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Registration number: 09952669

Duckpaddle Garden Joinery Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Duckpaddle Garden Joinery Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Duckpaddle Garden Joinery Ltd

(Registration number: 09952669)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

45,175

59,725

Current assets

 

Stocks

5

83,000

76,000

Debtors

6

19,669

21,499

Cash at bank and in hand

 

3,729

2,302

 

106,398

99,801

Creditors: Amounts falling due within one year

7

(85,630)

(76,858)

Net current assets

 

20,768

22,943

Total assets less current liabilities

 

65,943

82,668

Creditors: Amounts falling due after more than one year

7

(65,827)

(82,540)

Net assets

 

116

128

Capital and reserves

 

Called up share capital

100

100

Retained earnings

16

28

Shareholders' funds

 

116

128

 

Duckpaddle Garden Joinery Ltd

(Registration number: 09952669)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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.

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 21 October 2024 and signed on its behalf by:
 

.........................................
Mr James Goodwin
Director

 

Duckpaddle Garden Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Duck Paddle
Unit 9
Blythe Park Cresswell Lane
Stoke-On-Trent
Staffordshire
ST11 9RD
England

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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

 

Duckpaddle Garden Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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

Plant & machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

Duckpaddle Garden Joinery Ltd

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

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.

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 3 (2023 - 4).

 

Duckpaddle Garden Joinery Ltd

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

28,421

3,448

62,772

94,641

Additions

430

-

-

430

At 31 January 2024

28,851

3,448

62,772

95,071

Depreciation

At 1 February 2023

19,790

2,354

12,772

34,916

Charge for the year

2,206

274

12,500

14,980

At 31 January 2024

21,996

2,628

25,272

49,896

Carrying amount

At 31 January 2024

6,855

820

37,500

45,175

At 31 January 2023

8,631

1,094

50,000

59,725

5

Stocks

2024
£

2023
£

Work in progress

48,000

40,000

Other inventories

35,000

36,000

83,000

76,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

200

665

Other debtors

19,469

20,834

 

19,669

21,499

 

Duckpaddle Garden Joinery Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

25,178

21,869

Trade creditors

 

13,610

24,776

Other creditors

 

46,842

30,213

 

85,630

76,858

Included in loans and borrowings are amounts owed under hire purchase. These hire purchases are secured by the assets themselves.

Also included in loans and borrowings are funds which are secured by James Goodwin (Director) in his capacity as guarantor.

2024
£

2023
£

Current loans and borrowings

Bank borrowings

13,715

12,253

Bank overdrafts

1,847

-

Loans and borrowings

9,616

9,616

25,178

21,869

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

65,827

82,540