Birmingham Veneers Limited
Registered number: 07277969
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £ £ £
Current assets
Stocks 70,000 90,000
Debtors 3 481,969 356,070
Cash at bank and in hand 43,636 3,568
595,605 449,638
Creditors: amounts falling due within one year 4 (548,870) (410,876)
Net current assets 46,735 38,762
Total assets less current liabilities 46,735 38,762
Creditors: amounts falling due after more than one year 5 (15,000) (25,000)
Net assets 31,735 13,762
Capital and reserves
Called up share capital 1 1
Profit and loss account 31,734 13,761
Shareholder's funds 31,735 13,762
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
V P Ferguson
Director
Approved by the board on 19 September 2024
Birmingham Veneers Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 ( as applicable to small entities), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Stocks
Stocks are measured at the lower of cost and net realisable value as follows:-
Stock of materials Cost of useable materials
Work in progress Cost of direct materials and labour plus attributable overheads based on the normal level of activity.
Net realisable value is based on estimated selling prices les further costs to be incurred to completion and disposal.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 24
3 Debtors 2023 2022
£ £
Trade debtors 232,475 232,606
Amounts owed by group undertakings. 248,364 121,999
Prepayments and accrued income 1,130 1,465
481,969 356,070
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank borrowings 169,775 152,101
Trade creditors 230,185 122,936
Other taxes and social security costs 121,160 108,906
Accruals and deferred income 27,750 26,933
548,870 410,876
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,000
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 142,101 142,101
The bank borrowings are secured by a fixed and floating charge over the undertaking and all property and assets present and future.
7 Pension commitments
The company operates a defined contribution pension scheme, which is available to all employees. The contributions for the year were £13,255 (2022 £12,117) and at the year end the total amounts outstanding, including employees contributions, was £3,707 (2022 £2,022).
8 Controlling party
The company is a wholly owned subsidiary of Panel Edge Holdings Ltd
9 Other information
Birmingham Veneers Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge, Castle Bromwich Hall
Chester Road
Castle Bromwich
West Midlands
B36 9DE
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