Company Registration No. 09026540 (England and Wales)
CHRIS WARD CORRUGATED LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
31 March 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CHRIS WARD CORRUGATED LIMITED
COMPANY INFORMATION
Directors
Mr C M Ward
Mrs G A Ward
Company number
09026540
Registered office
2 Cowper Terrace
Wigglesworth
Skipton
North Yorkshire
BD23 4RP
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CHRIS WARD CORRUGATED LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CHRIS WARD CORRUGATED LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,047
4,038
Current assets
Debtors
4
569,083
632,285
Cash at bank and in hand
647,095
539,770
1,216,178
1,172,055
Creditors: amounts falling due within one year
5
(144,622)
(103,678)
Net current assets
1,071,556
1,068,377
Total assets less current liabilities
1,116,603
1,072,415
Provisions for liabilities
(11,869)
(1,010)
Net assets
1,104,734
1,071,405
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,104,634
1,071,305
Total equity
1,104,734
1,071,405
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Mr C M Ward
Director
Company registration number 09026540 (England and Wales)
CHRIS WARD CORRUGATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Chris Ward Corrugated Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Cowper Terrace, Wigglesworth, Skipton, North Yorkshire, BD23 4RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods, services and commission, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CHRIS WARD CORRUGATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at
the operating result.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
CHRIS WARD CORRUGATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
4,132
1,289
2,829
8,250
Additions
42,195
42,195
At 31 March 2024
4,132
1,289
2,829
42,195
50,445
Depreciation and impairment
At 1 April 2023
2,296
87
1,829
4,212
Depreciation charged in the year
367
240
579
1,186
At 31 March 2024
2,663
327
2,408
5,398
Carrying amount
At 31 March 2024
1,469
962
421
42,195
45,047
At 31 March 2023
1,836
1,202
1,000
4,038
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,866
164,010
Other debtors
512,217
468,275
569,083
632,285
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
142,965
102,229
Other creditors
1,657
1,449
144,622
103,678
CHRIS WARD CORRUGATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Loan to C M Ward
2.00
200,268
3,179
(88,198)
115,249
Loan to G Ward
-
-
-
(39,000)
(39,000)
200,268
3,179
(127,198)
76,249