P Bowyer Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01895836 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2020

for

P Bowyer Associates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P D C Bowyer

Mrs H P Bowyer

D C Bowyer

R Bowyer

REGISTERED OFFICE:

33 Mahoney Green

Green Lane West

Rackheath

NORWICH

Norfolk

NR13 6JY

REGISTERED NUMBER:

01895836 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

479,162

466,726

Investment property

6

1,140,000

883,000

1,619,162

1,349,726

CURRENT ASSETS

Stocks

7

8,000

7,000

Debtors

8

242,853

275,596

Cash at bank and in hand

2,719

251

253,572

282,847

CREDITORS

Amounts falling due within one year

9

451,831

570,303

NET CURRENT LIABILITIES

(198,259

)

(287,456

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,420,903

1,062,270

CREDITORS

Amounts falling due after more than one year

10

(148,475

)

(92,058

)

PROVISIONS FOR LIABILITIES

(128,794

)

(75,206

)

NET ASSETS

1,143,634

895,006

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

6,174

6,174

Other reserves

12

550,842

342,672

Retained earnings

586,518

546,060

SHAREHOLDERS' FUNDS

1,143,634

895,006

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2020 and were signed on its behalf by:

D C Bowyer - Director

1.	STATUTORY INFORMATION

P Bowyer 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 (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the value of goods and services supplied by the company, net of VAT and trade discounts, during the period. Where work spans the year end the relevant proportion of the net invoice value is treated as accrued income.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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 each asset over its estimated useful life.

Land & Buildings

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

30% on reducing balance

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

Grants of a revenue nature are credited to the Income Statement so as to match them with the expenditure to which they relate.

Investment property

Investment property is carried at fair value, determined annually by the directors and derived from considering current market conditions and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and referring to outside experts where necessary. No depreciation is provided on investment properties and changes in fair value are recognised in the Statement of Comprehensive Income.

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.

Leasing and hire purchase

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease.

Assets held under finance leases and HP agreements, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful economic lives. The capital element of future obligations under the lease is included as a liability in the balance sheet. The interest element of the payment obligations is charged to the profit and loss account over the period of the agreement and represents a constant proportion of the balance of capital repayments outstanding.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2019 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

40,000

AMORTISATION

At 1 July 2019

and 30 June 2020

40,000

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

-

5.	TANGIBLE FIXED ASSETS

Land &

Plant and

Motor

Buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 July 2019

388,093

366,597

364,005

1,118,695

Additions

-

47,573

47,762

95,335

Disposals

-

(11,000

)

(50,420

)

(61,420

)

At 30 June 2020

388,093

403,170

361,347

1,152,610

DEPRECIATION

At 1 July 2019

108,630

318,001

225,338

651,969

Charge for year

7,165

23,476

45,050

75,691

Eliminated on disposal

-

(11,000

)

(43,212

)

(54,212

)

At 30 June 2020

115,795

330,477

227,176

673,448

NET BOOK VALUE

At 30 June 2020

272,298

72,693

134,171

479,162

At 30 June 2019

279,463

48,596

138,667

466,726

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

883,000

Fair value movement

257,000

At 30 June 2020

1,140,000

NET BOOK VALUE

At 30 June 2020

1,140,000

At 30 June 2019

883,000

Fair value at 30 June 2020 is represented by:

£

Valuation in 2020

1,140,000

7.

STOCKS

2020

2019

£

£

Stocks

8,000

7,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

217,211

257,825

Other debtors

25,642

17,771

242,853

275,596

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

82,894

215,443

Hire purchase contracts

77,572

71,278

Trade creditors

61,962

63,435

Taxation and social security

157,598

128,476

Other creditors

71,805

91,671

451,831

570,303

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

57,873

26,057

Hire purchase contracts

90,602

66,001

148,475

92,058

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

10,000

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

65,099

175,484

Bank loans

75,668

66,016

Hire purchase contracts

168,174

137,279

308,941

378,779

Within secured creditors are amounts of £148,475 which fall due after one year. Security is held over the HP assets being financed. The bank loans and overdraft are secured by a fixed and floating charge over the company's assets.

12.

RESERVES

Other

reserves

£

At 1 July 2019

342,672

Movement in the year

208,170

At 30 June 2020

550,842

The Other reserves balance is the surplus arising on the fair value movement of investment properties, net of the deferred tax liability provided for in relation to the fair value movement.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

D Bowyer had a loan account with the company. During the year he was advanced amounts of £11,551, and repaid £11,551.

R Bowyer had a loan account with the company. During the year he was advanced amounts of £17,773, and repaid £17,773.

P Bowyer had a loan account with the company. During the year he was advanced amounts of £24,378, and repaid £28,166.

Interest is payable where the amount advanced exceeded the HMRC threshold in line with the rules for beneficial loans. The loans are repayable on demand.