Strawbridge & Son Limited - Period Ending 2019-09-30

Strawbridge & Son Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2019

Registration number: 06700627

Strawbridge & Son Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Strawbridge & Son Limited

Company Information

Directors

Mr J G Strawbridge Mrs H L I Strawbridge

Registered office

3 Hall Terrace Bodinnick-By-Fowey Cornwall PL23 1LX

Bankers

Barclays Bank Plc 10 Church Street St Austell Cornwall PL25 4AS

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Strawbridge & Son Limited

Balance Sheet

30 September 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	1,534	547
Current assets
Debtors	5	25,306	37,535
Cash at bank and in hand		10,756	2,825
		36,062	40,360
Creditors: Amounts falling due within one year	6	(19,643)	(17,720)
Net current assets		16,419	22,640
Net assets		17,953	23,187
Capital and reserves
Called up share capital		100	100
Profit and loss account		17,853	23,087
Total equity		17,953	23,187

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Strawbridge & Son Limited

Balance Sheet

30 September 2019

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 June 2020 and signed on its behalf by:
 

......................................... Mr J G Strawbridge Director

Company Registration Number: 06700627

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Strawbridge & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Hall Terrace
Bodinnick-By-Fowey
Cornwall
PL23 1LX

These financial statements were authorised for issue by the Board on 30 June 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Strawbridge & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	Straight line over 3 years and 25% straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 5

Strawbridge & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 October 2018	3,817	3,817
Additions	1,614	1,614
At 30 September 2019	5,431	5,431
Depreciation
At 1 October 2018	3,270	3,270
Charge for the year	627	627
At 30 September 2019	3,897	3,897
Carrying amount
At 30 September 2019	1,534	1,534
At 30 September 2018	547	547

5

Debtors

	2019 £	2018 £
Trade debtors	-	10,816
Other debtors	25,306	26,719
	25,306	37,535

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Corporation tax	5,062	5,906
Social security and other taxes	11,616	10,214
Other creditors	1,315	-
Accrued expenses	1,650	1,600
	19,643	17,720

Page 6

Strawbridge & Son Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2019

7	Related party transactions

Advances to directors

2019	At 1 October 2018 £	Advances to director £	Repayments by director £	At 30 September 2019 £
Mr J G Strawbridge and Mrs H L I Strawbridge
Interest charged at 2.5%	(25,806)	(77,588)	80,126	(23,268)

2018	At 1 October 2017 £	Advances to director £	Repayments by director £	At 30 September 2018 £
Mr J G Strawbridge and Mrs H L I Strawbridge
Interest charged at 2.5%	(3,380)	(73,670)	51,244	(25,806)

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