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Registered number: 1876021
Treyone Woodcraft Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
PJM Accountancy
Chartered Accountants
Grovetown Barn
Yeolmbridge
Launceston
Cornwall
PL15 8NH
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 1876021
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 504,464 476,251
504,464 476,251
CURRENT ASSETS
Stocks 5 69,556 85,182
Debtors 6 166,163 153,355
Cash at bank and in hand 384,019 488,889
619,738 727,426
Creditors: Amounts Falling Due Within One Year 7 (365,492 ) (539,845 )
NET CURRENT ASSETS (LIABILITIES) 254,246 187,581
TOTAL ASSETS LESS CURRENT LIABILITIES 758,710 663,832
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (126,116 ) (119,063 )
NET ASSETS 632,594 544,769
CAPITAL AND RESERVES
Called up share capital 9 100 100
Capital redemption reserve 60 60
Profit and Loss Account 632,434 544,609
SHAREHOLDERS' FUNDS 632,594 544,769
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Marc Doyle
Director
Zoe Gething
Director
23 January 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 October 2022 100 60 548,537 548,697
Profit for the year and total comprehensive income - - 38,372 38,372
Dividends paid - - (42,300) (42,300)
As at 30 September 2023 and 1 October 2023 100 60 544,609 544,769
Profit for the year and total comprehensive income - - 152,465 152,465
Dividends paid - - (64,640) (64,640)
As at 30 September 2024 100 60 632,434 632,594
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Treyone Woodcraft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 1876021 . The registered office is Trebrown, Liskeard, Cornwall, PL14 3PX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% reducing balance
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.4. 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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 year and items that are never taxable or deductible. The company's liability for 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 assets 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 tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 4
Page 5
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 22)
21 22
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 October 2023 92,010 857,212 73,870 1,023,092
Additions 9,616 108,793 39,680 158,089
Disposals - (63,661 ) (20,880 ) (84,541 )
As at 30 September 2024 101,626 902,344 92,670 1,096,640
Depreciation
As at 1 October 2023 76,529 426,425 43,887 546,841
Provided during the period 2,200 70,651 14,507 87,358
Disposals - (23,490 ) (18,533 ) (42,023 )
As at 30 September 2024 78,729 473,586 39,861 592,176
Net Book Value
As at 30 September 2024 22,897 428,758 52,809 504,464
As at 1 October 2023 15,481 430,787 29,983 476,251
5. Stocks
2024 2023
£ £
Materials 49,067 43,427
Work in progress 20,489 41,755
69,556 85,182
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 66,915 38,949
Prepayments and accrued income 99,248 99,798
Other debtors - 200
Corporation tax recoverable assets - 14,408
166,163 153,355
Page 5
Page 6
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 58,222 138,316
Corporation tax 21,131 -
Other taxes and social security 34,371 23,775
Other creditors 7,161 7,055
Accruals and deferred income 244,607 370,699
365,492 539,845
8. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances. The following rate has been applied to the timing differences: 25%.
2024 2023
£ £
Accelerated capital allowances 126,116 119,063
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 87,450 81,500
Later than one year and not later than five years 84,475 144,125
Later than five years - 20,000
171,925 245,625
11. Pension Commitments
The company operates a defined contribution pension scheme for employees and directors. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £6,215 (PY £6,644) were due to the funds. They are included in Other Creditors.
Page 6