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Company No: 02597251 (England and Wales)

SOMERTON JOINERY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2025
Pages for filing with the registrar

SOMERTON JOINERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2025

Contents

SOMERTON JOINERY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2025
SOMERTON JOINERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 85,662 88,959
85,662 88,959
Current assets
Stocks 15,287 17,048
Debtors 4 76,399 100,759
Cash at bank and in hand 5,956 10,606
97,642 128,413
Creditors: amounts falling due within one year 5 ( 77,733) ( 53,753)
Net current assets 19,909 74,660
Total assets less current liabilities 105,571 163,619
Net assets 105,571 163,619
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 105,471 163,519
Total shareholders' funds 105,571 163,619

For the financial year ending 30 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Somerton Joinery Limited (registered number: 02597251) were approved and authorised for issue by the Board of Directors on 25 July 2025. They were signed on its behalf by:

S Long
Director
SOMERTON JOINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025
SOMERTON JOINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Somerton Joinery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3a-5a Canvin Court, Bancombe Road Trading Estate, Somerton, TA11 6SB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 May 2024 150,382 37,048 14,995 202,425
At 30 April 2025 150,382 37,048 14,995 202,425
Accumulated depreciation
At 01 May 2024 63,155 35,584 14,727 113,466
Charge for the financial year 3,007 223 67 3,297
At 30 April 2025 66,162 35,807 14,794 116,763
Net book value
At 30 April 2025 84,220 1,241 201 85,662
At 30 April 2024 87,227 1,464 268 88,959

4. Debtors

2025 2024
£ £
Trade debtors 76,399 95,232
Other debtors 0 5,527
76,399 100,759

5. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 37,759 12,387
Amounts owed to directors 20,000 20,000
Accruals 3,300 5,650
Other taxation and social security 14,456 15,716
Other creditors 2,218 0
77,733 53,753

6. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
Loans from Directors 20,000 20,000