Registered number
07365239
Ben Woolley Scrap Merchant Limited
Filleted Accounts
30 September 2024
Ben Woolley Scrap Merchant Limited
Registered number: 07365239
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 100,000 100,000
Tangible assets 4 254,558 116,357
354,558 216,357
Current assets
Stocks 2,500 2,500
Debtors 5 69,017 47,224
Cash at bank and in hand 806,063 860,677
877,580 910,401
Creditors: amounts falling due within one year 6 (20,376) (61,076)
Net current assets 857,204 849,325
Net assets 1,211,762 1,065,682
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,211,761 1,065,681
Shareholders' funds 1,211,762 1,065,682
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.
Ben Woolley
Director
Approved by the board on 11 December 2024
Ben Woolley Scrap Merchant Limited
Notes to the Accounts
for the year ended 30 September 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.
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:
Plant and machinery over 5 years
Motor vehicles over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 100,000
At 30 September 2024 100,000
Amortisation
At 30 September 2024 -
Net book value
At 30 September 2024 100,000
At 30 September 2023 100,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 October 2023 22,403 194,355 216,758
Additions - 314,112 314,112
Disposals - (90,834) (90,834)
At 30 September 2024 22,403 417,633 440,036
Depreciation
At 1 October 2023 8,447 91,954 100,401
Charge for the year 2,094 82,983 85,077
At 30 September 2024 10,541 174,937 185,478
Net book value
At 30 September 2024 11,862 242,696 254,558
At 30 September 2023 13,956 102,401 116,357
5 Debtors 2024 2023
£ £
Trade debtors 1,226 -
Other debtors 67,791 47,224
69,017 47,224
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,376 2,160
Taxation and social security costs 18,000 58,916
20,376 61,076
7 Other information
Ben Woolley Scrap Merchant Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ashfield House
Sutton Road
Huthwaite
Nottinghamshire
NG17 2NY
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