Ingham & Garner Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01188773 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

INGHAM & GARNER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D Garner

Mr C D Garner

Mrs J A Burrows

SECRETARY:

Mr D Garner

REGISTERED OFFICE:

8 Sinclair Way

Prescot Business Park

Prescot

Merseyside

L34 1QL

REGISTERED NUMBER:

01188773 (England and Wales)

AUDITORS:

Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

FIXED ASSETS

Tangible assets

4

75,371

66,615

Investment property

5

600,000

600,000

675,371

666,615

CURRENT ASSETS

Stocks

6

743,410

543,107

Debtors

7

216,267

280,044

Investments

8

900,000

900,000

Cash at bank and in hand

474,863

444,624

2,334,540

2,167,775

CREDITORS

Amounts falling due within one year

9

(379,075

)

(263,571

)

NET CURRENT ASSETS

1,955,465

1,904,204

TOTAL ASSETS LESS CURRENT LIABILITIES

2,630,836

2,570,819

PROVISIONS FOR LIABILITIES

(57,895

)

(56,000

)

NET ASSETS

2,572,941

2,514,819

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Revaluation reserve

435,233

435,233

Retained earnings

2,127,708

2,069,586

SHAREHOLDERS' FUNDS

2,572,941

2,514,819

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 12 December 2022 and were signed on its behalf by:

Mr D Garner - Director

1.	STATUTORY INFORMATION

Ingham & Garner 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year is in respect of the financial outcomes of individual construction contracts.

All contracts are reviewed with particular attention to their stage of completion, costs to date and costs still to be incurred. Profit is recognised when prudent to do so but immediately in the event that there is a foreseeable loss.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover in respect of construction contracts is measured at the fair value of the consideration received or receivable net of VAT and discounts. Where the outcome of a construction contract can be estimated reliably, turnover is recognised on the work carried out in the period.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Improvements to property

- 2% Straight line

Plant and machinery

- 15% on reducing balance

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- Straight line over 3 years

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Investment property

Investment properties are initially recognised at cost. Cost includes the purchase price and any legal and professional fees in connection with the acquisition of the property.

At each reporting date, the properties are valued at fair value, where the fair value can be measured reliably without undue cost or effort with any changes in fair value recognised in profit or loss.

Stocks and work in progress

Amounts recoverable on construction contracts, which are included in work in progress, are stated at the net sales value of the work done less amounts received as progress payments on account.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Employee 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.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Grants

Revenue grants are included in the profit and loss account in the period to which they relate.

Investments

Current asset investments are stated at cost less provision for any impairment.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2021

2,850

40,278

57,824

Additions

-

-

-

Disposals

-

-

-

At 31 December 2021

2,850

40,278

57,824

DEPRECIATION

At 1 January 2021

2,166

19,718

54,557

Charge for year

57

3,083

491

Eliminated on disposal

-

-

-

At 31 December 2021

2,223

22,801

55,048

NET BOOK VALUE

At 31 December 2021

627

17,477

2,776

At 31 December 2020

684

20,560

3,267

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

132,655

6,398

240,005

Additions

31,252

1,744

32,996

Disposals

(18,966

)

-

(18,966

)

At 31 December 2021

144,941

8,142

254,035

DEPRECIATION

At 1 January 2021

93,889

3,060

173,390

Charge for year

16,749

1,523

21,903

Eliminated on disposal

(16,629

)

-

(16,629

)

At 31 December 2021

94,009

4,583

178,664

NET BOOK VALUE

At 31 December 2021

50,932

3,559

75,371

At 31 December 2020

38,766

3,338

66,615

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

600,000

NET BOOK VALUE

At 31 December 2021

600,000

At 31 December 2020

600,000

The investment properties were valued at 31st December 2021 at the director's best estimate of the fair value of the properties.

Fair value at 31 December 2021 is represented by:

£

Valuation in 2009

478,733

Cost

121,267

600,000

6.

STOCKS

2021

2020

£

£

Work-in-progress

743,410

543,107

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

70,177

116,142

Amounts due from related parties

12,039

12,039

Other debtors

182

265

Corporation tax

49,894

30,568

Directors' current accounts

71,633

112,055

Prepayments and accrued income

12,342

8,975

216,267

280,044

8.	CURRENT ASSET INVESTMENTS

2021

2020

£

£

Unlisted investments

900,000

900,000

The market value of current asset investments at 31 December 2021 amounted to £1,129,600 (2020 - £1,047,036).

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

186,464

187,462

Corporation tax

7,294

23,792

Social security and other

taxes

14,222

11,390

VAT

124,804

8,113

Other creditors

5,624

4,889

Accrued expenses

40,667

27,925

379,075

263,571

10.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

-

373

Between one and five years

2,700

-

2,700

373

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

10,000

Ordinary

£1

10,000

10,000

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

The Report of the Auditors was unqualified.

The financial statements include an exceptional item which relates to a fraud committed by a former employee by the creation of fictitious invoices and subsequent payments to bank accounts associated to the former employee.

The total amount stolen was £182,066, of which £169,088 was prior to the year end. Full provision has been included within the accounts for the £12,978 stolen after the year end.

Our opinion is not modified in respect of this matter.

Mr David Hudd BA FCA (Senior Statutory Auditor)

for and on behalf of Livesey Spottiswood Ltd

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2021

2020

£

£

Mr D Garner

Balance outstanding at start of year

79,722

41,156

Amounts advanced

9,056

51,566

Amounts repaid

(44,591

)

(13,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

44,187

79,722

Mrs J A Burrows

Balance outstanding at start of year

32,333

-

Amounts advanced

1,113

36,333

Amounts repaid

(6,000

)

(4,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,446

32,333

The note above summarises the net transactions on the directors' current account during the year. Interest has been charged using HM Revenue & Customs rates.

14.	RELATED PARTY DISCLOSURES

At the year end a balance was due to the company from EFT Systems Limited of £12,039 (2020 - £12,039). EFT Systems Limited is a company in which the 50% shareholder, Mrs H.Ingham, has a material interest.