Registered number
13944585
J Wooff Construction Ltd
Filleted Accounts
29 February 2024
J Wooff Construction Ltd
Registered number: 13944585
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,800 5,400
Tangible assets 4 11,286 13,602
16,086 19,002
Current assets
Stocks 40,907 -
Debtors 5 15,508 17,324
Investments held as current assets 6 25,000 25,000
Cash at bank and in hand 10,832 24,312
92,247 66,636
Creditors: amounts falling due within one year 7 (58,617) (35,548)
Net current assets 33,630 31,088
Total assets less current liabilities 49,716 50,090
Creditors: amounts falling due after more than one year 8 (3,886) (6,995)
Net assets 45,830 43,095
Capital and reserves
Called up share capital 200 200
Profit and loss account 45,630 42,895
Shareholders' funds 45,830 43,095
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered 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.
J Wooff
Director
Approved by the board on 29 November 2024
J Wooff Construction 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, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 6,000
At 29 February 2024 6,000
Amortisation
At 1 March 2023 600
Provided during the year 600
At 29 February 2024 1,200
Net book value
At 29 February 2024 4,800
At 28 February 2023 5,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 441 17,695 18,136
Additions 1,447 - 1,447
At 29 February 2024 1,888 17,695 19,583
Depreciation
At 1 March 2023 110 4,424 4,534
Charge for the year 445 3,318 3,763
At 29 February 2024 555 7,742 8,297
Net book value
At 29 February 2024 1,333 9,953 11,286
At 28 February 2023 331 13,271 13,602
5 Debtors 2024 2023
£ £
Trade debtors 7,180 15,672
Other debtors 8,328 1,652
15,508 17,324
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 25,000 25,000
7 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,109 4,418
Trade creditors 33,299 6,345
Directors loan 275 534
Taxation and social security costs 19,704 24,217
Other creditors 2,230 34
58,617 35,548
8 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,886 6,995
9 Other information
J Wooff Construction Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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