Ashbocking Joinery Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04019821 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ASHBOCKING JOINERY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D R Mills

Mrs A Mills

SECRETARY:

Mrs A Mills

REGISTERED OFFICE:

Commercial Barns

Helmingham Road

Ashbocking

Ipswich

Suffolk

IP6 9JS

REGISTERED NUMBER:

04019821 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

BANKERS:

National Westminster Bank Plc

2 Tavern Street

Ipswich

Suffolk

IP1 3BD

FIXED ASSETS

Tangible assets

4

21,618

15,876

CURRENT ASSETS

Stocks

11,699

18,195

Debtors

5

41,468

22,148

Cash at bank

48,807

52,755

101,974

93,098

CREDITORS

Amounts falling due within one year

6

62,752

71,347

NET CURRENT ASSETS

39,222

21,751

TOTAL ASSETS LESS CURRENT LIABILITIES

60,840

37,627

CREDITORS

Amounts falling due after more than one year

7

(5,972

)

-

PROVISIONS FOR LIABILITIES

(3,498

)

(1,982

)

NET ASSETS

51,370

35,645

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

9

51,070

35,345

SHAREHOLDERS' FUNDS

51,370

35,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 11 September 2019 and were signed on its behalf by:

D R Mills - Director

1.	STATUTORY INFORMATION

Ashbocking Joinery Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the manufacture of bespoke joinery excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Straight line over 7 years

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks 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 stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable and loans with

related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables,

are measured at the undiscounted amount of the cash or other consideration expected to be paid or

received. Debt instruments that are repayable or receivable after one year are initially measured at the

present value of the future cash flows and subsequently at amortised cost using the effective interest

method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial

year for evidence of impairment. If objective evidence of impairment is found an impairment loss is

recognised in the Income Statement.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2018

37,747

57,052

7,958

28,174

130,931

Additions

-

-

-

16,400

16,400

Disposals

-

-

-

(13,550

)

(13,550

)

At 31 December 2018

37,747

57,052

7,958

31,024

133,781

DEPRECIATION

At 1 January 2018

37,660

42,437

6,784

28,174

115,055

Charge for year

87

5,945

526

4,100

10,658

Eliminated on disposal

-

-

-

(13,550

)

(13,550

)

At 31 December 2018

37,747

48,382

7,310

18,724

112,163

NET BOOK VALUE

At 31 December 2018

-

8,670

648

12,300

21,618

At 31 December 2017

87

14,615

1,174

-

15,876

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

13,550

Additions

16,400

Disposals

(13,550

)

At 31 December 2018

16,400

DEPRECIATION

At 1 January 2018

13,550

Charge for year

4,100

Eliminated on disposal

(13,550

)

At 31 December 2018

4,100

NET BOOK VALUE

At 31 December 2018

12,300

At 31 December 2017

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

39,046

20,246

Other debtors

2,422

1,902

41,468

22,148

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

2,391

1,282

Trade creditors

19,888

22,679

Taxation and social security

37,973

44,809

Other creditors

2,500

2,577

62,752

71,347

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

5,972

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

8,363

1,282

9.

RESERVES

Retained

earnings

£

At 1 January 2018

35,345

Profit for the year

77,725

Dividends

(62,000

)

At 31 December 2018

51,070

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £62,000 were paid to the directors .