Canberra Wells Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01542774 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2021

FOR

CANBERRA WELLS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R W J Andrews

R Andrews

K Woodbine

Mrs E K Morley

REGISTERED OFFICE:

Midtherm House

New Road

Netherton

Dudley

West Midlands

DY2 8SY

REGISTERED NUMBER:

01542774 (England and Wales)

AUDITORS:

French Ludlam & Co Limited

Statutory Auditors and Accountants

Mountfield House

661 High Street

Kingswinford

West Midlands

DY6 8AL

FIXED ASSETS

Tangible assets

4

289,080

305,613

CURRENT ASSETS

Stocks

97,207

101,146

Debtors

5

530,978

508,676

Cash at bank and in hand

180,876

112,896

809,061

722,718

CREDITORS

Amounts falling due within one year

6

161,577

223,351

NET CURRENT ASSETS

647,484

499,367

TOTAL ASSETS LESS CURRENT LIABILITIES

936,564

804,980

PROVISIONS FOR LIABILITIES

28,770

26,207

NET ASSETS

907,794

778,773

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Revaluation reserve

8

109,299

111,728

Retained earnings

698,495

567,045

907,794

778,773

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 30th March 2022 and were signed on its behalf by:

R Andrews - Director

1.	STATUTORY INFORMATION

Canberra Wells 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.

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

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition

revenue is recognised at the fair value of the consideration received or receivable and represents the amount receivable for for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added 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.

Long leasehold

-

over the period of the lease

Plant and machinery

-

33% on cost

Motor vehicles

-

25% on reducing balance

Land and buildings held and used in the Company's own activities for storage and sale of goods and administrative purposes, are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Once a revalued property is sold any attributable revaluation surplus that is remaining in the revaluation reserve is transferred to retained earnings.

Government grants

Grants received towards the additional costs associated with the Covid-19 epidemic, are credited to profit or loss as the additional costs are incurred.

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 statement of financial position date.

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 useful economic lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

Operating lease rentals are charged to the profit and loss account 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 9 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st July 2020

and 30th June 2021

270,000

307,050

577,050

DEPRECIATION

At 1st July 2020

11,250

260,187

271,437

Charge for year

5,625

10,908

16,533

At 30th June 2021

16,875

271,095

287,970

NET BOOK VALUE

At 30th June 2021

253,125

35,955

289,080

At 30th June 2020

258,750

46,863

305,613

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

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2018

28,098

-

28,098

Cost

241,902

307,050

548,952

270,000

307,050

577,050

If leasehold land and buildings had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

241,902

241,902

Aggregate depreciation

131,724

126,428

Leasehold land and buildings were valued on an open market basis on 30 June 2018 by Sellers Chartered Surveyors. The directors consider that any change in the value is not material.

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1st July 2020

35,240

Transfer to ownership

(35,240

)

At 30th June 2021

-

DEPRECIATION

At 1st July 2020

18,307

Charge for year

4,233

Transfer to ownership

(22,540

)

At 30th June 2021

-

NET BOOK VALUE

At 30th June 2021

-

At 30th June 2020

16,933

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

160,998

132,087

Amounts owed by group undertakings

343,040

343,040

Other debtors

26,940

33,549

530,978

508,676

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

5,040

Trade creditors

132,616

204,284

Taxation and social security

13,762

6,661

Other creditors

15,199

7,366

161,577

223,351

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

-

5,040

Loans under hire purchase agreements are secured on the assets they relate to.

8.

RESERVES

Revaluation

reserve

£

At 1st July 2020

111,728

Transfer

(2,429

)

At 30th June 2021

109,299

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen B Ludlam (Senior Statutory Auditor)

for and on behalf of French Ludlam & Co Limited

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Midtherm Flue Systems Limited.

The registered address of this company is:

New Road, Netherton, Dudley, West Midlands DY2 8SY.

The company is a member of the Midtherm Group.

Consolidated accounts may be obtained on line from Companies House,