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Company registration number: 04809697
J T W CONSTRUCTION LIMITED
31 March 2024
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
J T W CONSTRUCTION LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
J T W CONSTRUCTION LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr J W Wedge (Retired 3 May 2023)
Mrs C L Wedge (Appointed 6 April 2023)
Secretary Mrs C L Wedge
Company number 04809697
Registered office 24 Boscobel Drive
Shrewsbury
Shropshire
SY1 3DR
Business address 24 Boscobel Drive
Shrewsbury
Shropshire
SY1 3DR
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
J T W CONSTRUCTION LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF J T W CONSTRUCTION LIMITED
YEAR ENDED 31 MARCH 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 J T W Construction Limited for the year ended 31 March 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 board of directors of J T W Construction Limited, as a body, in accordance with the terms of our engagement letter dated 21 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of J T W Construction Limited and state those matters that we have agreed to state to the board of directors of J T W Construction Limited 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 J T W Construction Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J T W Construction 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 loss of J T W Construction Limited. You consider that J T W Construction 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 J T W Construction 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
8 October 2024
J T W CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 - 6,388
_______ _______
- 6,388
Current assets
Stocks 85,000 100,000
Debtors 6 - 6,470
Cash at bank and in hand 42,582 42,315
_______ _______
127,582 148,785
Creditors: amounts falling due
within one year 7 ( 77,149) ( 78,200)
_______ _______
Net current assets 50,433 70,585
_______ _______
Total assets less current liabilities 50,433 76,973
Creditors: amounts falling due
after more than one year 8 ( 10,500) ( 22,000)
Provisions for liabilities - ( 1,214)
_______ _______
Net assets 39,933 53,759
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 39,833 53,659
_______ _______
Shareholders funds 39,933 53,759
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 30 September 2024 , and are signed on behalf of the board by:
Mrs C L Wedge
Director
Company registration number: 04809697
J T W CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 114,244 114,344
Loss for the year ( 60,585) ( 60,585)
_______ _______ _______
Total comprehensive income for the year - ( 60,585) ( 60,585)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 53,659 53,759
Loss for the year ( 13,826) ( 13,826)
_______ _______ _______
Total comprehensive income for the year - ( 13,826) ( 13,826)
_______ _______ _______
At 31 March 2024 100 39,833 39,933
_______ _______ _______
J T W CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Boscobel Drive, Shrewsbury, Shropshire, SY1 3DR.
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.
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, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 3,862 9,878 30,517 44,257
Disposals ( 3,862) ( 9,878) ( 30,517) ( 44,257)
_______ _______ _______ _______
At 31 March 2024 - - - -
_______ _______ _______ _______
Depreciation
At 1 April 2023 1,942 8,508 27,418 37,868
Disposals ( 1,942) ( 8,508) ( 27,418) ( 37,868)
_______ _______ _______ _______
At 31 March 2024 - - - -
_______ _______ _______ _______
Carrying amount
At 31 March 2024 - - - -
_______ _______ _______ _______
At 31 March 2023 1,920 1,370 3,099 6,389
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors - 6,470
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 16,500 14,000
Social security and other taxes - 551
Other creditors 60,649 63,649
_______ _______
77,149 78,200
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 10,500 19,500
Other creditors - 2,500
_______ _______
10,500 22,000
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J W Wedge ( 32,386) 32,386 -
Mrs C L Wedge ( 27,100) ( 32,436) ( 59,536)
_______ _______ _______
( 59,486) ( 50) ( 59,536)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J W Wedge ( 32,257) ( 129) ( 32,386)
Mrs C L Wedge ( 19,100) ( 8,000) ( 27,100)
_______ _______ _______
( 51,357) ( 8,129) ( 59,486)
_______ _______ _______
The balance on the director's account is included in other creditors.