A. & M. Procter Limited - Period Ending 2021-10-31
A. & M. Procter Limited - Period Ending 2021-10-31
Year Ended
Registration number:
A. & M. Procter Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
A. & M. Procter Limited
Company Information
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Directors |
Mr S A Procter Mr A R Procter |
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Company secretary |
Mr S A Procter |
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Registered office |
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Accountants |
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A. & M. Procter Limited
Balance Sheet
31 October 2021
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2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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A. & M. Procter Limited
Balance Sheet
31 October 2021
For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00671683
A. & M. Procter Limited
Notes to the Unaudited Financial Statements
Year Ended 31 October 2021
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
A. & M. Procter Limited
Notes to the Unaudited Financial Statements
Year Ended 31 October 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Equipment |
15% Reducing Balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
A. & M. Procter Limited
Notes to the Unaudited Financial Statements
Year Ended 31 October 2021
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Government grants |
During the year the company received the following government grants:
- £10,593 Coronavirus Job Retention Scheme
The amount of grants recognised in the financial statements was £10,593 (2020 - £15,228).
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
A. & M. Procter Limited
Notes to the Unaudited Financial Statements
Year Ended 31 October 2021
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2020 |
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At 31 October 2021 |
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Depreciation |
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At 1 November 2020 |
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Charge for the year |
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At 31 October 2021 |
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Carrying amount |
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At 31 October 2021 |
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At 31 October 2020 |
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Included within the net book value of land and buildings above is £44,038 (2020 - £44,038) in respect of freehold land and buildings.
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Debtors |
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2021 |
2020 |
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Prepayments |
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Other debtors |
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A. & M. Procter Limited
Notes to the Unaudited Financial Statements
Year Ended 31 October 2021
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Creditors |
Creditors: amounts falling due within one year
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2021 |
2020 |
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Due within one year |
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Trade creditors |
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Corporation tax |
2,196 |
6,631 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |