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Registration number: SC459349

F & R Joinery Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

F & R Joinery Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

F & R Joinery Ltd

Company Information

Directors

Mr J Reid

Mr A Reid

Mr R S Marshall

Company secretary

Mrs C Frizzel

Registered office

27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
F & R Joinery Ltd for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of F & R Joinery Ltd for the year ended 30 September 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of F & R Joinery Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of F & R Joinery Ltd and state those matters that we have agreed to state to the Board of Directors of F & R Joinery Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F & R Joinery Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that F & R Joinery Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of F & R Joinery Ltd. You consider that F & R Joinery Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of F & R Joinery Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

5 December 2024

 

F & R Joinery Ltd

(Registration number: SC459349)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,758

9,843

Current assets

 

Stocks

5

42,266

25,073

Debtors

6

60,421

96,033

Cash at bank and in hand

 

148,620

133,626

 

251,307

254,732

Creditors: Amounts falling due within one year

7

(89,312)

(81,757)

Net current assets

 

161,995

172,975

Total assets less current liabilities

 

212,753

182,818

Creditors: Amounts falling due after more than one year

7

(15,143)

(18,476)

Provisions for liabilities

(9,644)

(1,917)

Net assets

 

187,966

162,425

Capital and reserves

 

Called up share capital

8

3

4

Capital redemption reserve

1

-

Retained earnings

187,962

162,421

Shareholders' funds

 

187,966

162,425

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 December 2024 and signed on its behalf by:
 

.........................................
Mr A Reid
Director

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD
United Kingdom

The principal place of business is:
Glencairn
Castlegate
Jedburgh
TD8 6BD
United Kingdom

These financial statements were authorised for issue by the Board on 5 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
 

The accounts are presented in £GBP and are rounded to the nearest £1.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets - the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.



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.
 

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 October 2023

523

57,500

10,549

68,572

Additions

-

47,473

1,657

49,130

At 30 September 2024

523

104,973

12,206

117,702

Depreciation

At 1 October 2023

120

52,752

5,857

58,729

Charge for the year

131

5,863

2,221

8,215

At 30 September 2024

251

58,615

8,078

66,944

Carrying amount

At 30 September 2024

272

46,358

4,128

50,758

At 30 September 2023

403

4,748

4,692

9,843

5

Stocks

2024
£

2023
£

Work in progress

42,266

25,073

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

16,842

Other debtors

60,421

79,191

 

60,421

96,033

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,024

4,024

Trade creditors

 

22,895

18,099

Taxation and social security

 

46,284

57,851

Accruals and deferred income

 

1,574

1,431

Other creditors

 

14,535

352

 

89,312

81,757

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,143

18,476

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary shares A of £1 each

2

2

2

2

4

4

4

4

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

15,143

18,476

Current loans and borrowings

2024
£

2023
£

Other borrowings

4,024

4,024

10

Related party transactions

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr I Frizzel

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

20,347

-

(20,347)

-

Mr A Reid

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

24,875

24,291

(24,875)

24,291

Mr J Reid

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

12,914

18,034

(12,914)

18,034

Mr R S Marshall

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

12,914

18,096

(12,914)

18,096

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr I Frizzel

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

39,757

20,347

(39,757)

20,347

Mr A Reid

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

39,171

24,875

(39,171)

24,875

Mr J Reid

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

8,093

12,914

(8,093)

12,914

Mr R S Marshall

Loans are undated and unsecured. Interest is charged on outstanding amounts at 2.00% and 2.25% per annum.

8,093

12,914

(8,093)

12,914

 

F & R Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Other transactions with directors

Mr. Ian Frizzel

During the year the director loaned money to the company. At the year end the balance outstanding from the company was £8,004.