12
01/03/2023
28/02/2024
2024-02-28
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
No description of principal activities is disclosed
2023-03-01
Sage Accounts Production 23.0 - FRS102_2023
20
15
15
xbrli:pure
xbrli:shares
iso4217:GBP
04678938
2023-03-01
2024-02-28
04678938
2024-02-28
04678938
2023-02-28
04678938
2022-03-01
2023-02-28
04678938
2023-02-28
04678938
2022-02-28
04678938
core:NetGoodwill
2023-03-01
2024-02-28
04678938
core:PlantMachinery
2023-03-01
2024-02-28
04678938
core:FurnitureFittingsToolsEquipment
2023-03-01
2024-02-28
04678938
bus:RegisteredOffice
2023-03-01
2024-02-28
04678938
bus:LeadAgentIfApplicable
2023-03-01
2024-02-28
04678938
bus:Director1
2023-03-01
2024-02-28
04678938
core:NetGoodwill
2024-02-28
04678938
core:LandBuildings
core:LongLeaseholdAssets
2023-02-28
04678938
core:PlantMachinery
2023-02-28
04678938
core:FurnitureFittingsToolsEquipment
2023-02-28
04678938
core:LandBuildings
core:LongLeaseholdAssets
2024-02-28
04678938
core:PlantMachinery
2024-02-28
04678938
core:FurnitureFittingsToolsEquipment
2024-02-28
04678938
core:MotorVehicles
2024-02-28
04678938
core:WithinOneYear
2024-02-28
04678938
core:WithinOneYear
2023-02-28
04678938
core:RetainedEarningsAccumulatedLosses
2022-03-01
2023-02-28
04678938
core:RetainedEarningsAccumulatedLosses
2023-03-01
2024-02-28
04678938
core:LandBuildings
core:LongLeaseholdAssets
2023-03-01
2024-02-28
04678938
core:MotorVehicles
2023-03-01
2024-02-28
04678938
core:ShareCapital
2024-02-28
04678938
core:ShareCapital
2023-02-28
04678938
core:RetainedEarningsAccumulatedLosses
2024-02-28
04678938
core:RetainedEarningsAccumulatedLosses
2023-02-28
04678938
core:ShareCapital
2022-02-28
04678938
core:RetainedEarningsAccumulatedLosses
2022-02-28
04678938
core:PreviouslyStatedAmount
core:ShareCapital
2024-02-28
04678938
core:BetweenOneFiveYears
2024-02-28
04678938
core:BetweenOneFiveYears
2023-02-28
04678938
core:NetGoodwill
2023-02-28
04678938
core:LandBuildings
core:LongLeaseholdAssets
2023-02-28
04678938
core:PlantMachinery
2023-02-28
04678938
core:FurnitureFittingsToolsEquipment
2023-02-28
04678938
bus:Director1
2023-02-28
04678938
bus:Director1
2024-02-28
04678938
bus:Director1
2022-02-28
04678938
bus:Director1
2023-02-28
04678938
bus:Director1
2022-03-01
2023-02-28
04678938
bus:SmallEntities
2023-03-01
2024-02-28
04678938
bus:AuditExemptWithAccountantsReport
2023-03-01
2024-02-28
04678938
bus:SmallCompaniesRegimeForAccounts
2023-03-01
2024-02-28
04678938
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-28
04678938
bus:FullAccounts
2023-03-01
2024-02-28
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.