Corbett & Sons Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01046722 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

CORBETT & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

Mr J M Corbett

Registered office:

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Registered number:

01046722 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Fixed assets

Tangible assets

4

115,678

140,507

Investments

5

100

-

115,778

140,507

Current assets

Stock and work in progress

101,750

114,691

Debtors

6

170,926

100,851

Cash at bank

73,384

147,972

346,060

363,514

Creditors

Amounts falling due within one year

7

156,259

147,866

Net current assets

189,801

215,648

Total assets less current liabilities

305,579

356,155

Creditors

Amounts falling due after more than one year

8

(113,037

)

(159,222

)

Provisions for liabilities

10

(22,000

)

(26,700

)

Net assets

170,542

170,233

Capital and reserves

Called up share capital

11

100

100

Retained earnings

170,442

170,133

Shareholders' funds

170,542

170,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue by the director and authorised for issue on 20 December 2022 and were signed by:

Mr J M Corbett - Director

1.	Statutory information

Corbett & 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Corbett & Sons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress

Work in progress is valued at the contract price based on percentage completed at the balance sheet date.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

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

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 9 (2021 - 7 ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2021

and 31 March 2022

88,045

152,356

10,169

250,570

Depreciation

At 1 April 2021

15,232

90,300

4,531

110,063

Charge for year

7,281

15,514

2,034

24,829

At 31 March 2022

22,513

105,814

6,565

134,892

Net book value

At 31 March 2022

65,532

46,542

3,604

115,678

At 31 March 2021

72,813

62,056

5,638

140,507

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

Motor

vehicles

£

Cost

At 1 April 2021

and 31 March 2022

151,116

Depreciation

At 1 April 2021

89,103

Charge for year

15,503

At 31 March 2022

104,606

Net book value

At 31 March 2022

46,510

At 31 March 2021

62,013

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

Additions

100

At 31 March 2022

100

Net book value

At 31 March 2022

100

Cumulative Effect Limited is a wholly owned subsidiary of the company and has not traded since incorporation.

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

116,759

77,356

Other debtors

54,167

23,495

170,926

100,851

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

24,000

8,333

Hire purchase contracts

24,219

29,885

Trade creditors

66,142

31,909

Taxation and social security

15,926

54,679

Other creditors

25,972

23,060

156,259

147,866

8.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

86,000

111,667

Hire purchase contracts

27,037

47,555

113,037

159,222

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

11,667

9.	Secured debts

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

110,000

120,000

Bank overdraft and loans are secured by fixed and floating charge over the companies assets.

10.	Provisions for liabilities

2022

2021

£

£

Deferred tax

22,000

26,700

Deferred

tax

£

Balance at 1 April 2021

26,700

Provided during year

(4,700

)

Balance at 31 March 2022

22,000

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

Mr J M Corbett

Balance outstanding at start of year

(1,159

)

(9,914

)

Amounts advanced

12,657

8,755

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,498

(1,159

)

The outstanding balance of £11,498 was repaid to the company after the balance sheet date.

13.	Ultimate controlling party

The ultimate controlling party is Mr J M Corbett.