Frank Howard Tools & Fixings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04093864 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Frank Howard Tools & Fixings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

F M Howard

SECRETARY:

P Howard

REGISTERED OFFICE:

75 Springfield Road

Chelmsford

Essex

CM2 6JB

REGISTERED NUMBER:

04093864 (England and Wales)

ACCOUNTANTS:

NSO Associates LLP

75 Springfield Road

Chelmsford

Essex

CM2 6JB

BANKERS:

HSBC Bank plc

2 The Quadrant

Hoylake

Wirral

Cheshire

CH47 2EG

FIXED ASSETS

221,950

Tangible assets

4

185,698

7,548

Investments

5

7,548

229,498

193,246

CURRENT ASSETS

1,885,254

Stocks

2,077,272

1,053,496

Debtors

6

1,278,241

232,441

Cash at bank and in hand

219,714

3,171,191

3,575,227

CREDITORS

919,073

Amounts falling due within one year

7

1,135,360

2,252,118

NET CURRENT ASSETS

2,439,867

2,481,616

TOTAL ASSETS LESS CURRENT LIABILITIES

2,633,113

CREDITORS

(21,051

)

Amounts falling due after more than one year

8

(44,149

)

(37,403

)

PROVISIONS FOR LIABILITIES

(30,395

)

2,423,162

NET ASSETS

2,558,569

CAPITAL AND RESERVES

60

Called up share capital

60

40

Capital redemption reserve

40

2,423,062

Retained earnings

2,558,469

2,423,162

SHAREHOLDERS' FUNDS

2,558,569

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the director on 10 December 2019 and were signed by:

F M Howard - Director

1.	STATUTORY INFORMATION

Frank Howard Tools & Fixings 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.

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 etc

-

33% on cost, 25% on reducing balance and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 51 (2018 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2018

434,024

Additions

91,237

Disposals

(174,388

)

At 31 July 2019

350,873

DEPRECIATION

At 1 August 2018

212,074

Charge for year

59,452

Eliminated on disposal

(106,351

)

At 31 July 2019

165,175

NET BOOK VALUE

At 31 July 2019

185,698

At 31 July 2018

221,950

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

Plant and

machinery

etc

£

COST

At 1 August 2018

150,938

Additions

66,501

Disposals

(31,090

)

At 31 July 2019

186,349

DEPRECIATION

At 1 August 2018

72,992

Charge for year

29,079

Eliminated on disposal

(20,905

)

At 31 July 2019

81,166

NET BOOK VALUE

At 31 July 2019

105,183

At 31 July 2018

77,946

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.7.19

31.7.18

£

£

Fishwell Branch

7,548

7,548

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade debtors

1,129,881

944,986

Other debtors

148,360

108,510

1,278,241

1,053,496

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts

29,078

-

Hire purchase contracts

29,370

24,028

Trade creditors

764,343

560,936

Taxation and social security

140,822

168,803

Other creditors

171,747

165,306

1,135,360

919,073

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Hire purchase contracts

44,149

21,051

9.	POST BALANCE SHEET EVENTS

There were no post balance sheet events which need to be brought to the attention of the shareholders or third

parties.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is F M Howard.