Carter Fabrications Limited - Period Ending 2020-02-29

Carter Fabrications Limited - Period Ending 2020-02-29


Carter Fabrications Limited 03504284 false 2019-03-01 2020-02-29 2020-02-29 The principal activity of the company is that of sheet metal fabricators. Digita Accounts Production Advanced 6.26.9041.0 Software true 03504284 2019-03-01 2020-02-29 03504284 2020-02-29 03504284 core:RetainedEarningsAccumulatedLosses 2020-02-29 03504284 core:ShareCapital 2020-02-29 03504284 core:CurrentFinancialInstruments 2020-02-29 03504284 core:CurrentFinancialInstruments core:WithinOneYear 2020-02-29 03504284 core:MotorVehicles 2020-02-29 03504284 core:OtherPropertyPlantEquipment 2020-02-29 03504284 bus:SmallEntities 2019-03-01 2020-02-29 03504284 bus:AuditExemptWithAccountantsReport 2019-03-01 2020-02-29 03504284 bus:FullAccounts 2019-03-01 2020-02-29 03504284 bus:SmallCompaniesRegimeForAccounts 2019-03-01 2020-02-29 03504284 bus:RegisteredOffice 2019-03-01 2020-02-29 03504284 bus:Director3 2019-03-01 2020-02-29 03504284 bus:PrivateLimitedCompanyLtd 2019-03-01 2020-02-29 03504284 core:MotorVehicles 2019-03-01 2020-02-29 03504284 core:OtherPropertyPlantEquipment 2019-03-01 2020-02-29 03504284 countries:AllCountries 2019-03-01 2020-02-29 03504284 2019-02-28 03504284 core:MotorVehicles 2019-02-28 03504284 core:OtherPropertyPlantEquipment 2019-02-28 03504284 2018-03-01 2019-02-28 03504284 2019-02-28 03504284 core:RetainedEarningsAccumulatedLosses 2019-02-28 03504284 core:ShareCapital 2019-02-28 03504284 core:CurrentFinancialInstruments 2019-02-28 03504284 core:CurrentFinancialInstruments core:WithinOneYear 2019-02-28 03504284 core:MotorVehicles 2019-02-28 03504284 core:OtherPropertyPlantEquipment 2019-02-28 iso4217:GBP xbrli:pure

Registration number: 03504284

Carter Fabrications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2020

 

Carter Fabrications Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Carter Fabrications Limited

(Registration number: 03504284)
Balance Sheet as at 29 February 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

12,039

8,223

Current assets

 

Stocks

5

5,000

2,000

Debtors

6

53,038

42,608

Cash at bank and in hand

 

47,867

75,594

 

105,905

120,202

Creditors: Amounts falling due within one year

7

(29,443)

(37,356)

Net current assets

 

76,462

82,846

Total assets less current liabilities

 

88,501

91,069

Provisions for liabilities

-

(1,563)

Net assets

 

88,501

89,506

Capital and reserves

 

Called up share capital

1,950

1,950

Profit and loss account

86,551

87,556

Total equity

 

88,501

89,506

 

Carter Fabrications Limited

(Registration number: 03504284)
Balance Sheet as at 29 February 2020

For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 August 2020
 

.........................................

Mr Z Reddy
Director

 

Carter Fabrications Limited

Notes to the Financial Statements for the Year Ended 29 February 2020

1

General information

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

The address of its registered office is:
37 Lowerclough Fold
Barrowford
Lancashire
BB9 8LG
England

The principal place of business is:
Holme Road Works
Ashley Street
Stoneyholme
Burnley
Lancashire
BB12 0BE
England

These financial statements were authorised for issue by the director on 24 August 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 in sterling (£) 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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Carter Fabrications Limited

Notes to the Financial Statements for the Year Ended 29 February 2020

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Motor vehicles

25% reducing balance

Other property, plant and equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Carter Fabrications Limited

Notes to the Financial Statements for the Year Ended 29 February 2020

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2019 - 3).

 

Carter Fabrications Limited

Notes to the Financial Statements for the Year Ended 29 February 2020

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2019

10,950

52,346

63,296

Additions

6,550

1,835

8,385

Disposals

(10,950)

-

(10,950)

At 29 February 2020

6,550

54,181

60,731

Depreciation

At 1 March 2019

9,275

45,798

55,073

Charge for the year

1,638

1,257

2,895

Eliminated on disposal

(9,276)

-

(9,276)

At 29 February 2020

1,637

47,055

48,692

Carrying amount

At 29 February 2020

4,913

7,126

12,039

At 28 February 2019

1,675

6,548

8,223

5

Stocks

2020
£

2019
£

Other inventories

5,000

2,000

6

Debtors

2020
£

2019
£

Trade debtors

51,874

41,908

Prepayments

831

367

Other debtors

333

333

53,038

42,608

 

Carter Fabrications Limited

Notes to the Financial Statements for the Year Ended 29 February 2020

7

Creditors

Creditors: amounts falling due within one year

2020
£

2019
£

Due within one year

Trade creditors

20,717

13,178

Taxation and social security

6,662

22,176

Accruals and deferred income

1,935

1,935

Other creditors

129

67

29,443

37,356