Registered number
09113627
West Country Blacksmithing Ltd
Filleted Accounts
31 July 2024
West Country Blacksmithing Ltd
Registered number: 09113627
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,123 23,747
Current assets
Stocks 64,946 64,946
Debtors 4 146,561 164,314
Cash at bank and in hand 142,580 142,076
354,087 371,336
Creditors: amounts falling due within one year 5 (162,237) (268,221)
Net current assets 191,850 103,115
Total assets less current liabilities 215,973 126,862
Provisions for liabilities (4,583) (4,512)
Net assets 211,390 122,350
Capital and reserves
Called up share capital 100 100
Profit and loss account 211,290 122,250
Shareholders' funds 211,390 122,350
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr KSG Roberts
Director
Approved by the board on 17 April 2025
West Country Blacksmithing Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 81,704 37,279 118,983
Additions 4,608 10,055 14,663
Disposals - (1,390) (1,390)
At 31 July 2024 86,312 45,944 132,256
Depreciation
At 1 August 2023 66,007 29,229 95,236
Charge for the year 6,598 7,689 14,287
On disposals - (1,390) (1,390)
At 31 July 2024 72,605 35,528 108,133
Net book value
At 31 July 2024 13,707 10,416 24,123
At 31 July 2023 15,697 8,050 23,747
4 Debtors 2024 2023
£ £
Trade debtors 121,594 151,898
Other debtors 24,967 12,416
146,561 164,314
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 22,859 53,802
Taxation and social security costs 99,972 70,942
Other creditors 39,406 143,477
162,237 268,221
6 Controlling party
The company is controlled by the directors
7 Other information
West Country Blacksmithing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Loft, Unit 11
Hunthay Business Park
Axminster
Devon
EX13 5RJ
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