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REGISTERED NUMBER: 07573833 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

J & C R WOOD LIMITED

J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & C R WOOD LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2024







DIRECTORS: B T Sullivan
M Collins





REGISTERED OFFICE: 66 Clough Road
Hull
HU5 1SR





REGISTERED NUMBER: 07573833 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,892 43,120

CURRENT ASSETS
Stocks 110,144 127,708
Debtors 5 165,123 55,105
Cash at bank and in hand 55,010 114,478
330,277 297,291
CREDITORS
Amounts falling due within one year 6 259,237 169,259
NET CURRENT ASSETS 71,040 128,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,932

171,152

CREDITORS
Amounts falling due after more than one year 7 (25,643 ) (68,141 )

PROVISIONS FOR LIABILITIES (6,250 ) (7,679 )
NET ASSETS 72,039 95,332

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 62,039 85,332
SHAREHOLDERS' FUNDS 72,039 95,332

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 directors acknowledge their 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.

J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

BALANCE SHEET - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2024 and were signed on its behalf by:




B T Sullivan - Director



M Collins - Director


J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

J & CR Wood Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at 66 Clough Road, Hull, HU5 1SR.

The principal activity of the company is the manufacture and sale of steel based products.

The presentational currency of the financial statements is 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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years. After the initial recognition, goodwill is measured at cost less any accumulated amortisation and any impairment losses.

The directors consider that ten years is the most appropriate period over which to amortise the goodwill.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery - 15% on a reducing balance basis
Office Equipment - 25% on a reducing balance basis


Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making, due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

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 the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) 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 relate 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Grants receivable which are of a revenue nature are credited to the profit and loss account when the relevant expenditure is incurred.

Grants of a capital nature are credited to the profit and loss account over the expected useful economic lives of the related assets.

J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 134,584
Disposals (20,433 )
At 31 May 2024 114,151
DEPRECIATION
At 1 June 2023 91,464
Charge for year 7,557
Eliminated on disposal (17,762 )
At 31 May 2024 81,259
NET BOOK VALUE
At 31 May 2024 32,892
At 31 May 2023 43,120

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 151,235 42,541
Other debtors 13,888 12,564
165,123 55,105

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,000 2,504
Hire purchase contracts (see note 8) 2,500 2,500
Trade creditors 111,150 78,941
Taxation and social security 26,102 26,979
Other creditors 99,485 58,335
259,237 169,259

J & C R WOOD LIMITED (REGISTERED NUMBER: 07573833)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 23,351 63,349
Hire purchase contracts (see note 8) 2,292 4,792
25,643 68,141

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 2,500 2,500
Between one and five years 2,292 4,792
4,792 7,292

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 4,792 7,292
Invoice discounting creditor 84,027 39,522
88,819 46,814

The invoice discounting creditor is secured by a fixed and floating charge over the company's assets.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the director Ben Sullivan owed the company £561 (2023: the company owed £223). The loan was free from interest and repayable on demand.

At the balance sheet date the company owed the director Michael Collins £1,248 (2023: £625). The loan was free from interest and repayable on demand.