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Company registration number: 04678938
TRUEWOOD JOINERY LIMITED
28 February 2025
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
TRUEWOOD JOINERY LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TRUEWOOD JOINERY LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr I R Standard
Company number 04678938
Registered office Unit B3 Centrepoint
Stafford Drive
Battlefield Enterprise Park
Shrewsbury
SY1 3BF
Business address Unit B3 Centrepoint
Stafford Drive
Battlefield Enterprise Park
Shrewsbury
SY1 3BF
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
TRUEWOOD JOINERY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRUEWOOD JOINERY LIMITED
YEAR ENDED 28TH FEBRUARY 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Truewood Joinery Limited for the year ended 28 February 2025 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Truewood Joinery Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Truewood Joinery Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Truewood Joinery Limited and its director as a body for our work or for this report.
It is your duty to ensure that Truewood Joinery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Truewood Joinery Limited. You consider that Truewood Joinery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Truewood Joinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
10 June 2025
TRUEWOOD JOINERY LIMITED
STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 6 63,303 73,498
_______ _______
63,303 73,498
Current assets
Stocks 10,000 30,469
Debtors 7 717,361 362,993
Cash at bank and in hand 1,565,792 1,278,697
_______ _______
2,293,153 1,672,159
Creditors: amounts falling due
within one year 8 ( 492,438) ( 256,794)
_______ _______
Net current assets 1,800,715 1,415,365
_______ _______
Total assets less current liabilities 1,864,018 1,488,863
Provisions for liabilities ( 15,826) ( 18,374)
_______ _______
Net assets 1,848,192 1,470,489
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,848,190 1,470,487
_______ _______
Shareholder funds 1,848,192 1,470,489
_______ _______
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 June 2025 , and are signed on behalf of the board by:
Mr I R Standard
Director
Company registration number: 04678938
TRUEWOOD JOINERY LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 28TH FEBRUARY 2025
Called up share capital Profit and loss account Total
£ £ £
At 28 February 2023 2 1,265,291 1,265,293
Profit for the year 301,596 301,596
_______ _______ _______
Total comprehensive income for the year - 301,596 301,596
Dividends paid and payable ( 96,400) ( 96,400)
_______ _______ _______
Total investments by and distributions to owners - ( 96,400) ( 96,400)
_______ _______ _______
At 28 February 2024 and 29 February 2024 2 1,470,490 1,470,492
Profit for the year 445,100 445,100
_______ _______ _______
Total comprehensive income for the year - 445,100 445,100
Dividends paid and payable ( 67,400) ( 67,400)
_______ _______ _______
Total investments by and distributions to owners - ( 67,400) ( 67,400)
_______ _______ _______
At 28 February 2025 2 1,848,190 1,848,192
_______ _______ _______
TRUEWOOD JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28TH FEBRUARY 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit B3 Centrepoint, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, SY1 3BF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 15 % reducing balance
Stocks
Stock is included at the lower of cost or estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2024: 12 ).
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 29 February 2024 89,691 56,389 60,953 1,100 208,133
Additions - 3,190 1,218 - 4,408
Disposals - ( 4,177) ( 16,380) - ( 20,557)
_______ _______ _______ _______ _______
At 28 February 2025 89,691 55,402 45,791 1,100 191,984
_______ _______ _______ _______ _______
Depreciation
At 29 February 2024 64,021 29,847 40,738 28 134,634
Charge for the year 3,851 4,038 2,818 161 10,868
Disposals - ( 2,678) ( 14,143) - ( 16,821)
_______ _______ _______ _______ _______
At 28 February 2025 67,872 31,207 29,413 189 128,681
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2025 21,819 24,195 16,378 911 63,303
_______ _______ _______ _______ _______
At 28 February 2024 25,670 26,542 20,215 1,072 73,499
_______ _______ _______ _______ _______
7. Debtors
2025 2024
£ £
Trade debtors 610,230 352,711
Other debtors 107,131 10,282
_______ _______
717,361 362,993
_______ _______
8. Creditors: amounts falling due within one year
2025 2024
£ £
Credit card balances 254 512
Trade creditors 73,396 46,507
Corporation tax 154,608 102,765
Social security and other taxes 118,544 74,137
Other creditors 145,636 32,873
_______ _______
492,438 256,794
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 77,148 81,515
Later than 1 year and not later than 5 years 30,785 92,925
_______ _______
107,933 174,440
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2025
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr I R Standard ( 1,707) 95,812 94,105
_______ _______ _______
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr I R Standard ( 658) ( 1,049) ( 1,707)
_______ _______ _______
The balance on the director's account is included in other creditors.