Registered number
10059224
Walsall Builders & Timber Merchants Ltd
Filleted Accounts
31 March 2024
Walsall Builders & Timber Merchants Ltd
Registered number: 10059224
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,116 17,738
Investments 4 160,116 148,324
184,232 166,062
Current assets
Stocks 436,525 420,300
Debtors 5 276,250 229,525
Cash at bank and in hand 871,132 617,309
1,583,907 1,267,134
Creditors: amounts falling due within one year 6 (754,999) (608,731)
Net current assets 828,908 658,403
Net assets 1,013,140 824,465
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,013,138 824,463
Shareholders' funds 1,013,140 824,465
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.
Mr Kamran Aftab
Director
Approved by the board on 26 November 2024
Walsall Builders & Timber Merchants Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 33,248 11,760 45,008
Additions - 10,334 10,334
At 31 March 2024 33,248 22,094 55,342
Depreciation
At 1 April 2023 21,760 5,510 27,270
Charge for the year 2,298 1,658 3,956
At 31 March 2024 24,058 7,168 31,226
Net book value
At 31 March 2024 9,190 14,926 24,116
At 31 March 2023 11,488 6,250 17,738
4 Investments
Other
investments
£
Cost
At 1 April 2023 148,324
Additions 11,792
At 31 March 2024 160,116
5 Debtors 2024 2023
£ £
Trade debtors 145,250 98,525
Other debtors 131,000 131,000
276,250 229,525
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 564,261 477,721
Taxation and social security costs 117,545 92,268
Other creditors 73,193 38,742
754,999 608,731
7 Other information
Walsall Builders & Timber Merchants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
32 Holly Hedge Lane
Walsall
West Midlands
WS2 8PT
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