A.K. Timms & Sons Limited - Accounts to registrar (filleted) - small 18.2
A.K. Timms & Sons Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2019 |
for |
| A.K. Timms & Sons Limited |
A.K. Timms & Sons Limited (Registered number: 01376504) |
Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
A.K. Timms & Sons Limited |
Company Information |
for the Year Ended 31 December 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
2 Copperhouse Court |
Caldecotte Business Park |
Milton Keynes |
Buckinghamshire |
MK7 8NL |
A.K. Timms & Sons Limited (Registered number: 01376504) |
Balance Sheet |
31 December 2019 |
31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
A.K. Timms & Sons Limited (Registered number: 01376504) |
Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
1. | STATUTORY INFORMATION |
A.K. Timms & Sons Limited is a |
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 |
Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Solar panels | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
A.K. Timms & Sons Limited (Registered number: 01376504) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Solar |
property | machinery | panels |
£ | £ | £ |
COST |
At 1 January 2019 |
Additions |
At 31 December 2019 |
DEPRECIATION |
At 1 January 2019 |
Charge for year |
At 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
Additions |
At 31 December 2019 |
DEPRECIATION |
At 1 January 2019 |
Charge for year |
At 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
| Included in the cost of freehold property is freehold land of £80,441 (2018- £80,441) which is not depreciated. |
A.K. Timms & Sons Limited (Registered number: 01376504) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
Fair value at 31 December 2019 is represented by: |
£ |
Valuation in 2000 | 252,078 |
Valuation in 2001 | 62,500 |
Valuation in 2002 | 35,000 |
Valuation in 2003 | 72,500 |
Valuation in 2005 | 15,000 |
Valuation in 2008 | 115,000 |
Valuation in 2009 | 80,000 |
Valuation in 2011 | 55,750 |
Valuation in 2016 | 414,250 |
Valuation in 2017 | (195,000 | ) |
Cost | 227,922 |
1,135,000 |
The property was last revalued on the 20 November 2017 by Ted George Estate Agents. In the directors opinion |
the total value of investment properties has not moved significantly from the prior year. The historical cost of the |
properties if they had not been re-valued would have been £227,922. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
A.K. Timms & Sons Limited (Registered number: 01376504) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Employers pension | 4,468 | 2,872 |
VAT | 71,392 | 72,543 |
Directors' current accounts | 41,564 | 40,094 |
Accruals |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
Between one and five years |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Audit Report was unqualified and signed by |
behalf of Crouchers Ltd, Chartered Accountants and Statutory Auditors, |
11. | RELATED PARTY DISCLOSURES |
During the year company sold goods amounting to £29,802 to a director of the company. These goods were sold |
in the normal course of business on arms length basis. The balance at the year end was £17,636. |
12. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors and their direct families who own 100% of the issued share capital. |