A & P Sedman Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04893556 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

A & P SEDMAN LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Sedman

Mrs S A Sedman

REGISTERED OFFICE:

13 Yorkersgate

Malton

North Yorkshire

YO17 7AA

BUSINESS ADDRESS:

Unit 4

Showfield Lane

Malton

North Yorkshire

YO17 6BT

REGISTERED NUMBER:

04893556 (England and Wales)

ACCOUNTANTS:

Townsend Harrison Limited

13 Yorkersgate

Malton

North Yorkshire

YO17 7AA

FIXED ASSETS

Intangible assets

5

23,513

31,353

Tangible assets

6

3,039

3,923

26,552

35,276

CURRENT ASSETS

Stocks

10,975

11,750

Debtors

7

77,582

67,248

Cash at bank

99,061

20,525

187,618

99,523

CREDITORS

Amounts falling due within one year

8

67,701

93,384

NET CURRENT ASSETS

119,917

6,139

TOTAL ASSETS LESS CURRENT LIABILITIES

146,469

41,415

CREDITORS

Amounts falling due after more than one year

9

(42,178

)

-

PROVISIONS FOR LIABILITIES

-

(745

)

NET ASSETS

104,291

40,670

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

104,191

40,570

SHAREHOLDERS' FUNDS

104,291

40,670

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 2 February 2021 and were signed on its behalf by:

Mr A Sedman - Director

Mrs S A Sedman - Director

1.	STATUTORY INFORMATION

A & P Sedman 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.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Company's personalised vehicle number plate

The company's personalised vehicle number plate has been capitalised and is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

30% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Revenue recognition

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for the supply of goods and services that it provides. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2019

and 31 August 2020

156,793

250

157,043

AMORTISATION

At 1 September 2019

125,440

250

125,690

Charge for year

7,840

-

7,840

At 31 August 2020

133,280

250

133,530

NET BOOK VALUE

At 31 August 2020

23,513

-

23,513

At 31 August 2019

31,353

-

31,353

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

and 31 August 2020

70,981

DEPRECIATION

At 1 September 2019

67,058

Charge for year

884

At 31 August 2020

67,942

NET BOOK VALUE

At 31 August 2020

3,039

At 31 August 2019

3,923

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

55,063

61,131

Other debtors

22,519

6,117

77,582

67,248

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

8,328

7,651

Trade creditors

29,138

36,971

Taxation and social security

27,125

23,047

Other creditors

3,110

25,715

67,701

93,384

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

42,178

-

2020

2019

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable in more than 5 years, by instalments

8,862

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

506

7,651

The company's bankers have fixed and floating charges over the undertaking and all assets present and future.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2020 and 31 August 2019:

2020

2019

£

£

Mr A Sedman and Mrs S A Sedman

Balance outstanding at start of year

(22,091

)

(57,690

)

Amounts advanced

43,640

45,890

Amounts repaid

-

(10,291

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,549

(22,091

)

The above loan is unsecured and is repayable on demand.

The above loan incurs interest at 2.5% per annum on a daily basis whilst it is overdrawn. The loan is interest free whilst in credit.Interest totalling £91 was charged on the loan in the year (2019: None).

Included in other debtors is £65 of accrued interest (2019: Nil).

During this year the maximum amount the loan was overdrawn was £21,549 and the previous year the loan was never overdrawn.

12.	POST BALANCE SHEET EVENTS

After the balance sheet date, we have seen macro-economic uncertainty with regard to the general trading conditions as a result of COVID-19 (coronavirus) outbreak leading to disruption to business activity. The directors consider the emergence and spread of COVID-19 to be a non-adjusting post-balance sheet event . Given the inherent uncertainties, it is not practicable at this time to determine the impact of COVID-19 on the company or provide a quantitative estimate of this impact. We confirm that no other event has occurred between the Balance Sheet date and the date of approval of these accounts, which will materially affect the amounts or manner in which significant items are reflected in the accounts.