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REGISTERED NUMBER: 05319452 (England and Wales)












P & J WOOLLEY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2023






P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


P & J WOOLLEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 JUNE 2023







DIRECTOR: P C Woolley





SECRETARY: P C Woolley





REGISTERED OFFICE: Achurch Road
Boston Road Industrial Estate
Horncastle
Lincolnshire
LN9 6JS





REGISTERED NUMBER: 05319452 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe
Chartered Certified Accountants
Rollestone House
20-22 Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452)

ABRIDGED BALANCE SHEET
29 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 383,519 386,240

CURRENT ASSETS
Inventories 490,605 519,250
Debtors 9,435 42,326
Cash at bank 23,633 4,218
523,673 565,794
CREDITORS
Amounts falling due within one year 711,968 761,388
NET CURRENT LIABILITIES (188,295 ) (195,594 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

195,224

190,646

CREDITORS
Amounts falling due after more than one year (59,842 ) (88,033 )

PROVISIONS FOR LIABILITIES (18,750 ) (18,750 )
NET ASSETS 116,632 83,863

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 5 79,933 79,933
Retained earnings 36,599 3,830
SHAREHOLDERS' FUNDS 116,632 83,863

P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452)

ABRIDGED BALANCE SHEET - continued
29 JUNE 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





P C Woolley - Director


P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023


1. ACCOUNTING POLICIES

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

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Inventories
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

Property revaluation
Land and buildings have been revalued. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the expected rate to apply when the property is sold.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2023


3. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST OR VALUATION
At 30 June 2022 557,961
Additions 11,048
At 29 June 2023 569,009
DEPRECIATION
At 30 June 2022 171,721
Charge for year 13,769
At 29 June 2023 185,490
NET BOOK VALUE
At 29 June 2023 383,519
At 29 June 2022 386,240

Cost or valuation at 29 June 2023 is represented by:

Totals
£   
Valuation in 2020 78,682
Valuation in 2022 20,000
Cost 470,327
569,009

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 355,707 355,707
Aggregate depreciation 88,014 88,014

Value of land in freehold land and buildings 55,000 55,000

Freehold property was valued on an open market basis on 29 June 2023 by the directors. .

4. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 187,890 189,990
Bank loans 53,198 75,979
241,088 265,969

The bank has security over the commercial freehold premises.

P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2023


5. RESERVES
Revaluation
reserve
£   
At 30 June 2022
and 29 June 2023 79,933