Sherwood Aluminium Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03417547 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

SHERWOOD ALUMINIUM SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M. C. Shirley

REGISTERED OFFICE:

Sherwood House

Acorn Way

Mansfield

Nottinghamshire

NG18 3HD

REGISTERED NUMBER:

03417547 (England and Wales)

ACCOUNTANTS:

Anderson & Co

18 Diamond Avenue

Kirkby in Ashfield

Nottinghamshire

NG17 7GR

BANKERS:

National Westminster Plc

Sutton & Kirkby Branch

Portland Square

Sutton in Ashfield

Nottinghamshire

NG17 1BA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

658,195

685,927

658,195

685,927

CURRENT ASSETS

Stocks

4,200

4,200

Debtors

6

413,213

412,834

Cash at bank and in hand

1,024,668

837,304

1,442,081

1,254,338

CREDITORS

Amounts falling due within one year

7

425,578

397,080

NET CURRENT ASSETS

1,016,503

857,258

TOTAL ASSETS LESS CURRENT LIABILITIES

1,674,698

1,543,185

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

-

PROVISIONS FOR LIABILITIES

(32,861

)

(20,531

)

NET ASSETS

1,591,837

1,522,654

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

1,591,637

1,522,454

SHAREHOLDERS' FUNDS

1,591,837

1,522,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 June 2021 and were signed by:

Mr M. C. Shirley - Director

1.	STATUTORY INFORMATION

Sherwood Aluminium Systems 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independantly administered fund. Contributions payable for the year are charged in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2019 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2019

and 30 September 2020

7,200

AMORTISATION

At 1 October 2019

and 30 September 2020

7,200

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2019

479,109

72,187

128,071

162,341

841,708

Additions

-

-

14,109

-

14,109

Disposals

-

-

(36,989

)

(15,996

)

(52,985

)

At 30 September 2020

479,109

72,187

105,191

146,345

802,832

DEPRECIATION

At 1 October 2019

-

50,486

80,234

25,061

155,781

Charge for year

-

2,171

12,390

27,280

41,841

Eliminated on disposal

-

-

(36,989

)

(15,996

)

(52,985

)

At 30 September 2020

-

52,657

55,635

36,345

144,637

NET BOOK VALUE

At 30 September 2020

479,109

19,530

49,556

110,000

658,195

At 30 September 2019

479,109

21,701

47,837

137,280

685,927

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

394,749

376,971

Amount recoverable on contract

14,390

27,724

Other debtors

2,446

-

Prepayments

1,628

8,139

413,213

412,834

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

248,312

186,845

Corporation tax

41,794

116,146

Social security and other taxes

4,003

5,114

Value added tax

60,820

46,173

Pension Fund Account

3,087

448

PAYE and national insurance

17,105

9,009

Directors' current accounts

45,584

30,872

Accrued expenses

4,873

2,473

425,578

397,080

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans - 2-5 years

50,000

-

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M. C. Shirley.

The ultimate controlling party is Mr M. C. Shirley.