Adam Gregory Joinery Manufacturing Ltd
Company Registration No. 11445418 (England And Wales)
Unaudited Financial Statements
Year Ended 30 June 2023
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
406,187
387,180
Current assets
Stocks
10,000
13,500
Debtors
5
17,980
29,607
Cash at bank and in hand
1,634
3,831
29,614
46,938
Creditors: amounts falling due within one year
6
(211,519)
(191,379)
Net current liabilities
(181,905)
(144,441)
Total assets less current liabilities
224,282
242,739
Creditors: amounts falling due after more than one year
7
(219,579)
(232,144)
Provisions for liabilities
(14,603)
(9,852)
Net (liabilities)/assets
(9,900)
743
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(10,000)
643
Total equity
(9,900)
743
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
BALANCE SHEET (CONTINUED)
- 2 -
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 June 2023 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 March 2024
Mr A G Gregory
Director
Company registration number 11445418 (England and Wales)
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Adam Gregory Joinery Manufacturing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 George House, Beam Heath Way, Nantwich, Cheshire, CW5 6GD.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
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.
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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:
Freehold land and buildings
Not depreciated
Plant and equipment
20% on reducing balance
Computers
20% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received 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.
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
347,774
56,267
1,283
31,494
436,818
Additions
34,362
34,362
At 30 June 2023
347,774
90,629
1,283
31,494
471,180
Depreciation and impairment
At 1 July 2022
29,546
634
19,458
49,638
Depreciation charged in the year
12,216
130
3,009
15,355
At 30 June 2023
41,762
764
22,467
64,993
Carrying amount
At 30 June 2023
347,774
48,867
519
9,027
406,187
At 30 June 2022
347,774
26,721
649
12,036
387,180
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
299
21,207
Other debtors
17,681
8,400
17,980
29,607
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
13,411
12,581
Corporation tax
12,518
9,925
Other taxation and social security
1,681
3,053
Other creditors
179,384
161,897
Accruals and deferred income
4,525
3,923
211,519
191,379
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
219,579
232,144
8
Loans and overdrafts
2023
2022
£
£
Bank loans
232,990
244,725
Payable within one year
13,411
12,581
Payable after one year
219,579
232,144
ADAM GREGORY JOINERY MANUFACTURING LTD
Adam Gregory Joinery Manufacturing Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Loans and overdrafts
(Continued)
- 8 -
Within the total borrowings of £232,990, £41,701 is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
The BBLS guarantee is provided to the lender.
Of the total borrowings shown above, £191,289 is subject to a charge against freehold land known as Knowl End Farm, Barthomley road, Audley, Stoke on Trent by Natwest Bank.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
14,603
9,852
2023
Movements in the year:
£
Liability at 1 July 2022
9,852
Charge to profit or loss
4,751
Liability at 30 June 2023
14,603