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COMPANY REGISTRATION NUMBER: 6817534
Wayne Molloy Carpentry Ltd
Filleted Unaudited Financial Statements
30 April 2024
Wayne Molloy Carpentry Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
2,496
2,933
Current assets
Stocks
650
600
Debtors
7
41,725
46,293
Cash at bank and in hand
12,112
1,246
--------
--------
54,487
48,139
Creditors: amounts falling due within one year
8
52,670
46,221
--------
--------
Net current assets
1,817
1,918
-------
-------
Total assets less current liabilities
4,313
4,851
Creditors: amounts falling due after more than one year
9
1,802
2,920
-------
-------
Net assets
2,511
1,931
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,411
1,831
-------
-------
Shareholders funds
2,511
1,931
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wayne Molloy Carpentry Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
W Molloy Esq
Director
Company registration number: 6817534
Wayne Molloy Carpentry Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicle
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Staff
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
20,000
--------
Amortisation
At 1 May 2023 and 30 April 2024
20,000
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
2,537
13,707
4,188
20,432
Additions
396
396
-------
--------
-------
--------
At 30 April 2024
2,537
13,707
4,584
20,828
-------
--------
-------
--------
Depreciation
At 1 May 2023
2,273
12,678
2,548
17,499
Charge for the year
338
257
238
833
-------
--------
-------
--------
At 30 April 2024
2,611
12,935
2,786
18,332
-------
--------
-------
--------
Carrying amount
At 30 April 2024
( 74)
772
1,798
2,496
-------
--------
-------
--------
At 30 April 2023
264
1,029
1,640
2,933
-------
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
8,692
3,312
Other debtors
33,033
42,981
--------
--------
41,725
46,293
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,694
1,398
Trade creditors
925
1,314
Corporation tax
20,370
13,565
Other creditors
29,681
29,944
--------
--------
52,670
46,221
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,802
2,920
-------
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
W Molloy Esq
( 3,918)
( 4,620)
( 8,538)
Mrs A M Molloy
( 3,919)
( 4,619)
( 8,538)
-------
-------
--------
( 7,837)
( 9,239)
( 17,076)
-------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
W Molloy Esq
1,983
( 5,901)
( 3,918)
Mrs A M Molloy
1,982
( 5,901)
( 3,919)
-------
--------
-------
3,965
( 11,802)
( 7,837)
-------
--------
-------