Custom Transformers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01068311 (England and Wales)

Financial Statements

for the Year Ended 31 December 2019

for

Custom Transformers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Baldwin

J C Pike

Mrs D P Baldwin

Mrs L L Pike

SECRETARY:

J C Pike

REGISTERED OFFICE:

Unit 23 Whitewalls

Easton Grey

Nr. Malmesbury

Wiltshire

SN16 0RD

REGISTERED NUMBER:

01068311 (England and Wales)

ACCOUNTANTS:

Mander Duffill

Chartered Accountants

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

FIXED ASSETS

Tangible assets

4

29,148

38,607

CURRENT ASSETS

Stocks

134,382

159,993

Debtors

5

106,902

146,818

Cash at bank

324,448

419,724

565,732

726,535

CREDITORS

Amounts falling due within one year

6

169,545

256,706

NET CURRENT ASSETS

396,187

469,829

TOTAL ASSETS LESS CURRENT LIABILITIES

425,335

508,436

PROVISIONS FOR LIABILITIES

5,538

7,335

NET ASSETS

419,797

501,101

CAPITAL AND RESERVES

Called up share capital

766

766

Capital redemption reserve

4,284

4,284

Retained earnings

414,747

496,051

SHAREHOLDERS' FUNDS

419,797

501,101

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 March 2020 and were signed on its behalf by:

K Baldwin - Director

J C Pike - Director

1.	STATUTORY INFORMATION

Custom Transformers 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.

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.

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 15% on reducing balance

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect

of work in progress and finished goods, cost includes a relevant proportion of overheads according to

the stage of manufacture or completion.

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.

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 18 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

706,806

Additions

9,933

Disposals

(22,489

)

At 31 December 2019

694,250

DEPRECIATION

At 1 January 2019

668,199

Charge for year

6,742

Eliminated on disposal

(9,839

)

At 31 December 2019

665,102

NET BOOK VALUE

At 31 December 2019

29,148

At 31 December 2018

38,607

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

101,225

141,268

Other debtors

5,677

5,550

106,902

146,818

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

30,059

56,253

Other creditors

139,486

200,453

169,545

256,706