Timber and Hardware Supplies (Tewkesbury) Limited Filleted accounts for Companies House (small and micro)

Timber and Hardware Supplies (Tewkesbury) Limited Filleted accounts for Companies House (small and micro)

TIMBER AND HARDWARE SUPPLIES (TEWKESBURY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01207552
Timber and Hardware Supplies (Tewkesbury) Limited
Filleted Unaudited Financial Statements
Year ended
30 September 2021
Timber and Hardware Supplies (Tewkesbury) Limited
Financial Statements
Year ended 30 September 2021
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Timber and Hardware Supplies (Tewkesbury) Limited
Statement of Financial Position
30 September 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
23,293
28,718
Investments
6
1,300
1,300
--------
--------
24,593
30,018
Current assets
Stocks
129,963
122,919
Debtors
7
54,368
55,107
Cash at bank and in hand
5,115
16,889
---------
---------
189,446
194,915
Creditors: amounts falling due within one year
8
128,519
97,496
---------
---------
Net current assets
60,927
97,419
--------
---------
Total assets less current liabilities
85,520
127,437
--------
---------
Net assets
85,520
127,437
--------
---------
Timber and Hardware Supplies (Tewkesbury) Limited
Statement of Financial Position (continued)
30 September 2021
2021
2020
Note
£
£
£
£
Capital and reserves
Called up share capital
9
20,210
20,210
Profit and loss account
65,310
107,227
--------
---------
Shareholders funds
85,520
127,437
--------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 23 June 2022 , and are signed on behalf of the board by:
A P Reeve
Director
Company registration number: 01207552
Timber and Hardware Supplies (Tewkesbury) Limited
Notes to the Financial Statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bredon Road, Mitton, Tewkesbury, Glos, GL20 5DA.
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
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the 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 or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to buildings
-
2% straight line
Fixtures and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Electrical installations
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2020: 9 ).
5. Tangible assets
At 1 Oct 2020
Additions
At 30 Sep 2021
£
£
£
Cost
Improvements to buildings
8,031
–
8,031
Fixtures and equipment
166,987
466
167,453
Motor vehicles
61,848
–
61,848
Electrical installations
19,252
–
19,252
---------
----
---------
256,118
466
256,584
---------
----
---------
At 1 Oct 2020
Charge for the year
At 30 Sep 2021
£
£
£
Depreciation
Improvements to buildings
1,768
161
1,929
Fixtures and equipment
156,852
2,651
159,503
Motor vehicles
50,642
2,801
53,443
Electrical installations
18,138
278
18,416
---------
-------
---------
227,400
5,891
233,291
---------
-------
---------
At 30 Sep 2021
At 30 Sep 2020
£
£
Carrying amount
Improvements to buildings
6,102
6,263
Fixtures and equipment
7,950
10,135
Motor vehicles
8,405
11,206
Electrical installations
836
1,114
--------
--------
23,293
28,718
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 Oct 2020 and 30 Sep 2021
1,300
-------
Impairment
At 1 Oct 2020 and 30 Sep 2021
–
-------
Carrying amount
At 30 Sep 2021
1,300
-------
At 30 Sep 2020
1,300
-------
7. Debtors
2021
2020
£
£
Trade debtors
15,775
24,206
Other debtors
38,593
30,901
--------
--------
54,368
55,107
--------
--------
The debtors above include the following amounts falling due after more than one year:
2021
2020
£
£
Other debtors
20,195
11,317
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
26,862
–
Trade creditors
53,310
58,845
Social security and other taxes
15,228
8,787
Other creditors
33,119
29,864
---------
--------
128,519
97,496
---------
--------
Other creditors include hire purchase creditors of £nil (2020 - £2,580) which are secured on the assets concerned.
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
20,100
20,100
20,100
20,100
Non - voting redeemable shares of £ 1 each
110
110
110
110
--------
--------
--------
--------
20,210
20,210
20,210
20,210
--------
--------
--------
--------
10. Directors' advances, credits and guarantees
With regard to the advances to a director, the balance at the start of the year was £ 18,884 . Additional advances totalling £ 800 and repayments totalling £ 2,000 were made during the year and the balance at the year-end was £ 17,684 . The advances were made interest-free and are repayable on demand.