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Registered number: 03701780
A.J.B. WOODWORKING LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03701780
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,076,237 3,141,122
3,076,237 3,141,122
CURRENT ASSETS
Stocks 5 124,304 241,107
Debtors 6 609,848 853,551
Cash at bank and in hand - 8,282
734,152 1,102,940
Creditors: Amounts Falling Due Within One Year 7 (2,524,889 ) (1,603,582 )
NET CURRENT ASSETS (LIABILITIES) (1,790,737 ) (500,642 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,285,500 2,640,480
Creditors: Amounts Falling Due After More Than One Year 8 (117,202 ) (1,151,059 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (363,668 ) (372,803 )
NET ASSETS 804,630 1,116,618
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 12 1,168,265 1,168,265
Profit and Loss Account (363,735 ) (51,747 )
SHAREHOLDERS' FUNDS 804,630 1,116,618
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Amarjit Binji
Director
17 October 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
A.J.B. WOODWORKING LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03701780 . The registered office is 21 High View Close, Hamilton, Leicester, LE4 9LJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Straight Line
Plant & Machinery 10% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors & Creditors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2.10. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2.11. Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 37 (2023: 41)
37 41
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost or Valuation
As at 1 February 2023 2,414,880 1,989,552 4,404,432
Additions - 48,080 48,080
As at 31 January 2024 2,414,880 2,037,632 4,452,512
Depreciation
As at 1 February 2023 140,441 1,122,869 1,263,310
Provided during the period 21,488 91,477 112,965
As at 31 January 2024 161,929 1,214,346 1,376,275
Net Book Value
As at 31 January 2024 2,252,951 823,286 3,076,237
As at 1 February 2023 2,274,439 866,683 3,141,122
5. Stocks
2024 2023
£ £
Finished goods 124,304 241,107
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 449,209 672,080
Prepayments and accrued income 15,985 37,269
Other debtors 144,654 144,202
609,848 853,551
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 86,117 37,127
Trade creditors 461,557 717,348
Bank loans and overdrafts 1,316,182 181,613
Other taxes and social security 276,903 92,905
Other creditors 367,585 557,783
Accruals and deferred income 16,545 16,806
2,524,889 1,603,582
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 117,202 26,224
Bank loans - 1,124,835
117,202 1,151,059
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 86,117 37,127
Later than one year and not later than five years 117,202 26,224
203,319 63,351
203,319 63,351
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Later than one year and not later than five years 104,655 130,443
104,655 130,443
12. Reserves
Revaluation Reserve
£
As at 1 February 2023 1,168,265
As at 31 January 2024 1,168,265
13. Related Party Transactions
Director loan account:
The directors loans are free of interest and are repayable on demand. The amount is included within other debtors/creditors. 
Amount due (from) / to the related party (£9,674) (2023: £152)
AJB Group Properties Ltd  loan account - A company in which the Director is also a director and a shareholder. These loans are free of interest and repayable on demand. The amount is included within other debtors.
Amount due from the related party £134,930 (2023: £131,430)
Rockingham Doors Ltd  loan account - A company in which the Director is also a director and a shareholder. These loans are free of interest and repayable on demand. The amount is included within other debtors.
Amount due from the related party £0  (2023: £12,772)
14. Ultimate Controlling Party
Mr A Binji is the controlling party by virtue of his beneficial ownership of 100% of the issued ordinary share capital in the company.
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