A.T. Palmer (Builders & Contractors) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00538257 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

A.T. Palmer (Builders & Contractors) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Palmer

B P Hutchinson

S R Palmer

SECRETARY:

Mrs N J Palmer

REGISTERED OFFICE:

Smarden Business Estate

Monks Hill Smarden

Ashford

Kent

TN27 8QL

REGISTERED NUMBER:

00538257 (England and Wales)

ACCOUNTANTS:

Nichols & Co ( Accountancy ) Limited

Chartered Accountants

Unit 7

Mulberry Place

Pinnell Road

Eltham

London

SE9 6AR

FIXED ASSETS

Tangible assets

4

192,480

146,655

CURRENT ASSETS

Stocks

344,064

296,964

Debtors

5

309,138

347,754

Cash at bank

-

220,265

653,202

864,983

CREDITORS

Amounts falling due within one year

6

(595,214

)

(682,458

)

NET CURRENT ASSETS

57,988

182,525

TOTAL ASSETS LESS CURRENT LIABILITIES

250,468

329,180

CREDITORS

Amounts falling due after more than one year

7

(174,139

)

(209,210

)

PROVISIONS FOR LIABILITIES

9

(12,111

)

-

NET ASSETS

64,218

119,970

CAPITAL AND RESERVES

Called up share capital

10

18,000

18,000

Revaluation reserve

11

51,632

-

Retained earnings

11

(5,414

)

101,970

SHAREHOLDERS' FUNDS

64,218

119,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 13 June 2022 and were signed on its behalf by:

S R Palmer - Director

1.	STATUTORY INFORMATION

A.T. Palmer (Builders & Contractors) Ltd 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 as modified by the revaluation of certain assets.

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 provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2020 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 October 2020

14,954

47,149

62,488

Additions

-

-

-

Disposals

-

-

-

Revaluations

-

-

-

At 30 September 2021

14,954

47,149

62,488

DEPRECIATION

At 1 October 2020

14,954

43,850

62,362

Charge for year

-

330

13

Eliminated on disposal

-

-

-

Revaluation adjustments

-

-

-

At 30 September 2021

14,954

44,180

62,375

NET BOOK VALUE

At 30 September 2021

-

2,969

113

At 30 September 2020

-

3,299

126

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 October 2020

229,851

40,212

394,654

Additions

35,683

-

35,683

Disposals

(18,978

)

-

(18,978

)

Revaluations

(57,346

)

-

(57,346

)

At 30 September 2021

189,210

40,212

354,013

DEPRECIATION

At 1 October 2020

86,902

39,931

247,999

Charge for year

41,113

93

41,549

Eliminated on disposal

(6,925

)

-

(6,925

)

Revaluation adjustments

(121,090

)

-

(121,090

)

At 30 September 2021

-

40,024

161,533

NET BOOK VALUE

At 30 September 2021

189,210

188

192,480

At 30 September 2020

142,949

281

146,655

Cost or valuation at 30 September 2021 is represented by:

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

Cost

14,954

47,149

62,488

14,954

47,149

62,488

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2021

(57,346

)

-

(57,346

)

Cost

246,556

40,212

411,359

189,210

40,212

354,013

If motor vehicles had not been revalued they would have been included at the following historical cost:

30.9.21

30.9.20

£

£

Cost

246,556

229,852

Aggregate depreciation

121,090

86,902

Motor vehicles were valued on an open market basis on 30 September 2021 by the Directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

306,405

345,130

Other debtors

-

45

Prepayments

2,733

2,579

309,138

347,754

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts (see note 8)

28,544

15,426

Hire purchase contracts

21,660

21,881

Trade creditors

350,906

493,548

Social security and other taxes

36,169

39,276

VAT

107,988

62,440

Other creditors

5,493

5,433

Directors' current accounts

44,454

44,454

595,214

682,458

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans (see note 8)

148,139

171,462

Hire purchase contracts

26,000

37,748

174,139

209,210

8.

LOANS

An analysis of the maturity of loans is given below:

30.9.21

30.9.20

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

2,469

-

Bounce Back Loan / Bank Loan

26,075

15,426

28,544

15,426

Amounts falling due between one and two years:

Bank loan

-

50,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

148,139

121,462

9.	PROVISIONS FOR LIABILITIES

30.9.21

30.9.20

£

£

Deferred tax

12,111

-

Deferred

tax

£

Provided during year

12,111

Balance at 30 September 2021

12,111

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

18,000

Ordinary

£1

18,000

18,000

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 October 2020

101,970

-

101,970

Deficit for the year

(107,384

)

(107,384

)

Revaluation

-

51,632

51,632

At 30 September 2021

(5,414

)

51,632

46,218

12.	RELATED PARTY DISCLOSURES

The freehold premises occupied by the company are owned by Mr and Mrs S R Palmer, for which

rent is charged. During the year, rent totalling £23,400 (2020: £23,150) was paid to Mr and Mrs S

R Palmer.

As described in note 7 to the accounts, assets owned by Mr M A Palmer and Mr S R Palmer,

directors of the company, have been provided as security over the company's banking facilities.

Included in current liabilities is an amount of £44,454 (2020: £44,454), which represents a loan

made to the company by Mr S R Palmer. No interest has been charged on the outstanding loan.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is S R Palmer.