Company Registration No. 11927050 (England and Wales)
WILL BEGG CARPENTRY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
WILL BEGG CARPENTRY SERVICES LIMITED
COMPANY INFORMATION
Director
Mr W Begg
Company number
11927050
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW
WILL BEGG CARPENTRY SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WILL BEGG CARPENTRY SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILL BEGG CARPENTRY SERVICES LIMITED FOR THE YEAR ENDED 30 APRIL 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Will Begg Carpentry Services Limited for the year ended 30 April 2021 which comprise, the balance sheet and the 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 Board of Directors of Will Begg Carpentry Services Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Will Begg Carpentry Services Limited
and state those matters that we have agreed to state to the Board of Directors of Will Begg Carpentry Services Limited, 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 Will Begg Carpentry Services Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Will Begg Carpentry Services 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 Will Begg Carpentry Services Limited. You consider that Will Begg Carpentry Services 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 Will Begg Carpentry Services 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.
Ormerod Rutter Limited
26 January 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
WILL BEGG CARPENTRY SERVICES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,225
6,410
Current assets
Stocks
37,485
Debtors
4
21,519
3,740
Cash at bank and in hand
12,068
58,834
71,072
62,574
Creditors: amounts falling due within one year
5
(24,556)
(57,341)
Net current assets
46,516
5,233
Total assets less current liabilities
51,741
11,643
Creditors: amounts falling due after more than one year
6
(40,000)
Provisions for liabilities
8
(586)
(722)
Net assets
11,155
10,921
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
11,055
10,821
Total equity
11,155
10,921
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WILL BEGG CARPENTRY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2021
30 April 2021
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 January 2022.
Mr W Begg
Director
Company Registration No. 11927050
WILL BEGG CARPENTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 4 -
1
Accounting policies
Company information
Will Begg Carpentry Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WILL BEGG CARPENTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2020 - 2).
WILL BEGG CARPENTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 6 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2020
2,314
82
6,150
8,546
Additions
416
142
558
At 30 April 2021
2,730
224
6,150
9,104
Depreciation and impairment
At 1 May 2020
578
21
1,537
2,136
Depreciation charged in the year
539
50
1,154
1,743
At 30 April 2021
1,117
71
2,691
3,879
Carrying amount
At 30 April 2021
1,613
153
3,459
5,225
At 30 April 2020
1,736
61
4,613
6,410
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,740
Other debtors
21,519
21,519
3,740
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
Trade creditors
10,137
Taxation and social security
13,792
20,838
Other creditors
764
26,366
24,556
57,341
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
40,000
WILL BEGG CARPENTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank loans
50,000
-
Bank loans are secured by way of a government-backed guarentee.
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
586
722
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A of £1 each
90
90
10 Ordinary B of £1 each
10
10
100
100
10
Directors' transactions
The directors loan account was repaid within 9 months of the year end.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan account
2.25
-
20,941
578
21,519
-
20,941
578
21,519
11
Ultimate controlling party
The ultimate controlling party is Mr W Begg.