Chalford Building Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01162203 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

CHALFORD BUILDING SUPPLIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M R Creed

REGISTERED OFFICE:

Chalford Industrial Estate

Stroud

Gloucestershire

GL6 8NT

REGISTERED NUMBER:

01162203 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Tangible assets

4

2,323,987

2,269,643

Investments

5

1,101

134,100

2,325,088

2,403,743

CURRENT ASSETS

Stocks

527,119

506,019

Debtors

6

455,495

456,960

Cash at bank and in hand

651,715

779,844

1,634,329

1,742,823

CREDITORS

Amounts falling due within one year

7

550,512

694,659

NET CURRENT ASSETS

1,083,817

1,048,164

TOTAL ASSETS LESS CURRENT LIABILITIES

3,408,905

3,451,907

CREDITORS

Amounts falling due after more than one year

8

(153,701

)

(161,009

)

PROVISIONS FOR LIABILITIES

(95,686

)

(82,828

)

NET ASSETS

3,159,518

3,208,070

CAPITAL AND RESERVES

Called up share capital

134,500

134,500

Revaluation reserve

921,013

921,013

Retained earnings

2,104,005

2,152,557

SHAREHOLDERS' FUNDS

3,159,518

3,208,070

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 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 and authorised for issue on 26 June 2020 and were signed by:

M R Creed - Director

1.	STATUTORY INFORMATION

Chalford Building Supplies Ltd 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

Accounting convention

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 as modified by the revaluation of certain assets.

Turnover

Revenue is the value of goods (net of VAT) provided to customers during the year,.

Where payments are received from customers in advance of goods supplied, the amounts are

recorded as payments in advance 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.

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance, 15% on cost and 15% on reducing balance

Stocks

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

obsolete and slow moving items.

Showroom fixtures and fittings are transferred to stock at the lower of net book value and net

realisable value when they are to be sold as ex display items.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in

FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective

interest method.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme. The assets of the scheme are held separately

from those of the company in an independently administered fund. The pension costs charge

represents contributions payable for the period by the company to the fund.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be

estimated reliably. Where material, provisions are calculated on a discounted basis.

Revaluation policy

The director has adopted the policy to revalue the property every five years providing there have

been no significant changes in market conditions that he considers may materially affect the property

value.

Going concern

The director has considered the risks and issues concerning the company, including the potential

impact of Covid-19, along with it's activities and there are no material uncertainties that may cast

significant doubt about the ability of the company to continue as a going concern have been identified

by the director.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2018 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 January 2019

1,950,000

870,934

2,820,934

Additions

6,026

171,094

177,120

Disposals

-

(137,053

)

(137,053

)

At 31 December 2019

1,956,026

904,975

2,861,001

DEPRECIATION

At 1 January 2019

-

551,291

551,291

Charge for year

-

90,205

90,205

Eliminated on disposal

-

(104,482

)

(104,482

)

At 31 December 2019

-

537,014

537,014

NET BOOK VALUE

At 31 December 2019

1,956,026

367,961

2,323,987

At 31 December 2018

1,950,000

319,643

2,269,643

Cost or valuation at 31 December 2019 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 2015

1,933,542

-

1,933,542

Valuation in 2017

16,458

-

16,458

Valuation in 2019

6,026

-

6,026

Cost

-

904,975

904,975

1,956,026

904,975

2,861,001

If freehold property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

974,265

974,265

Freehold property was valued on an existing use basis on 12 January 2018 by David James & Partners

.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

134,100

Disposals

(132,999

)

At 31 December 2019

1,101

NET BOOK VALUE

At 31 December 2019

1,101

At 31 December 2018

134,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

359,033

433,194

Other debtors

54,807

3,443

Prepayments

41,655

20,323

455,495

456,960

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

25,460

Hire purchase contracts

68,216

60,557

Trade creditors

281,703

355,859

Corporation Tax

-

50,696

Social security and other taxes

19,162

18,434

Wages control

5,937

5,635

VAT

21,077

23,808

Other creditors

4,816

48,410

Payments in advance

10,152

5,445

Directors' current accounts

94,001

35,000

Accrued expenses

45,448

65,355

550,512

694,659

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Property mortgage within 1-5

years

-

84,194

Hire purchase contracts

153,701

76,815

153,701

161,009

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

109,654

Hire purchase contracts

221,917

137,372

221,917

247,026

Hire purchase items are secured by the assets themselves.

Bank loans (mortgages) are secured against the property.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019

and 31 December 2018:

2019

2018

£

£

M R Creed

Balance outstanding at start of year

(35,000

)

(35,000

)

Amounts advanced

35,000

35,000

Amounts repaid

(94,001

)

(35,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(94,001

)

(35,000

)

No interest is being charged on the loan and there are no set repayment terms.