Fred Balls (Fastenings & Couplings) Ltd - Accounts to registrar (filleted) - small 18.2
Fred Balls (Fastenings & Couplings) Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Fred Balls (Fastenings & Couplings) |
| Limited |
| Financial Statements for the Year Ended 31st March 2020 |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Contents of the Financial Statements |
| for the year ended 31st March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Fred Balls (Fastenings & Couplings) |
| Limited |
| Company Information |
| for the year ended 31st March 2020 |
| DIRECTORS: |
| SECRETARY: | R Parkin |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire HU2 8BA |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Balance Sheet |
| 31st March 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Capital redemption reserve | 12 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Balance Sheet - continued |
| 31st March 2020 |
| 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 |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Notes to the Financial Statements |
| for the year ended 31st March 2020 |
| 1. | STATUTORY INFORMATION |
| Fred Balls (Fastenings & Couplings) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| In assessing the appropriateness of going concern, the directors have given due consideration to the impact arising from the current economic uncertainties in relation to the Covid-19 pandemic. Fortunately, due to the industries the company supplies it has not been significantly affected and having taken advantage of the government support schemes has sufficient cash and borrowing facilities to meet its needs. |
| 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 calculated to write down the cost of all fixed assets (other than freehold land) by equal instalments over their expected useful lives. |
| The periods generally applicable are: |
| Freehold building | 50 years |
| Plant and equipment | 4 to 10 years |
| Office equipment | 5 years |
| Motor vehicles | 3 to 5 years |
| 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. |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Balances at the year end denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| The company contributes to selected employees' private pension schemes on a defined contribution basis. The contributions to such schemes are charged to the profit and loss account in the year in which they are made. |
| Derivatives |
| Where material to the financial statements, derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. The company uses derivatives to reduced the risk of currency fluctuation from trading in foreign currencies. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2019 - |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold |
| land & | Plant and | Motor | Computer |
| buildings | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st April 2019 |
| Additions |
| At 31st March 2020 |
| DEPRECIATION |
| At 1st April 2019 |
| Charge for year |
| At 31st March 2020 |
| NET BOOK VALUE |
| At 31st March 2020 |
| At 31st March 2019 |
| Included in cost of land and buildings is freehold land of £ 169,600 (2019 - £ 169,600 ) which is not depreciated. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Invoice discounting advances | 631,044 | 659,446 |
| Accruals and deferred income |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2020 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Other loans | 631,043 | 659,446 |
| Bank loans | 117,532 | 141,231 |
| The debts are secured by fixed and floating charges over the company's assets. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 7,041 | 9,472 |
| Deferred |
| tax |
| £ |
| Balance at 1st April 2019 |
| Transfer from profit and loss | (2,431 | ) |
| Balance at 31st March 2020 |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2020 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary shares | £1 | 10,000 | 10,000 |
| Preference shares | £1 | 87,000 | 87,000 |
| 97,000 | 97,000 |
| 12. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st April 2019 | 791,839 |
| Profit for the year |
| At 31st March 2020 | 852,280 |
| Retained earnings |
| Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
| Capital redemption reserve |
| The capital redemption reserve represents the amounts paid upon the redemption of preference shares. |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | PENSION COMMITMENTS |
| During the year the company made contributions of £33,549 (2019 £26,554) to defined contribution pension schemes. The amount outstanding at the year end was £nil (2019 £nil). |
| 15. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Fred Balls (Fastenings & Couplings) |
| Limited (Registered number: 02698397) |
| Notes to the Financial Statements - continued |
| for the year ended 31st March 2020 |
| 16. | ULTIMATE PARENT COMPANY |
| The company is wholly owned by Fred Balls Fastenings Limited. |