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Registration number: 01971428

Ambrose Wood and Son (Queen Street) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Ambrose Wood and Son (Queen Street) Limited

(Registration number: 01971428)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

167,415

147,570

Current assets

 

Stocks

1,230

(1,170)

Debtors

5

219,362

236,263

Cash at bank and in hand

 

67,247

68,986

 

287,839

304,079

Creditors: Amounts falling due within one year

6

(256,592)

(256,436)

Net current assets

 

31,247

47,643

Total assets less current liabilities

 

198,662

195,213

Provisions for liabilities

(31,809)

(28,038)

Net assets

 

166,853

167,175

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

165,853

166,175

Shareholders' funds

 

166,853

167,175

For the financial year ending 31 December 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 22 May 2025 and signed on its behalf by:
 

.........................................
Mr John Wood
Director

   
     
 

Ambrose Wood and Son (Queen Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Ovenhouse Farm
Henshall Road
Bollington
Macclesfield
Cheshire
SK10 5DN

These financial statements were authorised for issue by the Board on 22 May 2025.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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.

 

Ambrose Wood and Son (Queen Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ambrose Wood and Son (Queen Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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 2 (2023 - 2).

 

Ambrose Wood and Son (Queen Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

41,829

298,058

83,192

423,079

Additions

-

25,552

40,195

65,747

Disposals

-

(29,450)

(20,775)

(50,225)

At 31 December 2024

41,829

294,160

102,612

438,601

Depreciation

At 1 January 2024

41,829

167,638

66,042

275,509

Charge for the year

-

18,702

11,895

30,597

Eliminated on disposal

-

(16,505)

(18,415)

(34,920)

At 31 December 2024

41,829

169,835

59,522

271,186

Carrying amount

At 31 December 2024

-

124,325

43,090

167,415

At 31 December 2023

-

130,420

17,150

147,570

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

29,681

54,848

Amounts owed by related parties

188,382

176,774

Prepayments

 

830

908

Other debtors

 

469

3,733

   

219,362

236,263

 

Ambrose Wood and Son (Queen Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

6,036

5,098

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

1,228

Taxation and social security

 

3,214

12,655

Accruals and deferred income

 

8,085

7,755

Other creditors

 

239,257

229,700

 

256,592

256,436