Interlock Ductwork Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02361459 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Interlock Ductwork Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N D Mayne

P J H Walters

SECRETARY:

P J H Walters

REGISTERED OFFICE:

Unit 3 Swan Lane Industrial Estate

Swan Lane

West Bromwich

West Midlands

B70 0NU

REGISTERED NUMBER:

02361459 (England and Wales)

ACCOUNTANTS:

Curo Professional Services Limited

Curo House, Greenbox

Westonhall Road

Stoke Prior

Bromsgrove

Worcestershire

B60 4AL

FIXED ASSETS

Tangible assets

4

69,989

10,997

CURRENT ASSETS

Stocks

9,900

19,750

Debtors

5

96,688

173,973

Cash at bank and in hand

89,809

-

196,397

193,723

CREDITORS

Amounts falling due within one year

6

158,312

173,131

NET CURRENT ASSETS

38,085

20,592

TOTAL ASSETS LESS CURRENT LIABILITIES

108,074

31,589

CREDITORS

Amounts falling due after more than one year

7

(25,027

)

-

PROVISIONS FOR LIABILITIES

(13,136

)

(1,693

)

NET ASSETS

69,911

29,896

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

69,811

29,796

SHAREHOLDERS' FUNDS

69,911

29,896

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 14 December 2020 and were signed on its behalf by:

P J H Walters - Director

1.	STATUTORY INFORMATION

Interlock Ductwork 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

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.

Going concern

These financial statements have been prepared on the going concern basis on the grounds that the directors

believe that there is sufficient funding in place to support the business for the next twelve months from the date

of approval of the financial statements.

Forecasts that have been prepared on post-balance sheet trading conditions have been reviewed following the

Covid-19 pandemic and its impact on the country. This review has not resulted in a change in the director's belief

that the going concern basis is appropriate.

Turnover

The amount of turnover is the invoiced value of goods and services supplied to customers, excluding value added

tax, arising from the principal activity of the company.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of

tangible fixed assets. Land is not depreciated. The estimated useful lives are as follows:

Plant and machinery etc - 20% reducing balance

Motor vehicles - 20% straight line

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant

change since last annual reporting date in the pattern by which the company expects to consume an asset's future

economic benefits.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on

the first-in first-out principle and includes expenditure incurred in acquiring stocks, production or conversion

costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks

and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss

account except to the extent that it relates to items recognised directly in equity or other comprehensive income,

in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates

enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of

previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax

assessments in periods different from those in which they are recognised in the financial statements. The

following timing differences are not provided for; differences between accumulated depreciation and tax

allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met;

and differences relating to investments to the extent that it is not probable that they will reverse in the foreseeable

future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not

recognised on permanent differences arising because certain types of income or expense are non-taxable or are

disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding

income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using

tax rates enacted or substantively enacted at the balance sheet. Deferred tax balances are not discounted.

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.

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

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions

into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for

contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in

the periods during which services are rendered by employees.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment

losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price,

including any transaction costs, and subsequently measured at amortised cost determined using the effective

interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other

financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently

measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

182,032

Additions

61,191

At 31 March 2020

243,223

DEPRECIATION

At 1 April 2019

171,035

Charge for year

2,199

At 31 March 2020

173,234

NET BOOK VALUE

At 31 March 2020

69,989

At 31 March 2019

10,997

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

90,841

168,473

Other debtors

5,847

5,500

96,688

173,973

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

9,020

Hire purchase contracts

14,642

-

Trade creditors

104,992

142,390

Taxation and social security

25,348

8,868

Other creditors

13,330

12,853

158,312

173,131

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

25,027

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

-

9,020

The company bank overdraft facility is guaranteed personally by the directors.