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COMPANY REGISTRATION NUMBER: 03924534
P J Spillings (Joinery) Limited
Unaudited financial statements
31 May 2024
P J Spillings (Joinery) Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
24,246
35,450
Current assets
Stocks
34,991
34,291
Debtors
6
192,174
247,616
Cash at bank and in hand
16,160
46,859
---------
---------
243,325
328,766
Creditors: Amounts falling due within one year
7
( 1,628,080)
( 1,643,979)
-----------
-----------
Net current liabilities
( 1,384,755)
( 1,315,213)
-----------
-----------
Total assets less current liabilities
( 1,360,509)
( 1,279,763)
Provisions
Taxation including deferred tax
46,230
118,711
-----------
-----------
Net liabilities
( 1,314,279)
( 1,161,052)
-----------
-----------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
( 1,315,279)
( 1,162,052)
-----------
-----------
Shareholders deficit
( 1,314,279)
( 1,161,052)
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 May 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 .
P J Spillings (Joinery) Limited
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr P J Spillings
Director
Company registration number: 03924534
P J Spillings (Joinery) Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England. The address of both the registered office and trading address is 41 Pinbush Road, Lowestoft, Suffolk, NR33 7NL.
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.
Going concern
The accounts have been prepared on the going concern basis even though the company has made a further loss this year, increasing the balance sheet deficit. This is on the basis of continued and ongoing support from group companies, who still hold significant levels of cash and are not reliant on any bank or other third-party borrowing.
Turnover
Turnover is the amount derived from the provision of goods and services falling within the companies ordinary activities after a deduction of trade discounts and value added tax. In the case of contract work, turnover reflects the contract activity of the year once contractual obligations have been met and is based on the directors' valuations of work carried out on each contract. Turnover reflects costs incurred to date in establishing and managing the contracts plus the directors' best estimate of profits attributable to the work performed to date. For this purpose the directors' estimate of attributable profits will include a proportion of the total profits anticipated to be made on the contract, to the extent that their realisation is reasonably foreseeable. The directors consider that is appropriate to treat all of the contract work carried out by the company as long-term, with turnover and profit being accounted for over the term of the contract, in order for the financial statements to present a true and fair view of the activity and results during the year. Costs incurred to carry out work on long-term contracts are matched with long-term contract work included in turnover. Provision is made for foreseeable losses on all contracts based on the loss which is currently estimated to arise over the duration of any contract, irrespective of the amount of work carried out at the balance sheet date. The amount of long-term contracts, at cost incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account made not matched with turnover, is included in work in progress as long-term contract balances. The amount by which recorded turnover is in excess of payments on account is included in debtors as amounts recoverable on long-term contracts. Payments in excess of recorded turnover and long-term contract balances are included within creditors as payments received on account on long-term contracts.
Income tax
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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
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 & Machinery
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
Equipment
-
10% 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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 10 (2023: 11 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
107,035
44,637
9,829
161,501
Disposals
( 32,564)
( 14,251)
( 8,493)
( 55,308)
---------
-------
------
---------
At 31 May 2024
74,471
30,386
1,336
106,193
---------
-------
------
---------
Depreciation
At 1 June 2023
84,341
35,835
5,875
126,051
Charge for the year
3,088
1,468
97
4,653
Disposals
( 30,458)
( 12,792)
( 5,507)
( 48,757)
---------
-------
------
---------
At 31 May 2024
56,971
24,511
465
81,947
---------
-------
------
---------
Carrying amount
At 31 May 2024
17,500
5,875
871
24,246
---------
-------
------
---------
At 31 May 2023
22,694
8,802
3,954
35,450
---------
-------
------
---------
6. Debtors
2024
2023
£
£
Trade debtors
140,808
158,412
Amounts owed by group undertakings and undertakings in which the company has a participating interest
89,204
Other debtors
51,366
---------
---------
192,174
247,616
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
21,541
25,338
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,488,239
1,458,225
Social security and other taxes
9,327
37,983
Other creditors
108,973
122,433
-----------
-----------
1,628,080
1,643,979
-----------
-----------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
------
------
------
------
9. Controlling party
P J Spillings Limited is the company's immediate and ultimate parent undertaking, a company incorporated in England. The registered office address is 41 Pinbush Road, South Lowestoft Industrial Est., Lowestoft, Suffolk, NR33 7NL.