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Registered Number: 05841773
England and Wales

 

 

 


Unaudited Financial Statements


for the year ended 30 June 2024

for

SEASONS JOINERY & TIMBER LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 56,088    68,902 
56,088    68,902 
Current assets      
Stocks 6 55,000    40,250 
Debtors 7 14,747    21,729 
Cash at bank and in hand 367,857    322,588 
437,604    384,567 
Creditors: amount falling due within one year (155,906)   (170,785)
Net current assets 281,698    213,782 
 
Total assets less current liabilities 337,786    282,684 
Creditors: amount falling due after more than one year (9,620)   (19,885)
Provisions for liabilities 8 (14,022)   (13,091)
Net assets 314,144    249,708 
 

Capital and reserves
     
Called up share capital 9 5    5 
Profit and loss account 314,139    249,703 
Shareholders' funds 314,144    249,708 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 03 June 2025 and were signed by:


-------------------------------
John Couch
Director
1
General Information
Seasons Joinery & Timber Limited is a private company, limited by shares, registered in England and Wales, registration number 05841773, registration address 49 Pontrhondda Road, Llwynwpia, Mid Glamorgan, CF40 2SZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
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 companys 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
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Operating lease rentals
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.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.


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


Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

  • Plant & machinery- 25% straight line basis
  • Motor vehicles- 25% straight line basis
  • Fixtures & fittings- 25% straight line basis
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.
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.
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.
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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
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.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 6).
3.

Financial Commitments, Guarantees and Contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,196 (2023 - £2,392).


4.

Intangible fixed assets

Cost Other intangible assets   Total
  £   £
At 01 July 2023 17,524    17,524 
Additions  
Disposals  
At 30 June 2024 17,524    17,524 
Amortisation
At 01 July 2023 17,524    17,524 
Charge for year  
On disposals  
At 30 June 2024 17,524    17,524 
Net book values
At 30 June 2024  
At 30 June 2023  


5.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 July 2023 460,206    460,206 
Additions 28,383    28,383 
Disposals (2,083)   (2,083)
At 30 June 2024 486,506    486,506 
Depreciation
At 01 July 2023 391,304    391,304 
Charge for year 40,156    40,156 
On disposals (1,042)   (1,042)
At 30 June 2024 430,418    430,418 
Net book values
Closing balance as at 30 June 2024 56,088    56,088 
Opening balance as at 01 July 2023 68,902    68,902 


6.

Stocks

2024
£
  2023
£
Stocks 55,000    40,250 
55,000    40,250 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 14,256    21,238 
Other Debtors 491    491 
14,747    21,729 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 14,022    13,091 
14,022    13,091 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
5 Class A shares of £1.00 each  
 

2