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Registered number: 06889904
Jonathan Elwell Bespoke Joinery Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06889904
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,250 6,250
Tangible Assets 5 102,328 81,581
107,578 87,831
CURRENT ASSETS
Stocks 6 595,000 465,000
Debtors 7 (2,848 ) 35,435
Cash at bank and in hand 743 5
592,895 500,440
Creditors: Amounts Falling Due Within One Year 8 (506,724 ) (461,955 )
NET CURRENT ASSETS (LIABILITIES) 86,171 38,485
TOTAL ASSETS LESS CURRENT LIABILITIES 193,749 126,316
Creditors: Amounts Falling Due After More Than One Year 9 (106,611 ) (51,925 )
NET ASSETS 87,138 74,391
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 17,217 17,217
Profit and Loss Account 69,821 57,074
SHAREHOLDERS' FUNDS 87,138 74,391
Page 1
Page 2
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 Jonathan Elwell
Director
08/10/2024
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
Jonathan Elwell Bespoke Joinery Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06889904 . The registered office is Unit H Greenfield Business Park, Bagillt Road, Greenfield, Holywell, CH8 7HJ.
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 20 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 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 10% Reducing Balance
Computer Equipment 25% Reducing Balance
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. 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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 22)
22 22
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 20,000
As at 31 January 2024 20,000
Amortisation
As at 1 February 2023 13,750
Provided during the period 1,000
As at 31 January 2024 14,750
Net Book Value
As at 31 January 2024 5,250
As at 1 February 2023 6,250
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 178,241 10,315 24,953 7,641 221,150
Additions 40,075 - - - 40,075
As at 31 January 2024 218,316 10,315 24,953 7,641 261,225
Depreciation
As at 1 February 2023 114,993 7,947 11,821 4,808 139,569
Provided during the period 15,501 591 2,528 708 19,328
As at 31 January 2024 130,494 8,538 14,349 5,516 158,897
Net Book Value
As at 31 January 2024 87,822 1,777 10,604 2,125 102,328
As at 1 February 2023 63,248 2,368 13,132 2,833 81,581
6. Stocks
2024 2023
£ £
Stock 250,000 230,000
Work in progress 345,000 235,000
595,000 465,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors (2,848 ) 28,571
Prepayments and accrued income - 6,864
(2,848 ) 35,435
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 106,982 135,582
Bank loans and overdrafts 133,216 106,334
Corporation tax 26,723 32,645
Other taxes and social security 52,150 43,363
VAT 40,861 28,822
Other creditors 189 -
Accruals and deferred income 2,857 2,857
Director's loan account 270 10
Payments on account 143,476 112,342
506,724 461,955
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 106,611 51,925
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Revaluation Reserve
£
As at 1 February 2023 17,217
As at 31 January 2024 17,217
Page 5