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Company registration number: 14599144

Lopen Joinery Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Lopen Joinery Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Lopen Joinery Limited

(Registration number: 14599144)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

51,835

-

Current assets

 

Stocks

5

92,495

-

Debtors

6

68,651

-

Cash at bank and in hand

 

78,984

100

 

240,130

100

Creditors: Amounts falling due within one year

7

(352,726)

-

Net current (liabilities)/assets

 

(112,596)

100

Net (liabilities)/assets

 

(60,761)

100

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(60,861)

-

Total equity

 

(60,761)

100

For the financial year ending 31 May 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 


D R C Jones
Director

   
 

Lopen Joinery Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 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:
Unit 15 Lopen Business Park
Mill Lane
Lopen
Somerset
TA13 5JS
England

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 (£).

Turnover recognition

Turnover and costs arising from construction contracts are recognised in the profit and loss when the outcome of a construction contract can be estimated reliably. Both turnover and expenses are measured by reference to the stage of completion of the contract. The stage of completion of the contract at the end of the reporting period is measured by way of surveys of work performed.

When the outcome of a construction contract can not be reliably estimated turnover is only recognised to the extent that it is probable that contract costs will be recovered. All contract costs are then recognised as an expense as incurred.

When it is probable that contract costs will exceed total contract turnover, the expected loss on the contract is recognised as an expense and a corresponding provision recognised for the onerous contract.

 

Lopen Joinery Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

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

Depreciation of tangible assets

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.

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.

 

Lopen Joinery Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 1).

 

Lopen Joinery Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

Additions

9,800

6,200

7,398

38,722

62,120

At 31 May 2024

9,800

6,200

7,398

38,722

62,120

Depreciation

Charge for the year

1,633

1,095

1,233

6,324

10,285

At 31 May 2024

1,633

1,095

1,233

6,324

10,285

Carrying amount

At 31 May 2024

8,167

5,105

6,165

32,398

51,835

Included within the net book value of land and buildings above is £8,167 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Lopen Joinery Limited

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

5

Stocks

2024
£

2023
£

Work in progress

92,495

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

25,995

-

Prepayments

18,892

-

Other debtors

23,764

-

 

68,651

-

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

154,927

-

Taxation and social security

13,536

-

Accruals and deferred income

3,500

-

Other creditors

180,763

-

352,726

-

8

Parent and ultimate parent undertaking

The ultimate controlling party is D R C Jones.