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COMPANY REGISTRATION NUMBER: 04603390
AMJ Carpentry & Joinery Ltd
Filleted Unaudited Financial Statements
31 March 2024
AMJ Carpentry & Joinery Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
8
16,005
3,049
Current assets
Debtors
9
20,999
20,766
Cash at bank and in hand
8,879
14,083
--------
--------
29,878
34,849
Creditors: amounts falling due within one year
10
13,212
12,285
--------
--------
Net current assets
16,666
22,564
--------
--------
Total assets less current liabilities
32,671
25,613
Creditors: amounts falling due after more than one year
11
8,017
--------
--------
Net assets
24,654
25,613
--------
--------
Capital and reserves
Called up share capital
13
2
2
Profit and loss account
24,652
25,611
--------
--------
Shareholders funds
24,654
25,613
--------
--------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AMJ Carpentry & Joinery Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr A Jones
Director
Company registration number: 04603390
AMJ Carpentry & Joinery Ltd
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 10 Tudor Road, Newport, NP19 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Included in creditors above are obligations under finance leases totalling £10,881 (202: £nil ) secured by a fixed charge over the assets they finance.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
7,811
10,130
Adjustments in respect of prior periods
6
11
-------
--------
Total current tax
7,817
10,141
-------
--------
-------
--------
Tax on profit
7,817
10,141
-------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
53,858
52,298
--------
--------
Profit on ordinary activities by rate of tax
10,233
9,937
Adjustment to tax charge in respect of prior periods
6
11
Effect of expenses not deductible for tax purposes
541
Effect of capital allowances and depreciation
( 2,963)
193
--------
--------
Tax on profit
7,817
10,141
--------
--------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
47,000
44,000
--------
--------
7. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
10,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
10,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
8. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
12,001
1,009
13,010
Additions
20,567
20,567
Disposals
( 12,001)
( 12,001)
--------
-------
--------
At 31 March 2024
20,567
1,009
21,576
--------
-------
--------
Depreciation
At 1 April 2023
9,153
808
9,961
Charge for the year
4,713
50
4,763
Disposals
( 9,153)
( 9,153)
--------
-------
--------
At 31 March 2024
4,713
858
5,571
--------
-------
--------
Carrying amount
At 31 March 2024
15,854
151
16,005
--------
-------
--------
At 31 March 2023
2,848
201
3,049
--------
-------
--------
9. Debtors
2024
2023
£
£
Trade debtors
2,580
2,616
Other debtors
18,419
18,150
--------
--------
20,999
20,766
--------
--------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
594
592
Corporation tax
7,811
10,130
Social security and other taxes
74
70
Other creditors
4,733
1,493
--------
--------
13,212
12,285
--------
--------
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
8,017
-------
----
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
29,579
34,490
--------
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
13,342
2,085
--------
-------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
14. Director's advances, credits and guarantees
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £869 (2023: £493); this amount being included in creditors: amounts falling within one year.