Construction Fastener Techniques Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01972717 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

CONSTRUCTION FASTENER TECHNIQUES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

W A Brown

SECRETARY:

Mrs C A Brown

REGISTERED OFFICE:

C.F.T. House

Mill Race Lane

Stourbridge

West Midlands

DY8 1JN

REGISTERED NUMBER:

01972717 (England and Wales)

ACCOUNTANTS:

E R Grove & Co Limited

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Construction Fastener Techniques Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Construction Fastener Techniques Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Construction Fastener Techniques Limited and state those matters that we have agreed to state to the director of Construction Fastener Techniques Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Construction Fastener Techniques Limited and its director for our work or for this report.

It is your duty to ensure that Construction Fastener Techniques Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Construction Fastener Techniques Limited. You consider that Construction Fastener Techniques Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Construction Fastener Techniques Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

E R Grove & Co Limited

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

2 December 2021

FIXED ASSETS

Tangible assets

4

95,321

35,552

CURRENT ASSETS

Stocks

1,317,730

1,412,676

Debtors

5

1,705,896

1,631,214

Cash at bank and in hand

422,854

603,730

3,446,480

3,647,620

CREDITORS

Amounts falling due within one year

6

2,688,719

2,967,771

NET CURRENT ASSETS

757,761

679,849

TOTAL ASSETS LESS CURRENT LIABILITIES

853,082

715,401

PROVISIONS FOR LIABILITIES

17,640

6,265

NET ASSETS

835,442

709,136

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

805,442

679,136

SHAREHOLDERS' FUNDS

835,442

709,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 2 December 2021 and were signed by:

W A Brown - Director

1.	STATUTORY INFORMATION

Construction Fastener Techniques 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.

On 30 January 2020, COVID-19 was declared a public health emergency by the World Health Organisation. As with most businesses, the company has been affected by COVID-19 and has had to adapt accordingly. The director has confirmed his continued support and considers that the company has sufficient working capital to continue trading for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

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.

Fixtures and fittings

-

15% on cost

Computer equipment

-

33% on cost

Government grants

Grants are accounted for based on the accrual model. Firstly, the company classifies the grant either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 15 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

99,153

38,234

137,387

Additions

71,190

-

71,190

At 31 March 2021

170,343

38,234

208,577

DEPRECIATION

At 1 April 2020

63,902

37,933

101,835

Charge for year

11,120

301

11,421

At 31 March 2021

75,022

38,234

113,256

NET BOOK VALUE

At 31 March 2021

95,321

-

95,321

At 31 March 2020

35,251

301

35,552

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,679,976

1,609,779

Other debtors

25,920

21,435

1,705,896

1,631,214

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,530,906

1,386,750

Taxation and social security

179,449

287,344

Other creditors

978,364

1,293,677

2,688,719

2,967,771

7.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

49,387

50,591

Between one and five years

180,838

187,694

In more than five years

116,960

159,491

347,185

397,776

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Factoring

873,629

1,251,891

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £236,434 (2020 - £238,472) were paid to the director .