Company Registration No. 03463671 (England and Wales)
Best Ironwork Limited
Unaudited accounts
for the year ended 30 November 2024
Best Ironwork Limited
Unaudited accounts
Contents
Best Ironwork Limited
Company Information
for the year ended 30 November 2024
Directors
J E C Best
R J Best
Company Number
03463671 (England and Wales)
Registered Office
Scantlings Farm
Barn Lane, Framfield
Uckfield
East Sussex
TN22 5RX
Accountants
Worthweld PT Limited
5 Field End
Maresfield
Uckfield
East Sussex
TN22 2DJ
Best Ironwork Limited
Statement of financial position
as at 30 November 2024
Tangible assets
4,873
5,769
Cash at bank and in hand
49,105
38,837
Creditors: amounts falling due within one year
(15,109)
(12,588)
Net current assets
41,520
39,079
Total assets less current liabilities
46,393
44,848
Provisions for liabilities
Called up share capital
2
2
Profit and loss account
45,465
43,547
Shareholders' funds
45,467
43,549
For the year ending 30 November 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by
J E C Best
Director
Company Registration No. 03463671
Best Ironwork Limited
Notes to the Accounts
for the year ended 30 November 2024
Best Ironwork Limited is a private company, limited by shares, registered in England and Wales, registration number 03463671. The registered office is Scantlings Farm, Barn Lane, Framfield, Uckfield, East Sussex, TN22 5RX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% per annum of the written down value
Motor vehicles
25% per annum of the written down value
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 items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Best Ironwork Limited
Notes to the Accounts
for the year ended 30 November 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 December 2023
24,632
1,000
25,632
At 30 November 2024
24,632
1,000
25,632
At 1 December 2023
19,172
691
19,863
Charge for the year
819
77
896
At 30 November 2024
19,991
768
20,759
At 30 November 2024
4,641
232
4,873
At 30 November 2023
5,460
309
5,769
Amounts falling due within one year
Accrued income and prepayments
199
199
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,643
3,839
Taxes and social security
749
3,677
Other creditors
11,797
4,152
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
8
Operating lease commitments
2024
2023
At 30 November 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
5,200
5,200
Best Ironwork Limited
Notes to the Accounts
for the year ended 30 November 2024
9
Transactions with related parties
The company is controlled by the Directors.
No transactions required reporting for the year.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).