one year 9 ( 256,794) ( 335,485)
_______ _______
Net current assets 1,415,365 1,210,590
_______ _______
Total assets less current liabilities 1,488,863 1,283,407
Provisions for liabilities ( 18,374) ( 18,114)
_______ _______
Net assets 1,470,489 1,265,293
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,470,487 1,265,291
_______ _______
Shareholder funds 1,470,489 1,265,293
_______ _______
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2024 , and are signed on behalf of the board by:
Mr I R Standard
Director
Company registration number: 04678938
TRUEWOOD JOINERY LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 28 FEBRUARY 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 2 897,128 897,130
Profit for the year 455,813 455,813
_______ _______ _______
Total comprehensive income for the year - 455,813 455,813
Dividends paid and payable ( 87,650) ( 87,650)
_______ _______ _______
Total investments by and distributions to owners - ( 87,650) ( 87,650)
_______ _______ _______
At 28 February 2023 and 1 March 2023 2 1,265,291 1,265,293
Profit for the year 301,596 301,596
_______ _______ _______
Total comprehensive income for the year - 301,596 301,596
Dividends paid and payable ( 96,400) ( 96,400)
_______ _______ _______
Total investments by and distributions to owners - ( 96,400) ( 96,400)
_______ _______ _______
At 28 February 2024 2 1,470,487 1,470,489
_______ _______ _______
TRUEWOOD JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit B3 Centrepoint, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, SY1 3BF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, over the useful life of that asset as follows:
Goodwill - 20 % straight line
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Stocks
Stock is included at the lower of cost or estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 11 ).
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2023 and 28 February 2024 20,000 20,000
_______ _______
Amortisation
At 1 March 2023 and 28 February 2024 20,000 20,000
_______ _______
Carrying amount
At 28 February 2024 - -
_______ _______
At 28 February 2023 - -
_______ _______
7. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2023 89,691 47,117 58,933 - 195,741
Additions - 9,271 2,020 1,100 12,391
_______ _______ _______ _______ _______
At 28 February 2024 89,691 56,388 60,953 1,100 208,132
_______ _______ _______ _______ _______
Depreciation
At 1 March 2023 59,491 26,102 37,332 - 122,925
Charge for the year 4,530 3,742 3,406 28 11,706
Disposals - 3 - - 3
_______ _______ _______ _______ _______
At 28 February 2024 64,021 29,847 40,738 28 134,634
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2024 25,670 26,541 20,215 1,072 73,498
_______ _______ _______ _______ _______
At 28 February 2023 30,200 21,015 21,601 - 72,816
_______ _______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 352,711 513,783
Other debtors 10,282 9,659
_______ _______
362,993 523,442
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 512 958
Trade creditors 46,507 103,212
Corporation tax 102,765 104,642
Social security and other taxes 74,137 101,817
Other creditors 32,873 24,856
_______ _______
256,794 335,485
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 81,515 54,811
Later than 1 year and not later than 5 years 92,925 95,101
_______ _______
174,440 149,912
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr I R Standard ( 658) ( 1,049) - ( 1,707)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr I R Standard ( 18,528) - 17,870 ( 658)
_______ _______ _______ _______
The balance on the director's account is included in other creditors.