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COMPANY REGISTRATION NUMBER: 08598028
BASSINGFIELD WOODYARD LIMITED
Unaudited Financial Statements
31 July 2024
BASSINGFIELD WOODYARD LIMITED
Financial Statements
Year ended 31st July 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Report to the board of directors on the preparation of the unaudited statutory financial statements
11
BASSINGFIELD WOODYARD LIMITED
Officers and Professional Advisers
The board of directors
Mr P M Allison
Mrs N D Allison
Registered office
17 Newstead Grove
NOTTINGHAM
NG1 4GZ
Accountants
Pells Chartered Accountants
17 Newstead Grove
NOTTINGHAM
NG1 4GZ
Bankers
NatWest Bank Plc
52 Rectory Road
West Bridgford
NOTTINGHAM
NG2 6FF
BASSINGFIELD WOODYARD LIMITED
Directors' Report
Year ended 31st July 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 July 2024 .
Directors
The directors who served the company during the year were as follows:
Mr P M Allison
Mrs N D Allison
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 November 2024 and signed on behalf of the board by:
Mr P M Allison
Director
Registered office:
17 Newstead Grove
NOTTINGHAM
NG1 4GZ
BASSINGFIELD WOODYARD LIMITED
Statement of Income and Retained Earnings
Year ended 31st July 2024
2024
2023
Note
£
£
Turnover
1,336,649
1,567,996
Cost of sales
1,139,902
1,295,605
------------
------------
Gross profit
196,747
272,391
Administrative expenses
141,383
142,727
---------
---------
Operating profit
55,364
129,664
Other interest receivable and similar income
306
100
Interest payable and similar expenses
632
861
---------
---------
Profit before taxation
5
55,038
128,903
Tax on profit
13,200
27,406
--------
---------
Profit for the financial year and total comprehensive income
41,838
101,497
--------
---------
Dividends paid and payable
( 64,000)
( 46,000)
Retained earnings at the start of the year
151,590
96,093
---------
---------
Retained earnings at the end of the year
129,428
151,590
---------
---------
All the activities of the company are from continuing operations.
BASSINGFIELD WOODYARD LIMITED
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
1
1
Tangible assets
7
16,443
23,609
--------
--------
16,444
23,610
Current assets
Stocks
202,634
203,901
Debtors
8
79,152
89,074
Cash at bank and in hand
41,115
52,629
---------
---------
322,901
345,604
Creditors: amounts falling due within one year
9
198,481
195,135
---------
---------
Net current assets
124,420
150,469
---------
---------
Total assets less current liabilities
140,864
174,079
Creditors: amounts falling due after more than one year
10
9,200
19,195
Provisions
Taxation including deferred tax
2,234
3,292
---------
---------
Net assets
129,430
151,592
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
129,428
151,590
---------
---------
Shareholders funds
129,430
151,592
---------
---------
These financial statements have been prepared 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'.
For the year ending 31st July 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 .
BASSINGFIELD WOODYARD LIMITED
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr P M Allison
Mrs N D Allison
Director
Director
Company registration number: 08598028
BASSINGFIELD WOODYARD LIMITED
Notes to the Financial Statements
Year ended 31st July 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 17 Newstead Grove, NOTTINGHAM, NG1 4GZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Leasehold improvements
-
20% straight line
Plant and machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
5,541
7,301
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1st August 2023 and 31st July 2024
1
----
Amortisation
At 1st August 2023 and 31st July 2024
----
Carrying amount
At 31st July 2024
1
----
At 31st July 2023
1
----
7. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st August 2023
19,802
34,206
31,695
85,703
Additions
625
625
Disposals
( 4,000)
( 4,000)
--------
--------
--------
--------
At 31st July 2024
19,802
34,831
27,695
82,328
--------
--------
--------
--------
Depreciation
At 1st August 2023
19,802
23,276
19,016
62,094
Charge for the year
2,934
2,607
5,541
Disposals
( 1,750)
( 1,750)
--------
--------
--------
--------
At 31st July 2024
19,802
26,210
19,873
65,885
--------
--------
--------
--------
Carrying amount
At 31st July 2024
8,621
7,822
16,443
--------
--------
--------
--------
At 31st July 2023
10,930
12,679
23,609
--------
--------
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
78,091
88,158
Other debtors
1,061
916
--------
--------
79,152
89,074
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
145,769
129,727
Corporation tax
14,261
27,711
Social security and other taxes
2,542
4,285
Other creditors
25,261
22,764
---------
---------
198,481
195,135
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,200
19,195
-------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
21,996
21,996
Later than 1 year and not later than 5 years
10,998
33,006
--------
--------
32,994
55,002
--------
--------
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr P M Allison
( 15,611)
( 15,611)
--------
--------
BASSINGFIELD WOODYARD LIMITED
Management Information
Year ended 31st July 2024
The following pages do not form part of the financial statements.
BASSINGFIELD WOODYARD LIMITED
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bassingfield Woodyard Limited
Year ended 31st July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bassingfield Woodyard Limited for the year ended 31st July 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
Pells Chartered Accountants
17 Newstead Grove NOTTINGHAM NG1 4GZ
22 November 2024