Tew Brothers Limited - Accounts

Tew Brothers Limited - Accounts

TEW BROTHERS LIMITED - Company Information

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Registered Number: 02799751


 

 

 


Abridged Accounts

for the year ended 31 March 2020

for

TEW BROTHERS LIMITED

Tew Brothers Limited
Contents Page
For the year ended 31 March 2020
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2020 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Brumijan Ltd t/a all about accounting
31 March 2020



....................................................
Brumijan Ltd t/a all about accounting
West Gate Lodge
Cams Hall Estate
Fareham
PO16 8UP
01 December 2020
1
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 2 263,337    317,716 
263,337    317,716 
Current assets      
Stocks 673,964    734,844 
Debtors 418,758    901,810 
Cash at bank and in hand 55,172    1,144 
1,147,894    1,637,798 
Creditors: amount falling due within one year (743,098)   (1,325,709)
Net current assets 404,796    312,089 
 
Total assets less current liabilities 668,133    629,805 
Creditors: amount falling due after more than one year (57,028)   (109,951)
Provisions for liabilities (4,752)   (3,452)
Net assets 606,353    516,402 
 

Capital and reserves 		     
Called up share capital 3 10,000    10,000 
Profit and loss account 596,353    506,402 
Shareholders funds 606,353    516,402 
 


For the year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 01 December 2020 and were signed on its behalf by:


--------------------------------
Shaun Tew
Director
2
General Information
Tew Brothers Limited is a private company, limited by shares, registered in , registration number 02799751, registration address Unit 5 RJ Mitchell Centre, Spitfire Quay, Hazel Road, Southampton, SO19 7GB

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10 Straight Line
Motor Vehicles 20% Reducing Balance
Land and Buildings 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Land and Buildings   Total
  £   £   £   £
At 01 April 2019 62,132    461,386    99,223    622,741 
Additions 5,400    19,613    -    25,013 
Disposals -    -    -    - 
At 31 March 2020 67,532    480,999    99,223    647,754 
Depreciation
At 01 April 2019 32,894    214,769    57,362    305,025 
Charge for year 12,168    53,268    13,956    79,392 
On disposals -    -    -    - 
At 31 March 2020 45,062    268,037    71,318    384,417 
Net book values
Closing balance as at 31 March 2020 22,470    212,962    27,905    263,337 
Opening balance as at 01 April 2019 29,238    246,617    41,861    317,716 

The net book value of Land and Buildings includes £27,905(2019 £41,861) in respect of assets leased under finance leases or hire purchase contracts.

3.

Share Capital

Allotted, called up and fully paid
2020
£		   2019
£
10,000 Class A shares of £1.00 each 10,000    10,000 
10,000    10,000 

4.

Average number of employees

The average monthly number of employees, including directors, during the year was 46 (2019 : 43)
3