West Herts Tools & Pressings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07042708 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2021

FOR

WEST HERTS TOOLS & PRESSINGS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D R Lee

P S Fenton

REGISTERED OFFICE:

9 High Street

Woburn Sands

Milton Keynes

Buckinghamshire

MK17 8RF

REGISTERED NUMBER:

07042708 (England and Wales)

ACCOUNTANTS:

Camfield Chapman Lowe

9 High Street

Woburn Sands

Milton Keynes

Buckinghamshire

MK17 8RF

FIXED ASSETS

Tangible assets

4

159,397

171,514

CURRENT ASSETS

Stocks

54,160

59,210

Debtors

5

236,529

165,405

Cash at bank and in hand

24,049

12,014

314,738

236,629

CREDITORS

Amounts falling due within one year

6

350,631

294,226

NET CURRENT LIABILITIES

(35,893

)

(57,597

)

TOTAL ASSETS LESS CURRENT LIABILITIES

123,504

113,917

CREDITORS

Amounts falling due after more than one year

7

(17,157

)

(38,690

)

PROVISIONS FOR LIABILITIES

(2,510

)

(5,166

)

NET ASSETS

103,837

70,061

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

70,425

70,425

Retained earnings

33,312

(464

)

SHAREHOLDERS' FUNDS

103,837

70,061

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th August 2022 and were signed on its behalf by:

D R Lee - Director

P S Fenton - Director

1.	STATUTORY INFORMATION

West Herts Tools & Pressings 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 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 11 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1st December 2020

232,679

1,258

10,092

13,005

257,034

Additions

9,337

-

-

-

9,337

At 30th November 2021

242,016

1,258

10,092

13,005

266,371

DEPRECIATION

At 1st December 2020

65,910

1,205

7,982

10,423

85,520

Charge for year

19,732

13

528

1,181

21,454

At 30th November 2021

85,642

1,218

8,510

11,604

106,974

NET BOOK VALUE

At 30th November 2021

156,374

40

1,582

1,401

159,397

At 30th November 2020

166,769

53

2,110

2,582

171,514

Cost or valuation at 30th November 2021 is represented by:

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2019

53,361

-

-

-

53,361

Cost

188,655

1,258

10,092

13,005

213,010

242,016

1,258

10,092

13,005

266,371

If plant & machinery had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

152,178

152,178

Aggregate depreciation

49,944

49,944

Plant and machinery were valued on an open market basis on 30th November 2014 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1st December 2020

and 30th November 2021

100,548

DEPRECIATION

At 1st December 2020

32,921

Charge for year

16,907

At 30th November 2021

49,828

NET BOOK VALUE

At 30th November 2021

50,720

At 30th November 2020

67,627

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

220,034

148,950

Other debtors

16,495

16,455

236,529

165,405

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts and finance leases

21,386

24,425

Trade creditors

105,899

54,539

Taxation and social security

38,354

71,336

Other creditors

184,992

143,926

350,631

294,226

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts and finance leases

17,157

38,690

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Factoring loan

141,166

100,264

9.

RESERVES

Various assets in plant and machinery were revalued, on an open market basis, during the year ended 30 November 2014 by the directors.

The historical cost was £43,804, together with accumulated deprecation to 30 November 2014 of £21,923.