K. & D. Joinery Limited 04313110 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of joinery manufacture. Digita Accounts Production Advanced 6.30.9574.0 true true 04313110 2023-04-01 2024-03-31 04313110 2024-03-31 04313110 bus:OrdinaryShareClass1 2024-03-31 04313110 bus:OrdinaryShareClass2 2024-03-31 04313110 core:RetainedEarningsAccumulatedLosses 2024-03-31 04313110 core:ShareCapital 2024-03-31 04313110 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 04313110 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 04313110 core:CurrentFinancialInstruments 2024-03-31 04313110 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04313110 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04313110 core:LandBuildings 2024-03-31 04313110 core:MotorVehicles 2024-03-31 04313110 core:OtherPropertyPlantEquipment 2024-03-31 04313110 bus:SmallEntities 2023-04-01 2024-03-31 04313110 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04313110 bus:FilletedAccounts 2023-04-01 2024-03-31 04313110 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04313110 bus:RegisteredOffice 2023-04-01 2024-03-31 04313110 bus:CompanySecretary1 2023-04-01 2024-03-31 04313110 bus:Director1 2023-04-01 2024-03-31 04313110 bus:Director2 2023-04-01 2024-03-31 04313110 bus:Director3 2023-04-01 2024-03-31 04313110 bus:Director6 2023-04-01 2024-03-31 04313110 bus:Director7 2023-04-01 2024-03-31 04313110 bus:Director8 2023-04-01 2024-03-31 04313110 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04313110 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 04313110 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04313110 core:LandBuildings 2023-04-01 2024-03-31 04313110 core:MotorVehicles 2023-04-01 2024-03-31 04313110 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04313110 core:ToolsEquipment 2023-04-01 2024-03-31 04313110 countries:EnglandWales 2023-04-01 2024-03-31 04313110 2023-03-31 04313110 core:LandBuildings 2023-03-31 04313110 core:MotorVehicles 2023-03-31 04313110 core:OtherPropertyPlantEquipment 2023-03-31 04313110 2022-04-01 2023-03-31 04313110 2023-03-31 04313110 bus:OrdinaryShareClass1 2023-03-31 04313110 bus:OrdinaryShareClass2 2023-03-31 04313110 core:RetainedEarningsAccumulatedLosses 2023-03-31 04313110 core:ShareCapital 2023-03-31 04313110 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 04313110 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 04313110 core:CurrentFinancialInstruments 2023-03-31 04313110 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04313110 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04313110 core:LandBuildings 2023-03-31 04313110 core:MotorVehicles 2023-03-31 04313110 core:OtherPropertyPlantEquipment 2023-03-31 04313110 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04313110 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04313110

K. & D. Joinery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

K. & D. Joinery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

K. & D. Joinery Limited

Company Information

Directors

Mr PGC Stanley

Mr R Whyborn

Mr J Kearns

Mr A Jakubauskas

Mr L Kearns

Mr A Sheehy

Company secretary

Mrs JA Kearns

Registered office

9 Limes Road
Beckenham
Kent
BR3 6NS

Accountants

Jordan Ludlow & Associates Limited
Accountants
9 Limes Road
Beckenham
Kent
BR3 6NS

 

K. & D. Joinery Limited

(Registration number: 04313110)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

867,577

918,867

Current assets

 

Stocks

5

310,302

341,716

Debtors

6

2,241,861

2,241,610

Cash at bank and in hand

 

987,323

576,701

 

3,539,486

3,160,027

Creditors: Amounts falling due within one year

7

(982,787)

(1,093,225)

Net current assets

 

2,556,699

2,066,802

Total assets less current liabilities

 

3,424,276

2,985,669

Creditors: Amounts falling due after more than one year

7

(161,663)

(198,917)

Provisions for liabilities

(127,642)

(89,671)

Net assets

 

3,134,971

2,697,081

Capital and reserves

 

Called up share capital

8

121

121

Retained earnings

3,134,850

2,696,960

Shareholders' funds

 

3,134,971

2,697,081

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

K. & D. Joinery Limited

(Registration number: 04313110)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

.........................................
Mr L Kearns
Director

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Limes Road
Beckenham
Kent
BR3 6NS
United Kingdom

The principal place of business is:
Joinery House
69 Chequers Lane
Dagenham
Essex
RM9 6QJ
England

These financial statements were authorised for issue by the Board on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

12.5%, 15% & 25% per annum, reducing balance basis

Motor vehicles

25% per annum, reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 99 (2023 - 91).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

415,585

427,026

1,083,736

1,926,347

Additions

-

53,932

31,726

85,658

Disposals

-

(16,595)

-

(16,595)

At 31 March 2024

415,585

464,363

1,115,462

1,995,410

Depreciation

At 1 April 2023

89,754

204,940

712,786

1,007,480

Charge for the year

20,779

62,996

49,052

132,827

Eliminated on disposal

-

(12,474)

-

(12,474)

At 31 March 2024

110,533

255,462

761,838

1,127,833

Carrying amount

At 31 March 2024

305,052

208,901

353,624

867,577

At 31 March 2023

325,831

222,086

370,950

918,867

Included within the net book value of land and buildings above is £305,052 (2023 - £325,831) in respect of short leasehold land and buildings.
 

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

310,302

341,716

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,161,110

1,109,776

Other debtors

1,080,751

1,131,834

 

2,241,861

2,241,610

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

110,880

114,132

Trade creditors

 

604,681

571,139

Taxation and social security

 

251,026

391,543

Other creditors

 

16,200

16,411

 

982,787

1,093,225

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

161,663

198,917

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

Ordinary A share of £1 each

120

120

120

120

121

121

121

121

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

161,663

198,917

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

107,745

113,449

Other borrowings

3,135

683

110,880

114,132

 

K. & D. Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,000.00 per each Ordinary A share

112,000

120,000

Interim dividend of £38,000.00 (2023 - £50,000.00) per each Ordinary share

38,000

50,000

150,000

170,000

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

253,733

253,081

Dividends paid to directors

2024
£

2023
£

Mr L Kearns

Ordinary share

38,000

50,000

 

 

Other transactions with directors

As at 31st March 2024, the amounts payable to the director Mr L. Kearns was £3,135 (2023 - £683)