Queensway Carpentry Ltd
Registered number: 05697658
Statement of Financial Position
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 7,018 9,358
Current assets
Debtors 5 135,490 137,120
Cash at bank and in hand 354 2,783
135,844 139,903
Creditors: amounts falling due within one year 6 (127,068) (125,285)
Net current assets 8,776 14,618
Total assets less current liabilities 15,794 23,976
Creditors: amounts falling due after more than one year 7 (14,265) (22,080)
Provisions for liabilities (1,333) (1,778)
Net assets 196 118
Capital and reserves
Called up share capital 100 100
Profit and loss account 96 18
Shareholder's funds 196 118
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Bullen
Director
Approved by the board on 24 November 2024
Queensway Carpentry Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 1
3 Government grants
The company also received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the the profit and loss in the period in which the related interest was incurred.
2024 2023
£ £
Business interruption payments - 52
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 17,105
At 29 February 2024 17,105
Depreciation
At 1 March 2023 7,747
Charge for the year 2,340
At 29 February 2024 10,087
Net book value
At 29 February 2024 7,018
At 28 February 2023 9,358
5 Debtors 2024 2023
£ £
Trade debtors - 2,489
Other debtors 135,490 134,631
135,490 137,120
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,618 8,146
Obligations under finance lease and hire purchase contracts 2,826 2,826
Trade creditors 5,299 8,668
Accruals 1,653 1,748
Corporation tax 29,728 34,875
Other taxes and social security costs 76,444 69,022
Other creditors 1,500 -
127,068 125,285
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,733 15,722
Obligations under finance lease and hire purchase contracts 3,532 6,358
14,265 22,080
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P Bullen
Repayable on demand 90,093 9,270 - 99,363
90,093 9,270 - 99,363
9 Other information
Queensway Carpentry Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 Bowman House
Sopwith Drive
Farnborough
Hampshire
GU14 6GP
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