Corbett & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01046722 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

CORBETT & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

Mr J M Corbett

Registered office:

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Registered number:

01046722 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Fixed assets

Tangible assets

4

89,105

54,373

Current assets

Stock and work in progress

90,070

150,411

Debtors

5

131,305

102,781

Cash at bank and in hand

95,138

53,341

316,513

306,533

Creditors

Amounts falling due within one year

6

157,622

194,455

Net current assets

158,891

112,078

Total assets less current liabilities

247,996

166,451

Creditors

Amounts falling due after more than one year

7

(74,385

)

(36,926

)

Provisions for liabilities

9

(16,950

)

(10,800

)

Net assets

156,661

118,725

Capital and reserves

Called up share capital

10

100

100

Retained earnings

156,561

118,625

Shareholders' funds

156,661

118,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 30 October 2019 and were signed by:

Mr J M Corbett - Director

1.	Statutory information

Corbett & Sons Limited 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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to

make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of

contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the

reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by

management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible,

there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by

management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there

remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out

at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as

possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be

uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

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.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks and work in progress

Work in progress is valued at the contract price based on percentage completed.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the

contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at

transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate

method. A provision is established when there is objective evidence that the company will not be able to collect all

amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank

overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the

contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity

instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

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

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 (2018 - 7 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2018

32,391

1,503

58,674

3,370

95,938

Additions

1,207

-

59,808

4,957

65,972

Disposals

(9,440

)

(1,503

)

-

(3,370

)

(14,313

)

At 31 March 2019

24,158

-

118,482

4,957

147,597

Depreciation

At 1 April 2018

20,336

1,379

16,555

3,295

41,565

Charge for year

4,569

124

25,481

1,066

31,240

Eliminated on disposal

(9,440

)

(1,503

)

-

(3,370

)

(14,313

)

At 31 March 2019

15,465

-

42,036

991

58,492

Net book value

At 31 March 2019

8,693

-

76,446

3,966

89,105

At 31 March 2018

12,055

124

42,119

75

54,373

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

Motor

vehicles

£

Cost

At 1 April 2018

57,434

Additions

59,808

At 31 March 2019

117,242

Depreciation

At 1 April 2018

15,416

Charge for year

25,456

At 31 March 2019

40,872

Net book value

At 31 March 2019

76,370

At 31 March 2018

42,018

5.

Debtors: amounts falling due within one year

31.3.19

31.3.18

£

£

Trade debtors

121,817

82,349

Other debtors

9,488

20,432

131,305

102,781

6.

Creditors: amounts falling due within one year

31.3.19

31.3.18

£

£

Bank loans and overdrafts

15,642

10,040

Hire purchase contracts

22,632

10,646

Trade creditors

69,515

100,468

Taxation and social security

25,384

51,792

Other creditors

24,449

21,509

157,622

194,455

7.

Creditors: amounts falling due after more than one year

31.3.19

31.3.18

£

£

Hire purchase contracts

74,385

36,926

8.	Secured debts

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

15,642

-

Bank overdraft and loans are secured by fixed and floating charge over the companies assets.

9.	Provisions for liabilities

31.3.19

31.3.18

£

£

Deferred tax

16,950

10,800

Deferred

tax

£

Balance at 1 April 2018

10,800

Provided during year

6,150

Balance at 31 March 2019

16,950

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100

Ordinary

£1

100

100