Company Registration No. 13965586 (England and Wales)
COLIN AND JACK WEEKS FENCING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COLIN AND JACK WEEKS FENCING LTD
COMPANY INFORMATION
Directors
Mr C C Weeks
Mr J R Weeks
Company number
13965586
Registered office
Channons Park
East Street
Chulmleigh
Devon
EX18 7DD
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
COLIN AND JACK WEEKS FENCING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COLIN AND JACK WEEKS FENCING LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
10,200
13,600
Tangible assets
4
220,874
157,544
231,074
171,144
Current assets
Stocks
4,100
10,030
Debtors
5
113,568
30,505
Cash at bank and in hand
5,751
32,237
123,419
72,772
Creditors: amounts falling due within one year
6
(244,413)
(194,954)
Net current liabilities
(120,994)
(122,182)
Total assets less current liabilities
110,080
48,962
Creditors: amounts falling due after more than one year
7
(28,830)
Provisions for liabilities
(41,966)
(29,933)
Net assets
39,284
19,029
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
39,282
19,027
Total equity
39,284
19,029
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 Act 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.
COLIN AND JACK WEEKS FENCING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr C C Weeks
Director
Company Registration No. 13965586
COLIN AND JACK WEEKS FENCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Colin and Jack Weeks Fencing Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Computers
3 year straight line
Motor vehicles
25% reducing balance
Tractors
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.
1.5
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value.
COLIN AND JACK WEEKS FENCING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis over the life of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).
COLIN AND JACK WEEKS FENCING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
17,000
Amortisation and impairment
At 1 April 2023
3,400
Amortisation charged for the year
3,400
At 31 March 2024
6,800
Carrying amount
At 31 March 2024
10,200
At 31 March 2023
13,600
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Tractors
Total
£
£
£
£
£
Cost
At 1 April 2023
63,756
157
41,662
90,000
195,575
Additions
11,061
36,999
86,128
134,188
Disposals
(5,992)
(14,000)
(19,992)
At 31 March 2024
74,817
157
72,669
162,128
309,771
Depreciation and impairment
At 1 April 2023
9,563
52
10,416
18,000
38,031
Depreciation charged in the year
9,788
52
15,938
29,386
55,164
Eliminated in respect of disposals
(1,498)
(2,800)
(4,298)
At 31 March 2024
19,351
104
24,856
44,586
88,897
Carrying amount
At 31 March 2024
55,466
53
47,813
117,542
220,874
At 31 March 2023
54,193
105
31,246
72,000
157,544
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
112,629
29,112
Prepayments and accrued income
939
1,393
113,568
30,505
COLIN AND JACK WEEKS FENCING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
11,532
Trade creditors
8,589
4,733
Corporation tax
8,796
11,293
Other taxation and social security
14,604
9,395
Other creditors
198,532
167,390
Accruals and deferred income
2,360
2,143
244,413
194,954
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
28,830
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
2
2