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REGISTERED NUMBER: 02703414 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WORTHY BUILDERS (READING) LIMITED

WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


WORTHY BUILDERS (READING) LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTOR: A P Grimshaw





SECRETARY: Mrs J A Grimshaw





REGISTERED OFFICE: 1 Carnegie Road
Newbury
Berkshire
RG14 5DJ





REGISTERED NUMBER: 02703414 (England and Wales)





ACCOUNTANTS: Banks & Co Limited
Chartered Certified Accountants
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,497 63,489

CURRENT ASSETS
Stocks 208,881 185,172
Debtors 5 51,731 9,431
Cash at bank 7,141 4,357
267,753 198,960
CREDITORS
Amounts falling due within one year 253,713 306,523
NET CURRENT ASSETS/(LIABILITIES) 14,040 (107,563 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,537

(44,074

)

CREDITORS
Amounts falling due after more than one
year

(61,449

)

(63,191

)

PROVISIONS FOR LIABILITIES (7,624 ) (12,063 )
NET LIABILITIES (24,536 ) (119,328 )

CAPITAL AND RESERVES
Called up share capital 7 2,000 2,000
Retained earnings (26,536 ) (121,328 )
SHAREHOLDERS' FUNDS (24,536 ) (119,328 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)

ABRIDGED BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2024 and were signed by:





A P Grimshaw - Director


WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Worthy Builders (Reading) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The accounts are prepared on a going concern basis, which assumes the continued support of the director and the company's bankers and creditors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 202,636
Additions 182
At 31 March 2024 202,818
DEPRECIATION
At 1 April 2023 139,147
Charge for year 33,174
At 31 March 2024 172,321
NET BOOK VALUE
At 31 March 2024 30,497
At 31 March 2023 63,489

WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2023
and 31 March 2024 164,949
DEPRECIATION
At 1 April 2023 103,197
Charge for year 32,266
At 31 March 2024 135,463
NET BOOK VALUE
At 31 March 2024 29,486
At 31 March 2023 61,752

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other debtors 884 876

6. SECURED DEBTS

The factoring company creditor of £21,695 (2023 - £57,807) is secured by a fixed and floating charge on the company assets.

7. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary £1 2,000 2,000

8. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the amount owed to the pension company was £2,003 (2023 - £3,678). In addition, other financial commitments at the year end totalled £9,360 (2023 - £12,480).

WORTHY BUILDERS (READING) LIMITED (REGISTERED NUMBER: 02703414)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A P Grimshaw
Balance outstanding at start of year (46,183 ) (53,959 )
Amounts advanced 25,413 7,776
Amounts repaid (95,062 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (115,832 ) (46,183 )

10. RELATED PARTY DISCLOSURES

During the year, the company carried out building works on A Grimshaw's property. Sales to A Grimshaw during the year was £11,425 (2023 - £nil).