Intex Facades Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05144701 (England and Wales)

INTEX FACADES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Mills

S Mills

REGISTERED OFFICE:

Bleak Hill Sidings

Off Sheepbridge Lane

Mansfield

Nottinghamshire

NG18 5EP

REGISTERED NUMBER:

05144701 (England and Wales)

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

66,673

74,778

66,674

74,779

CURRENT ASSETS

Stocks

2,457

55,172

Debtors

6

580,455

1,472,387

Cash at bank

415,759

203,790

998,671

1,731,349

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

438,810

1,210,789

NET CURRENT ASSETS

559,861

520,560

TOTAL ASSETS LESS CURRENT LIABILITIES

626,535

595,339

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

(60,191

)

(18,841

)

PROVISIONS FOR LIABILITIES

(11,270

)

(13,144

)

NET ASSETS

555,074

563,354

CAPITAL AND RESERVES

Called up share capital

11

14

14

Capital redemption reserve

4

4

Retained earnings

555,056

563,336

SHAREHOLDERS' FUNDS

555,074

563,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 30 October 2020 and were signed on its behalf by:

J Mills - Director

1.	STATUTORY INFORMATION

Intex Facades 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

Compliance with accounting standards

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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover

Turnover represents net invoiced sales of goods and services, net of value added tax and trade discounts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

20% on cost

Improvements to property

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Turnover and profits

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

5,000

AMORTISATION

At 1 August 2019

and 31 July 2020

4,999

NET BOOK VALUE

At 31 July 2020

1

At 31 July 2019

1

5.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 August 2019

2,526

3,152

60,161

Additions

-

2,845

5,685

At 31 July 2020

2,526

5,997

65,846

DEPRECIATION

At 1 August 2019

2,525

3,151

44,803

Charge for year

-

569

5,256

At 31 July 2020

2,525

3,720

50,059

NET BOOK VALUE

At 31 July 2020

1

2,277

15,787

At 31 July 2019

1

1

15,358

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 August 2019

62,651

49,688

178,178

Additions

881

-

9,411

At 31 July 2020

63,532

49,688

187,589

DEPRECIATION

At 1 August 2019

29,707

23,214

103,400

Charge for year

5,073

6,618

17,516

At 31 July 2020

34,780

29,832

120,916

NET BOOK VALUE

At 31 July 2020

28,752

19,856

66,673

At 31 July 2019

32,944

26,474

74,778

The net book value of motor vehicles includes £18,431 (2019: £24,574) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £6,144 (2019: £8,191) for the year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

359,122

1,318,064

Amounts recoverable on contract

76,705

135,922

Other debtors

144,628

18,401

580,455

1,472,387

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

10,593

10,593

Trade creditors

210,646

738,676

Taxation and social security

47,029

151,443

Other creditors

170,542

310,077

438,810

1,210,789

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

8,248

18,841

Other creditors

51,943

-

60,191

18,841

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

10,593

10,593

Between one and five years

8,248

18,841

18,841

29,434

Non-cancellable

operating leases

2020

2019

£

£

Within one year

27,959

31,549

Between one and five years

30,362

42,188

58,321

73,737

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

151,897

-

The loan is secured against personal guarantees given by the directors.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

6

Ordinary A

£1

6

6

4

Ordinary C

£1

4

4

4

Ordinary D

£1

4

4

14

14

12.	RELATED PARTY DISCLOSURES

Included within Other Debtors is an amount due of £117,875 from A2 Facades Limited, a company controlled by the directors.This was provided to enable the purchase of a freehold property. No interest has been charged.

13.

CONTROL

The company is controlled by J F Mills.