Tim Purslow Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08674343 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Tim Purslow Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T N Purslow

R E Davidson

REGISTERED OFFICE:

Oakfield Court

Scures Hill

Nately Scures

Hook

Hampshire

RG27 9JR

REGISTERED NUMBER:

08674343 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Tangible assets

4

207,612

132,681

CURRENT ASSETS

Stocks

1,200,946

716,080

Debtors

5

173,199

36,805

Cash at bank and in hand

149,517

219,983

1,523,662

972,868

CREDITORS

Amounts falling due within one year

6

253,952

223,015

NET CURRENT ASSETS

1,269,710

749,853

TOTAL ASSETS LESS CURRENT LIABILITIES

1,477,322

882,534

CREDITORS

Amounts falling due after more than one year

7

(1,417,205

)

(839,180

)

PROVISIONS FOR LIABILITIES

9

(14,203

)

(14,393

)

NET ASSETS

45,914

28,961

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

45,814

28,861

SHAREHOLDERS' FUNDS

45,914

28,961

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2020 and were signed on its behalf by:

T N Purslow - Director

1.	STATUTORY INFORMATION

Tim Purslow 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.

Critical accounting judgements and key sources of estimation uncertainty

Liabilities shown as due in more than 1 year are legally repayable within a year, on demand, although

the creditors have no intention of recalling those loans in the next 12 months and hence they are

shown as due in more than 1 year.

Turnover

Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is

recognised when the risks and rewards of ownership of goods have been transferred to the customer

or where the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due. The risks and rewards of

ownership of goods are deemed to have been transferred when the goods are shipped to, or are

picked up by, the customer. Where a service contract has only been partially completed at the

balance sheet date turnover represents the value of the service provided to date based on a

proportion of the total expected consideration at completion. Where payments are received from

customers in advance of services provided, the amounts are recorded as deferred income and

included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over life of lease

Plant and machinery

-

33% on cost, 20% on cost and 10% on cost

Fixtures and fittings

-

25% on cost and 20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out

basis. Net realisable value represents estimated selling price less costs to complete or sell. Provision

is made for slow moving, obsolete or damaged stock where the net realisable value is less than the

cost.

Financial instruments

Debtors and creditors payable/receivable 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.

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.

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 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, adjusted for indexation where applicable.

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.

Impairment

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

each balance sheet date. The directors review the carrying amount of the relevant assets and

compare them to their market values and recoverable amounts. Where the carrying amount exceeds

this, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2019

143,615

50,564

10,570

Additions

87,343

6,790

3,120

At 31 December 2019

230,958

57,354

13,690

DEPRECIATION

At 1 January 2019

39,727

30,405

8,774

Charge for year

12,879

8,457

1,763

At 31 December 2019

52,606

38,862

10,537

NET BOOK VALUE

At 31 December 2019

178,352

18,492

3,153

At 31 December 2018

103,888

20,159

1,796

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

19,426

4,814

228,989

Additions

-

1,336

98,589

At 31 December 2019

19,426

6,150

327,578

DEPRECIATION

At 1 January 2019

13,280

4,122

96,308

Charge for year

-

559

23,658

At 31 December 2019

13,280

4,681

119,966

NET BOOK VALUE

At 31 December 2019

6,146

1,469

207,612

At 31 December 2018

6,146

692

132,681

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

95,317

732

Other debtors

77,882

36,073

173,199

36,805

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

88,726

50,486

Taxation and social security

41,599

53,337

Other creditors

123,627

119,192

253,952

223,015

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other creditors

1,417,205

839,180

8.	LEASING AGREEMENTS

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

31.12.19

31.12.18

£

£

Within one year

47,539

62,028

Between one and five years

127,500

175,039

175,039

237,067

9.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

14,203

14,393

Deferred

tax

£

Balance at 1 January 2019

14,393

Accelerated Capital Allowances

(190

)

Balance at 31 December 2019

14,203

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

100

Ordinary

£1

100

100