ACT Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02606201 (England and Wales)

ACT ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I F Coombes

Mrs M D Coombes

REGISTERED OFFICE:

Victoria House

32 Lower High Street

Stourbridge

West Midlands

DY8 1TA

REGISTERED NUMBER:

02606201 (England and Wales)

FIXED ASSETS

Tangible assets

4

217,347

226,378

CURRENT ASSETS

Stocks

22,360

23,540

Debtors

5

98,059

145,522

Cash at bank and in hand

82,758

32,351

203,177

201,413

CREDITORS

Amounts falling due within one year

6

206,301

266,319

NET CURRENT LIABILITIES

(3,124

)

(64,906

)

TOTAL ASSETS LESS CURRENT LIABILITIES

214,223

161,472

CREDITORS

Amounts falling due after more than one year

7

(478

)

(4,528

)

PROVISIONS FOR LIABILITIES

(2,250

)

(2,739

)

NET ASSETS

211,495

154,205

CAPITAL AND RESERVES

Called up share capital

9

501

501

Revaluation reserve

10

111,588

117,069

Capital redemption reserve

501

501

Retained earnings

98,905

36,134

SHAREHOLDERS' FUNDS

211,495

154,205

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 27th November 2020 and were signed on its behalf by:

I F Coombes - Director

1.	STATUTORY INFORMATION

ACT Associates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are rounded to the nearest £.

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts.

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

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

Land and buildings

-

2% on reducing balance

Plant and machinery etc

-

25% on reducing balance and 10% - 25% on reducing balance

Government grants

Government grants in relation to the Coronavirus Job Retention Scheme are recognised in the profit and loss account when the relevant expenditure has been incurred. Other Government grants are recognised in the profit and loss account when received.

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.

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.

Cash and cash equivalents

Cash and cash equivalents includes deposits held at call at banks.

Debtors

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

Creditors

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st June 2019

and 31st May 2020

280,000

74,109

354,109

DEPRECIATION

At 1st June 2019

73,201

54,530

127,731

Charge for year

4,136

4,895

9,031

At 31st May 2020

77,337

59,425

136,762

NET BOOK VALUE

At 31st May 2020

202,663

14,684

217,347

At 31st May 2019

206,799

19,579

226,378

The company has taken advantage of the transitional provisions of FRS102 Section 1A and used the revalued amount as the deemed cost for land and buildings.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

86,749

124,045

Other debtors

11,310

21,477

98,059

145,522

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

2,129

13,230

Hire purchase contracts

14,682

17,272

Trade creditors

25,775

75,679

Taxation and social security

54,712

41,701

Other creditors

109,003

118,437

206,301

266,319

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

-

1,419

Hire purchase contracts

478

3,109

478

4,528

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

2,129

14,649

Hire purchase contracts

15,160

20,381

17,289

35,030

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

500

'A' Ordinary

500

500

500

1

'B' Ordinary

1

1

1

501

501

10.

RESERVES

Revaluation

reserve

£

At 1st June 2019

117,069

Reserve Transfer

(5,481

)

At 31st May 2020

111,588

11.	OTHER FINANCIAL COMMITMENTS

The total amount of commitments is £4,208 (2019 £8,293)

12.

COVID 19

During the current Covid 19 pandemic, the company has been in receipt of various government grants but has continued to trade.

The directors are cautiously optimistic that the company can continue to prosper during the current pandemic and beyond.