A.K. Timms & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01376504 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

A.K. Timms & Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J M Bellenger

Mrs D J Merriman

Mr P A Timms

Mr J G Timms

Mr A R Timms

SECRETARY:

Mrs J M Bellenger

REGISTERED OFFICE:

80-82 Station Road

Brize Norton

Oxfordshire

OX18 3QB

REGISTERED NUMBER:

01376504 (England and Wales)

ACCOUNTANTS:

Crouchers Limited

Chartered Accountants

2 Copperhouse Court

Caldecotte Business Park

Milton Keynes

Buckinghamshire

MK7 8NL

FIXED ASSETS

Tangible assets

4

512,005

548,355

Investments

5

100

100

Investment property

6

1,135,000

1,135,000

1,647,105

1,683,455

CURRENT ASSETS

Stocks

1,217,978

1,036,699

Debtors

7

904,732

781,158

Cash at bank and in hand

1,279,489

1,165,425

3,402,199

2,983,282

CREDITORS

Amounts falling due within one year

8

611,007

534,060

NET CURRENT ASSETS

2,791,192

2,449,222

TOTAL ASSETS LESS CURRENT LIABILITIES

4,438,297

4,132,677

PROVISIONS FOR LIABILITIES

132,232

136,172

NET ASSETS

4,306,065

3,996,505

CAPITAL AND RESERVES

Called up share capital

208,637

208,637

Non-distributable reserve

817,468

817,468

Retained earnings

3,279,960

2,970,400

SHAREHOLDERS' FUNDS

4,306,065

3,996,505

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 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 21 March 2022 and were signed on its behalf by:

Mrs J M Bellenger - Director

1.	STATUTORY INFORMATION

A.K. Timms & Sons 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 the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Solar panels

-

4% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 27 (2020 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Solar

property

machinery

panels

£

£

£

COST

At 1 January 2021

517,972

247,069

72,967

Additions

-

925

-

At 31 December 2021

517,972

247,994

72,967

DEPRECIATION

At 1 January 2021

126,966

200,977

29,188

Charge for year

8,751

11,643

2,919

At 31 December 2021

135,717

212,620

32,107

NET BOOK VALUE

At 31 December 2021

382,255

35,374

40,860

At 31 December 2020

391,006

46,092

43,779

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

269,864

99,465

1,207,337

Additions

-

3,251

4,176

At 31 December 2021

269,864

102,716

1,211,513

DEPRECIATION

At 1 January 2021

218,451

83,400

658,982

Charge for year

12,853

4,360

40,526

At 31 December 2021

231,304

87,760

699,508

NET BOOK VALUE

At 31 December 2021

38,560

14,956

512,005

At 31 December 2020

51,413

16,065

548,355

Included in the cost of freehold property is freehold land of £80,441 (2018- £80,441) which is not depreciated.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

100

NET BOOK VALUE

At 31 December 2021

100

At 31 December 2020

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

1,135,000

NET BOOK VALUE

At 31 December 2021

1,135,000

At 31 December 2020

1,135,000

Fair value at 31 December 2021 is represented by:

£

Valuation in 2000

252,078

Valuation in 2001

62,500

Valuation in 2002

35,000

Valuation in 2003

72,500

Valuation in 2005

15,000

Valuation in 2008

115,000

Valuation in 2009

80,000

Valuation in 2011

55,750

Valuation in 2016

414,250

Valuation in 2017

(195,000

)

Cost

227,922

1,135,000

The property was last revalued on the 20 November 2017 by Ted George Estate Agents. In the directors opinion the total value of investment properties has not moved significantly from the prior year. The historical cost of the properties if they had not been re-valued would have been £227,922.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

852,348

738,313

Other debtors

5,370

2,900

Prepayments

47,014

39,945

904,732

781,158

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

249,836

300,361

Corporation tax

101,784

57,753

Social security and other taxes

22,157

21,188

Employers pension

199

4,699

VAT

54,570

68,247

Proposed dividends

100,000

-

Net wages

-

2,090

Directors' current accounts

57,627

52,110

Accruals

24,834

27,612

611,007

534,060

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

6,931

864

Between one and five years

22,751

864

29,682

1,728

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors and their direct families who own 100% of the issued share capital.