S J Thompson Builders Limited Filleted accounts for Companies House (small and micro)

S.J. THOMPSON (BUILDERS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03313092

S J Thompson Builders Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

S J Thompson Builders Limited

Financial Statements

Year ended 31st December 2019

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

S J Thompson Builders Limited

Officers and Professional Advisers

The board of directors	Mr S Webb
	Mr A P Harris

Company secretary	Mr S Webb

Registered office	First Floor Offices
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Accountants	Hicks and Company
	Chartered accountants
	First Floor
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Bankers	HSBC
	1 Market Place
	Hitchin
	Hertfordshire
	SG5 1DR

S J Thompson Builders Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		236,350	249,943

Current assets

Stocks		215,553	106,119
Debtors	7	416,481	1,202,396
Cash at bank		1,049,359	594,225
		------------	------------
		1,681,393	1,902,740

Creditors: amounts falling due within one year	8	499,033		606,523
		------------		------------
Net current assets			1,182,360	1,296,217
			------------	------------
Total assets less current liabilities			1,418,710	1,546,160

Provisions

Taxation including deferred tax	17,511	19,192
	------------	------------
Net assets	1,401,199	1,526,968
	------------	------------

Capital and reserves

Called up share capital	153	153
Profit and loss account	1,401,046	1,526,815
	------------	------------
Shareholders funds	1,401,199	1,526,968
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

S J Thompson Builders Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 8 June 2020 , and are signed on behalf of the board by:

Mr S Webb

Director

Company registration number: 03313092

S J Thompson Builders Limited

Notes to the Financial Statements

Year ended 31st December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, registered number 03313092 . The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in pounds sterling, which is also the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents the value of services provided, exclusive of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short Leasehold Property	-	Over the lease term
Plant & Equipment	-	25% per annum on written down value
Motor Vehicles	-	25% per annum on written down value
Computer Equipment	-	Over 2 years

Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs .

Stocks

Stocks are measured 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 the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates defined contribution pension schemes for its employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions are charged to profit or loss for the year in which they are payable to the schemes. The company contributes to a Self Invested Pension Plan on behalf of its directors. The assets of the plan are held separately from those of the company. The annual contributions payable are charged to profit or loss.

4. Staff costs

The average number of persons employed by the company during the year amounted to 25 (2018: 24 ).

The aggregate employment costs incurred during the year were:

	2019	2018
	£	£
Wages and salaries	968,392	903,600
Social security costs	99,512	93,199
Other pension costs	130,789	90,833
	------------	------------
	1,198,693	1,087,632
	------------	------------

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2019	2018
	£	£

Current tax:

UK current tax expense	90,189	1,739

Deferred tax:

Origination and reversal of timing differences	( 1,681)	( 2,511)
	--------	-------
Tax on profit/(loss)	88,508	( 772)
	--------	-------

6. Tangible assets

	Short leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or Valuation
At 1st January 2019	208,116	21,910	283,921	7,589	521,536
Additions	–	–	22,200	–	22,200
Disposals	–	–	( 5,995)	–	( 5,995)
	---------	--------	---------	-------	---------
At 31st December 2019	208,116	21,910	300,126	7,589	537,741
	---------	--------	---------	-------	---------
Depreciation
At 1st January 2019	62,153	21,609	180,242	7,589	271,593
Charge for the year	4,210	67	31,150	–	35,427
Disposals	–	–	( 5,629)	–	( 5,629)
	---------	--------	---------	-------	---------
At 31st December 2019	66,363	21,676	205,763	7,589	301,391
	---------	--------	---------	-------	---------
Carrying amount
At 31st December 2019	141,753	234	94,363	–	236,350
	---------	--------	---------	-------	---------
At 31st December 2018	145,963	301	103,679	–	249,943
	---------	--------	---------	-------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	395,773	1,179,626
Other debtors	20,708	22,770
	---------	------------
	416,481	1,202,396
	---------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	254,927	470,197
Corporation tax	90,189	1,739
Social security and other taxes	60,300	103,068
Other creditors	93,617	31,519
	---------	---------
	499,033	606,523
	---------	---------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	17,511	19,192
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	17,511	19,192
	--------	--------

10. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 130,789 (2018: £ 90,833 ).

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	35	35
Later than 1 year and not later than 5 years	140	140
Later than 5 years	968	1,003
	-------	-------
	1,143	1,178
	-------	-------

12. Pension commitments

The company's annual commitment under the scheme is for contributions of £18,007 - (2018:£14,863).

Included in other creditors, are amounts due to the pension scheme of £4,871 - (2018: £3,169).

13. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Webb	2,028	1,127	( 2,028)	1,127
Mr A P Harris	2,359	1,658	( 2,359)	1,658
	-------	-------	-------	-------
	4,387	2,785	( 4,387)	2,785
	-------	-------	-------	-------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Webb	2,870	2,028	( 2,870)	2,028
Mr A P Harris	3,121	2,359	( 3,121)	2,359
	-------	-------	-------	-------
	5,991	4,387	( 5,991)	4,387
	-------	-------	-------	-------

The above existing loans are unsecured, interest free and repayable on demand.