REGISTERED NUMBER: |
P & J WOOLLEY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
REGISTERED NUMBER: |
P & J WOOLLEY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
P & J WOOLLEY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Rollestone House |
20-22 Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452) |
ABRIDGED BALANCE SHEET |
29 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452) |
ABRIDGED BALANCE SHEET - continued |
29 JUNE 2024 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
1. | STATUTORY INFORMATION |
P & J Woolley Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Inventories |
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Property revaluation |
Land and buildings have been revalued. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the expected rate to apply when the property is sold. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Totals |
£ |
COST OR VALUATION |
At 30 June 2023 |
Additions |
At 29 June 2024 |
DEPRECIATION |
At 30 June 2023 |
Charge for year |
At 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
Cost or valuation at 29 June 2024 is represented by: |
Totals |
£ |
Valuation in 2020 | 78,682 |
Valuation in 2022 | 20,000 |
Cost | 475,969 |
574,651 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 355,707 | 355,707 |
Aggregate depreciation | 88,014 | 88,014 |
Value of land in freehold land and buildings | 55,000 | 55,000 |
Freehold property was valued on an open market basis on 29 June 2023 by the directors. . |
P & J WOOLLEY LIMITED (REGISTERED NUMBER: 05319452) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2024 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank has security over the commercial freehold premises. |
6. | RESERVES |
Revaluation |
reserve |
£ |
At 30 June 2023 |
and 29 June 2024 |