A.C.L. Plastering And Drylining Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02629434 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

A.C.L. Plastering And Drylining Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Jarman

SECRETARY:

Mrs S Jarman

REGISTERED OFFICE:

Unit 4 Barley Business Park Duncan Road

Park Gate

Southampton

SO31 1ZT

REGISTERED NUMBER:

02629434 (England and Wales)

ACCOUNTANTS:

Parry Hancock

Chartered Accountants

Webb House

20 Bridge Road

Park Gate

Southampton

Hampshire

SO31 7GE

FIXED ASSETS

Tangible assets

4

9,284

14,128

CURRENT ASSETS

Stocks

213,363

30,956

Debtors

5

129,882

342,484

Cash at bank and in hand

1,401,369

1,365,002

1,744,614

1,738,442

CREDITORS

Amounts falling due within one year

6

382,066

560,749

NET CURRENT ASSETS

1,362,548

1,177,693

TOTAL ASSETS LESS CURRENT LIABILITIES

1,371,832

1,191,821

CAPITAL AND RESERVES

Called up share capital

30

30

Capital redemption reserve

70

70

Retained earnings

1,371,732

1,191,721

1,371,832

1,191,821

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 July 2020 and were signed by:

A Jarman - Director

1.	STATUTORY INFORMATION

A.C.L. Plastering And Drylining 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.

Revenue recognition

Revenue - described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus

the value of work (net of VAT) performed during the year with respect to services.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed.

Revenue is recognised on the provision of services on a percentage degree of completion basis calculated by

reference to the time expended compared to the anticipated time.

Tangible fixed assets

The cost of tangible fixed assets includes only expenditure directly incurred in bringing the assets into working

condition for their intended use. Both the cost of replacing major components and the cost of major inspections

are capitalised. Borrowing costs are not capitalised. Depreciation is provided at the following annual rates in

order to allocate the depreciable amount of each asset over its estimated useful life.

Plant and machinery - 25% on cost

Motor Vehicles - 25% on cost

Assets held under finance leases are depreciated in the same way as owned 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 sufferer an impairment loss. If any such indication exists, the

recoverable amount of the 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.

Work in progress

Work in progress on long term contracts is shown at net cost after deducting foreseeable losses and payments on

account.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

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.

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

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2019

and 31 December 2019

2,524

24,420

383

27,327

DEPRECIATION

At 1 January 2019

1,958

11,145

96

13,199

Charge for year

323

4,425

96

4,844

At 31 December 2019

2,281

15,570

192

18,043

NET BOOK VALUE

At 31 December 2019

243

8,850

191

9,284

At 31 December 2018

566

13,275

287

14,128

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

72,930

291,477

Other debtors

56,952

51,007

129,882

342,484

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

76,434

172,808

Taxation and social security

80,911

173,687

Other creditors

224,721

214,254

382,066

560,749

7.	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:

31.12.19

31.12.18

£

£

A Jarman

Balance outstanding at start of year

8,272

(414

)

Amounts advanced

10,000

10,000

Amounts repaid

(8,272

)

(1,314

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,000

8,272

The above loan has been repaid in full since the year end.

8.	POST BALANCE SHEET EVENTS

Coronavirus

As at the company's year-end, 31 December 2019, China had alerted the World Health Organisation (WHO) of

several cases of an unusual form of pneumonia in Wuhan. However, substantive information about what has now

been identified as coronavirus (or COVID-19) only came to light in early 2020. The director does not consider

that any adjustments are necessary to the financial statements as a result of the existence of the Covid-19 virus.

Where necessary staff were placed on furlough under the Coronavirus Job Retention Scheme.

The director believes that the company will continue to trade profitably beyond the current crisis and given its

significant cash resources together with the Government's measures under the Covid-19: Support for Business

initiatives the company has appropriate resources to sustain any short term economic impact.