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Registered number: 10767980
JW Bespoke Joinery Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Sarah Heffer Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10767980
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 13,800 18,400
Tangible Assets 5 39,174 48,135
52,974 66,535
CURRENT ASSETS
Debtors 6 53,233 27,910
Cash at bank and in hand 26,885 30,712
80,118 58,622
Creditors: Amounts Falling Due Within One Year 7 (42,819 ) (24,913 )
NET CURRENT ASSETS (LIABILITIES) 37,299 33,709
TOTAL ASSETS LESS CURRENT LIABILITIES 90,273 100,244
Creditors: Amounts Falling Due After More Than One Year 8 (24,997 ) (33,390 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,589 ) (9,146 )
NET ASSETS 56,687 57,708
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 56,683 57,704
SHAREHOLDERS' FUNDS 56,687 57,708
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 James Simmons
Director
13/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
JW Bespoke Joinery Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10767980 . The registered office is 1 Woodgreen Industrial Est Station Road, Salhouse, Norwich, NR13 6NY.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 46,000
As at 31 March 2024 46,000
Amortisation
As at 1 April 2023 27,600
Provided during the period 4,600
As at 31 March 2024 32,200
Net Book Value
As at 31 March 2024 13,800
As at 1 April 2023 18,400
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 47,122 61,135 881 1,598 110,736
Additions 515 - - 377 892
As at 31 March 2024 47,637 61,135 881 1,975 111,628
Depreciation
As at 1 April 2023 33,981 27,363 549 708 62,601
Provided during the period 2,731 6,755 50 317 9,853
As at 31 March 2024 36,712 34,118 599 1,025 72,454
Net Book Value
As at 31 March 2024 10,925 27,017 282 950 39,174
As at 1 April 2023 13,141 33,772 332 890 48,135
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 45,843 18,075
Prepayments and accrued income 7,390 9,808
Other taxes and social security - 27
53,233 27,910
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,081 5,529
Corporation tax 17,955 6,207
VAT 9,114 3,966
Accruals and deferred income 1,932 1,921
Directors' loan accounts 2,737 7,290
42,819 24,913
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 24,997 33,390
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5