N Turner Joinery Contractors Limited Filleted accounts for Companies House (small and micro)

N Turner Joinery Contractors Limited Filleted accounts for Companies House (small and micro)

N TURNER JOINERY CONTRACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03552178
N TURNER JOINERY CONTRACTORS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
6 April 2020
N TURNER JOINERY CONTRACTORS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 6 APRIL 2020
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
N TURNER JOINERY CONTRACTORS LIMITED
BALANCE SHEET
6 April 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
11,217
13,861
Current assets
Debtors
6
13,239
19,017
Cash at bank and in hand
15,980
10,119
------------
------------
29,219
29,136
Creditors: amounts falling due within one year
7
( 12,091)
( 14,861)
------------
------------
Net current assets
17,128
14,275
------------
------------
Total assets less current liabilities
28,345
28,136
Provisions
Taxation including deferred tax
( 2,131)
( 2,634)
------------
------------
Net assets
26,214
25,502
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
26,213
25,501
------------
------------
Shareholders funds
26,214
25,502
------------
------------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 6 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 January 2021 , and are signed on behalf of the board by:
N G Turner Director
Company registration number: 03552178
N TURNER JOINERY CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 6 APRIL 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Mushroom Farm, Penistone Road, Hade Edge, Holmfirth, West Yorkshire, HD9 2JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of work done in the year, including estimates of amounts not invoiced at the year end by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 7 April 2019 and 6 April 2020
15,270
17,865
1,471
34,606
------------
------------
------------
------------
Depreciation
At 7 April 2019
7,062
12,212
1,471
20,745
Charge for the year
1,231
1,413
–
2,644
------------
------------
------------
------------
At 6 April 2020
8,293
13,625
1,471
23,389
------------
------------
------------
------------
Carrying amount
At 6 April 2020
6,977
4,240
–
11,217
------------
------------
------------
------------
At 6 April 2019
8,208
5,653
–
13,861
------------
------------
------------
------------
6. Debtors
2020
2019
£
£
Prepayments and accrued income
242
249
CIS recoverable
12,997
18,768
------------
------------
13,239
19,017
------------
------------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Accruals and deferred income
1,693
1,680
Corporation tax
1,527
2,875
Director loan accounts
8,871
10,306
------------
------------
12,091
14,861
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2020
2019
£
£
Included in provisions
2,131
2,634
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£
£
Accelerated capital allowances
2,131
2,634
------------
------------
9. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
10. Related party transactions
Included within creditors is an amount of £8,871 (2019: £10,306) in respect of a loan from the director to the company. This amount is unsecured, repayable on demand and currently interest-free.