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REGISTERED NUMBER: 01429150 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

WELSTED JOINERY LIMITED

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


WELSTED JOINERY LIMITED

Company Information
for the year ended 31 May 2024







Director: Mr J Welsted





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 01429150 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 487,264 455,469

Current assets
Stocks 107,000 100,000
Debtors 5 212,243 234,592
Cash at bank and in hand 245 50,641
319,488 385,233
Creditors
Amounts falling due within one year 6 335,963 339,295
Net current (liabilities)/assets (16,475 ) 45,938
Total assets less current liabilities 470,789 501,407

Creditors
Amounts falling due after more than one
year

7

(218,980

)

(256,470

)

Provisions for liabilities 10 (48,490 ) (41,998 )
Net assets 203,319 202,939

Capital and reserves
Called up share capital 11 5,000 5,000
Retained earnings 198,319 197,939
Shareholders' funds 203,319 202,939

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Statement of Financial Position - continued
31 May 2024


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

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

The financial statements were approved by the director and authorised for issue on 8 January 2025 and were signed by:





Mr J Welsted - Director


WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Notes to the Financial Statements
for the year ended 31 May 2024


1. Statutory information

Welsted Joinery 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.
Long leasehold buildings - Straight line over the lease period
Leasehold improvements - Straight line over the lease period
Plant and machinery - 10% on reducing balance
Fixtures & equipment - 10% on reducing balance
Motor vehicles - 20% on cost

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 23 (2023 - 21 ) .

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


4. Tangible fixed assets
Long
leasehold Leasehold Plant and
buildings improvements machinery
£    £    £   
Cost
At 1 June 2023 296,783 51,941 428,377
Additions - - 65,000
At 31 May 2024 296,783 51,941 493,377
Depreciation
At 1 June 2023 62,358 19,097 301,286
Charge for year 2,374 277 19,210
At 31 May 2024 64,732 19,374 320,496
Net book value
At 31 May 2024 232,051 32,567 172,881
At 31 May 2023 234,425 32,844 127,091

Fixtures Motor
& equipment vehicles Totals
£    £    £   
Cost
At 1 June 2023 41,361 71,480 889,942
Additions 1,100 3,500 69,600
At 31 May 2024 42,461 74,980 959,542
Depreciation
At 1 June 2023 26,222 25,510 434,473
Charge for year 1,624 14,320 37,805
At 31 May 2024 27,846 39,830 472,278
Net book value
At 31 May 2024 14,615 35,150 487,264
At 31 May 2023 15,139 45,970 455,469

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 June 2023
and 31 May 2024 65,000 29,119 94,119
Depreciation
At 1 June 2023 6,500 8,252 14,752
Charge for year 5,850 5,824 11,674
At 31 May 2024 12,350 14,076 26,426
Net book value
At 31 May 2024 52,650 15,043 67,693
At 31 May 2023 58,500 20,867 79,367

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 158,580 180,734
Other debtors 53,663 53,858
212,243 234,592

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 39,871 23,289
Hire purchase contracts (see note 8) 16,815 16,815
Trade creditors 102,379 115,648
Taxation and social security 56,650 61,301
Other creditors 120,248 122,242
335,963 339,295

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 172,242 192,917
Hire purchase contracts (see note 8) 46,738 63,553
218,980 256,470

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 94,920 115,595

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


8. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 16,815 16,815
Between one and five years 46,738 63,553
63,553 80,368

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 4,484

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 16,627 -
Bank loans 195,486 216,206
212,113 216,206

Bank loan and overdraft are secured by a legal charge over the long leasehold land and buildings.

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax 48,490 41,998

Deferred
tax
£   
Balance at 1 June 2023 41,998
Provided during year 6,492
Balance at 31 May 2024 48,490

11. Called up share capital

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 5,000

WELSTED JOINERY LIMITED (REGISTERED NUMBER: 01429150)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


12. Ultimate parent company

The immediate and ultimate parent company is Welsted Joinery Holdings Limited, a company registered in England & Wales.