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COMPANY REGISTRATION NUMBER: 10346861
The Joinery Workshop (Kent) Ltd
Filleted Unaudited Financial Statements
30 September 2024
The Joinery Workshop (Kent) Ltd
Financial Statements
Period from 1 September 2023 to 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Joinery Workshop (Kent) Ltd
Statement of Financial Position
30 September 2024
30 Sep 24
31 Aug 23
Note
£
£
£
Fixed assets
Tangible assets
5
6,545
9,946
Current assets
Debtors
6
1,878
31,135
Cash at bank and in hand
19,100
8,499
--------
--------
20,978
39,634
Creditors: amounts falling due within one year
7
31,415
27,906
--------
--------
Net current (liabilities)/assets
( 10,437)
11,728
--------
--------
Total assets less current liabilities
( 3,892)
21,674
Creditors: amounts falling due after more than one year
8
10,365
-------
--------
Net (liabilities)/assets
( 3,892)
11,309
-------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 3,894)
11,307
-------
--------
Shareholders (deficit)/funds
( 3,892)
11,309
-------
--------
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 period ending 30 September 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 period 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 .
The Joinery Workshop (Kent) Ltd
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 16 December 2024 , and are signed on behalf of the board by:
Mrs A Currie
Director
Company registration number: 10346861
The Joinery Workshop (Kent) Ltd
Notes to the Financial Statements
Period from 1 September 2023 to 30 September 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 23 Seabrook Court, Hythe, Kent, CT21 5RY, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
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:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023 and 30 September 2024
16,656
14,995
1,897
33,548
--------
--------
-------
--------
Depreciation
At 1 September 2023
16,457
5,248
1,897
23,602
Charge for the period
152
3,249
3,401
--------
--------
-------
--------
At 30 September 2024
16,609
8,497
1,897
27,003
--------
--------
-------
--------
Carrying amount
At 30 September 2024
47
6,498
6,545
--------
--------
-------
--------
At 31 August 2023
199
9,747
9,946
--------
--------
-------
--------
6. Debtors
30 Sep 24
31 Aug 23
£
£
Trade debtors
1,218
27,396
Other debtors
660
3,739
-------
--------
1,878
31,135
-------
--------
7. Creditors: amounts falling due within one year
30 Sep 24
31 Aug 23
£
£
Bank loans and overdrafts
3,988
Trade creditors
19,583
10,467
Corporation tax
5,993
8,012
Social security and other taxes
2,756
2,438
Other creditors
3,083
3,001
--------
--------
31,415
27,906
--------
--------
8. Creditors: amounts falling due after more than one year
30 Sep 24
31 Aug 23
£
£
Bank loans and overdrafts
7,016
Other creditors
3,349
----
--------
10,365
----
--------
9. Directors' advances, credits and guarantees
During the period, the directors were advanced £61,202 (2023: £56,005) and the balance of the loan was fully repaid (2023: repayments of £55,008 were made). Interest of £18 (2023: £68) was charged on the loan at a rate of 2.25%. At the period end the company owed the directors £nil (2023: the directors owed the company £60).