Registration number: 03406725

On Time Joinery Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

On Time Joinery Ltd

Company Information

Director

Mr Martin Carroll

Registered office

590 Green Lanes Palmers Green London N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes Palmers Green London N13 5RY

On Time Joinery Ltd

(Registration number: 03406725)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	91,497	64,673
Current assets
Stocks	5	630	420
Debtors	6	22,346	110,711
Cash at bank and in hand		177,329	20,647
		200,305	131,778
Creditors: Amounts falling due within one year	7	(272,585)	(153,183)
Net current liabilities		(72,280)	(21,405)
Net assets		19,217	43,268
Capital and reserves
Called up share capital	8	1	1
Retained earnings		19,216	43,267
Shareholders' funds		19,217	43,268

For the financial year ending 31 July 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 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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 April 2026
 

......................................... Mr Martin Carroll Director

On Time Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Unit 7, Rainbow Works
21 Markfield Road
London
N15 4RG

These financial statements were authorised for issue by the director on 20 April 2026.

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.

Revenue recognition

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 company’s 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

On Time Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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:

Asset class	Depreciation method and rate
Plant and machinery	15% Reducing balance method

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.

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.

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 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.

Borrowings

On Time Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2024 - 6).

On Time Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2024	4,778	47,909	192,121	244,808
Additions	-	44,518	3,451	47,969
At 31 July 2025	4,778	92,427	195,572	292,777
Depreciation
At 1 August 2024	4,030	17,247	158,858	180,135
Charge for the year	602	15,036	5,507	21,145
At 31 July 2025	4,632	32,283	164,365	201,280
Carrying amount
At 31 July 2025	146	60,144	31,207	91,497
At 31 July 2024	748	30,662	33,263	64,673

5

Stocks

	2025 £	2024 £
Other inventories	630	420

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		14,832	10,711
Amounts owed by related parties	10	-	100,000
Prepayments		6,200	-
Other debtors		1,314	-
		22,346	110,711

On Time Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		2,400	3,825
Trade creditors		46,164	34,875
Amounts due to related parties	10	40,000	-
Social security and other taxes		663	16,556
Outstanding defined contribution pension costs		193	101
Other payables		40,000	211
Accruals		110,123	41,350
Income tax liability		33,042	56,265
		272,585	153,183

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9

Dividends

		2025		2024
		£		£
Interim dividend of £150,000.00 (2024 - £235,545.00) per ordinary share		150,000		235,545

On Time Joinery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

10	Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	10,487	9,480