Chalford Building Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01162203 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CHALFORD BUILDING SUPPLIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M R Creed

SECRETARY:

A J Brooks

REGISTERED OFFICE:

Chalford Industrial Estate

Stroud

Gloucestershire

GL6 8NT

REGISTERED NUMBER:

01162203 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Tangible assets

4

2,587,323

2,278,162

Investments

5

1,100

1,101

2,588,423

2,279,263

CURRENT ASSETS

Stocks

595,159

627,736

Debtors

6

519,562

401,700

Cash at bank and in hand

1,745,713

1,393,640

2,860,434

2,423,076

CREDITORS

Amounts falling due within one year

7

1,157,172

1,032,400

NET CURRENT ASSETS

1,703,262

1,390,676

TOTAL ASSETS LESS CURRENT LIABILITIES

4,291,685

3,669,939

CREDITORS

Amounts falling due after more than one year

8

(119,268

)

(96,310

)

PROVISIONS FOR LIABILITIES

(117,793

)

(88,062

)

NET ASSETS

4,054,624

3,485,567

CAPITAL AND RESERVES

Called up share capital

134,500

134,500

Revaluation reserve

921,013

921,013

Retained earnings

2,999,111

2,430,054

SHAREHOLDERS' FUNDS

4,054,624

3,485,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 September 2022 and were signed by:

M R Creed - Director

1.	STATUTORY INFORMATION

Chalford Building Supplies 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Accounting convention

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

Revenue is the value of goods (net of VAT) provided to customers during the year.

Where payments are received from customers in advance of goods supplied, the amounts are recorded as payments in advance as part of creditors due within one year.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance and 15% 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.

Showroom fixtures and fittings are transferred to stock at the lower of net book value and net realisable value when they are to be sold as ex display items.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.

Provisions

Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

Revaluation policy

The director has adopted the policy to revalue the property every five years providing there have been no significant changes in market conditions that he considers may materially affect the property value.

Going concern

The director has considered the risks and issues concerning the company, including the potential impact of Covid-19, along with it's activities and there are no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2020 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 January 2021

1,956,026

934,835

2,890,861

Additions

2,000

402,988

404,988

Disposals

-

(164,987

)

(164,987

)

At 31 December 2021

1,958,026

1,172,836

3,130,862

DEPRECIATION

At 1 January 2021

-

612,699

612,699

Charge for year

-

78,084

78,084

Eliminated on disposal

-

(147,244

)

(147,244

)

At 31 December 2021

-

543,539

543,539

NET BOOK VALUE

At 31 December 2021

1,958,026

629,297

2,587,323

At 31 December 2020

1,956,026

322,136

2,278,162

Cost or valuation at 31 December 2021 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 1990

288,145

-

288,145

Valuation in 1993

(190,000

)

-

(190,000

)

Valuation in 2005

45,670

-

45,670

Valuation in 2008

680,000

-

680,000

Valuation in 2011

(115,000

)

-

(115,000

)

Valuation in 2015

250,462

-

250,462

Valuation in 2017

16,458

-

16,458

Cost

982,291

1,172,836

2,155,127

1,958,026

1,172,836

3,130,862

If freehold property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

982,291

974,265

Freehold property was valued on an existing use basis on 12 January 2018 by David James & Partners .

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

1,101

Disposals

(1

)

At 31 December 2021

1,100

NET BOOK VALUE

At 31 December 2021

1,100

At 31 December 2020

1,101

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

459,026

337,700

Other debtors

8,072

17,376

Prepayments

52,464

46,624

519,562

401,700

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

68,416

57,391

Trade creditors

500,295

526,810

Corporation Tax

64,349

69,592

Social security and other taxes

19,598

19,611

VAT

52,903

152,385

Other creditors

68,746

59,455

Payments in advance

24,112

34,153

Directors' current accounts

43,250

44,000

Accrued expenses

315,503

69,003

1,157,172

1,032,400

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

119,268

96,310

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

187,684

153,701

Hire purchase items are secured by the assets themselves.

Bank loans (mortgages) are secured against the property.

Bank of Scotland registered a fixed and floating charge dated 15 May 2006 against the company. Bank of Scotland registered a further fixed and floating charge dated 23 January 2013 against the company.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

M R Creed

Balance outstanding at start of year

(44,000

)

(44,001

)

Amounts advanced

750

44,001

Amounts repaid

-

(44,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(43,250

)

(44,000

)

No interest is being charged on the loan and there are no set repayment terms.