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COMPANY REGISTRATION NUMBER: 01673804
JOHN PICKARD (HARDWARE) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 30 DECEMBER 2022 TO
28 December 2023
JOHN PICKARD (HARDWARE) LIMITED
STATEMENT OF FINANCIAL POSITION
28 December 2023
28 Dec 23
29 Dec 22
Note
£
£
£
FIXED ASSETS
Tangible assets
6
955,066
961,927
CURRENT ASSETS
Stocks
832,316
783,772
Debtors
7
302,372
334,976
Cash at bank and in hand
7,178
9,759
------------
------------
1,141,866
1,128,507
CREDITORS: amounts falling due within one year
8
( 1,055,491)
( 962,288)
------------
------------
NET CURRENT ASSETS
86,375
166,219
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,041,441
1,128,146
CREDITORS: amounts falling due after more than one year
9
( 236,622)
( 277,567)
PROVISIONS
( 37,156)
( 38,460)
------------
------------
NET ASSETS
767,663
812,119
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
450,334
450,334
Profit and loss account
317,229
361,685
---------
---------
SHAREHOLDERS FUNDS
767,663
812,119
---------
---------
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 period ending 28 December 2023 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JOHN PICKARD (HARDWARE) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 December 2023
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
D Spencer
Director
Company registration number: 01673804
JOHN PICKARD (HARDWARE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 30 DECEMBER 2022 TO 28 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Airedale Road, Keighley, West Yorkshire, BD21 4LW.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
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:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10-20% Straight Line basis
Motor vehicles
-
25% straight line
It is the company's policy to maintain its property to a high standard through a continual programme of refurbishment and maintenance. In accordance with this practice, depreciation is not provided on the property as, in the opinion of the directors, the residual value (in terms of original cost) is such that any depreciation charge would be minimal.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. 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 before operating profit.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 17 (2022: 17 ).
5. TAX ON PROFIT
Major components of tax (income)/expense
Period from
Period from
30 Dec 22 to
1 Jan 22 to
28 Dec 23
29 Dec 22
£
£
Current tax:
UK current tax expense
18,900
Adjustments in respect of prior periods
( 4,672)
258
-------
--------
Total current tax
( 4,672)
19,158
-------
--------
Deferred tax:
Origination and reversal of timing differences
( 1,304)
( 2,717)
-------
--------
Tax on profit
( 5,976)
16,441
-------
--------
6. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 December 2022 and 28 December 2023
955,000
322
164,059
13,650
1,133,031
---------
----
---------
--------
------------
Depreciation
At 30 December 2022
192
157,262
13,650
171,104
Charge for the period
64
6,797
6,861
---------
----
---------
--------
------------
At 28 December 2023
256
164,059
13,650
177,965
---------
----
---------
--------
------------
Carrying amount
At 28 December 2023
955,000
66
955,066
---------
----
---------
--------
------------
At 29 December 2022
955,000
130
6,797
961,927
---------
----
---------
--------
------------
7. DEBTORS
28 Dec 23
29 Dec 22
£
£
Trade debtors
288,058
320,607
Other debtors
14,314
14,369
---------
---------
302,372
334,976
---------
---------
8. CREDITORS: amounts falling due within one year
28 Dec 23
29 Dec 22
£
£
Bank loans and overdrafts
476,241
109,741
Trade creditors
444,972
452,052
Corporation tax
14,228
27,942
Social security and other taxes
35,059
26,393
Other creditors
84,991
346,160
------------
---------
1,055,491
962,288
------------
---------
9. CREDITORS: amounts falling due after more than one year
28 Dec 23
29 Dec 22
£
£
Bank loans and overdrafts
236,622
276,202
Other creditors
1,365
---------
---------
236,622
277,567
---------
---------