Strand Hardware Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02492629 (England and Wales)

Financial Statements

for the Year Ended 30th April 2019

for

STRAND HARDWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms C J Franks

Mrs C L Franks

C A Fox

SECRETARY:

Ms C J Franks

REGISTERED OFFICE:

Strand House

Long Street

Premier Business Park

Walsall

West Midlands

WS2 9DY

REGISTERED NUMBER:

02492629 (England and Wales)

SENIOR STATUTORY AUDITOR:

John Davis FCA

AUDITORS:

Bakers, Statutory Auditor

(The practising name of

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Tangible assets

4

233,176

261,455

Investments

5

641,259

671,259

874,435

932,714

CURRENT ASSETS

Stocks

566,802

295,879

Debtors

6

1,001,561

988,183

Cash at bank and in hand

485,864

462,210

2,054,227

1,746,272

CREDITORS

Amounts falling due within one year

7

503,432

413,640

NET CURRENT ASSETS

1,550,795

1,332,632

TOTAL ASSETS LESS CURRENT LIABILITIES

2,425,230

2,265,346

PROVISIONS FOR LIABILITIES

4,600

7,400

NET ASSETS

2,420,630

2,257,946

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

2,410,630

2,247,946

SHAREHOLDERS' FUNDS

2,420,630

2,257,946

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19th November 2019 and were signed on its behalf by:

Ms C J Franks - Director

C A Fox - Director

1.	STATUTORY INFORMATION

Strand Hardware 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded

to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the

amounts reported for revenues and expenses during the year. However the nature of estimation means that

actual outcomes could differ from those estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts.The policy adopted for the recognition of turnover is as follows:

Sale of Goods

Turnover from the sale of goods, rental of equipment and the provision of management services is recognised

when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of

turnover can be measured reliably, it is probable that the economic benefits associated with the transaction

will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured

reliably . This is usually on the dispatch of goods and completion of the management services.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property - 2% on cost

Short leasehold - 10% on cost

Fixtures and fittings - 10% - 25% on cost

Motor vehicles - 25% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances

that apply to the sale of the asset.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements and defined

contribution pension plans.

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an

expense in the period in which the service is received.

ii. Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the company pays fixed contributions into a separate entity. Once the contributions have

been paid the company has no further payment obligations. The contributions are recognised as an expense

when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are

held separately from the company in independently administered funds.

Fixed asset investments

Fixed asset investments are initially recorded at cost and subsequently at fair value where this can be reliably

ascertained. The carrying value of fixed asset investments are reviewed for impairment

Operating Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight

line basis over the period of the lease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an

arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reliably estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating

unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable

amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount

where the impairment loss is a revaluation decrease.

Debtors and crditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Cash and cash equivalents

Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments

that mature in no more than three months from the date of acquisition and that are readily convertible to

known amounts of cash with an insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st May 2018

240,099

138,833

378,932

Additions

-

2,555

2,555

At 30th April 2019

240,099

141,388

381,487

DEPRECIATION

At 1st May 2018

62,441

55,036

117,477

Charge for year

5,747

25,087

30,834

At 30th April 2019

68,188

80,123

148,311

NET BOOK VALUE

At 30th April 2019

171,911

61,265

233,176

At 30th April 2018

177,658

83,797

261,455

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st May 2018

671,259

Impairments

(30,000

)

At 30th April 2019

641,259

NET BOOK VALUE

At 30th April 2019

641,259

At 30th April 2018

671,259

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

510,997

555,818

Other debtors

390,564

432,365

901,561

988,183

2019

2018

£

£

Amounts falling due after more than one year:

Other debtors

100,000

-

Aggregate amounts

1,001,561

988,183

Included in other debtors are prepayments of £21,041 (2018:£18,436).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

260,017

156,761

Taxation and social security

178,570

186,171

Other creditors

64,845

70,708

503,432

413,640

Included in other creditors are accruals of £64,295 (2018: £69,858).

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

22,955

-

Between one and five years

47,314

99,626

70,269

99,626

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

9,200

Ordinary A

£1

9,200

9,200

800

Ordinary B

£1

800

800

10,000

10,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Davis FCA (Senior Statutory Auditor)

for and on behalf of Bakers, Statutory Auditor

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2019 and

30th April 2018:

2019

2018

£

£

Ms C J Franks

Balance outstanding at start of year

346,500

176,500

Amounts advanced

-

170,000

Amounts repaid

(100,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

246,500

346,500

12.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit

returns to the tax authorities and assist with the preparation of the financial statements.