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Registration number: 10926821

O Fursland Carpentry Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

O Fursland Carpentry Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

O Fursland Carpentry Limited

(Registration number: 10926821)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,826

23,004

Current assets

 

Debtors

5

26,837

29,899

Cash at bank and in hand

 

66,928

62,550

 

93,765

92,449

Creditors: Amounts falling due within one year

6

(38,882)

(38,161)

Net current assets

 

54,883

54,288

Total assets less current liabilities

 

71,709

77,292

Provisions for liabilities

(3,197)

(4,776)

Net assets

 

68,512

72,516

Capital and reserves

 

Called up share capital

120

120

Retained earnings

68,392

72,396

Shareholders' funds

 

68,512

72,516

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

 

O Fursland Carpentry Limited

(Registration number: 10926821)
Balance Sheet as at 31 August 2024

.........................................
Mr Oliver Fursland
Director

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
4 Yeomanry Drive
Baldock
Hertfordshire
SG7 6WA

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Judgements

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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% straight line

Motor Vehicles

25% reducing balance

Computer Equipment

25% Straight line

Furniture and fittings

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis and any adjustment is made accordingly in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

4,269

25,999

7,842

38,110

Additions

-

-

91

91

At 31 August 2024

4,269

25,999

7,933

38,201

Depreciation

At 1 September 2023

813

9,750

4,543

15,106

Charge for the year

1,047

4,062

1,160

6,269

At 31 August 2024

1,860

13,812

5,703

21,375

Carrying amount

At 31 August 2024

2,409

12,187

2,230

16,826

At 31 August 2023

3,456

16,249

3,299

23,004

5

Debtors

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Current

2024
£

2023
£

Trade debtors

5,907

952

Prepayments

2,381

1,073

Other debtors

18,549

27,874

 

26,837

29,899

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,708

678

Taxation and social security

8,953

10,030

Accruals and deferred income

1,992

2,038

Other creditors

25,229

25,415

38,882

38,161

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

20

20

20

20

 

120

120

120

120

Both share classes hold the entitlement to distributions of profits and hold full voting rights.

8

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £25,000.00 (2023 - £340.00) per each Ordinary A Shares

 

25,000

 

34,000

Interim dividend of £Nil per each Ordinary B Shares

 

-

 

-

   

25,000

 

34,000

 

O Fursland Carpentry Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

9

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr Oliver Fursland

Directors loan account

(25,295)

40,400

(40,234)

(25,129)

         
       

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Oliver Fursland

Directors loan account

(26,526)

45,733

(44,502)

(25,295)

         
       

 

This loan is repayable on demand and interest is charged at a market rate.

10

Ultimate controlling party

The ultimate controlling party is Mr O Fursland, by virtue of his shareholding.