Auckland Sheet Metal Limited Filleted accounts for Companies House (small and micro)

AUCKLAND SHEET METAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03899332

Auckland Sheet Metal Limited

Filleted Unaudited Financial Statements

31 December 2020

Auckland Sheet Metal Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Auckland Sheet Metal Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	6,259	7,080

Current assets

Stocks		1,450	1,400
Debtors	6	35,581	41,797
Cash at bank and in hand		83,816	18,941
		---------	--------
		120,847	62,138

Creditors: amounts falling due within one year	7	35,817	30,499
		---------	--------
Net current assets		85,030	31,639
		--------	--------
Total assets less current liabilities		91,289	38,719

Creditors: amounts falling due after more than one year	8	51,282	1,183

Provisions	1,189	1,345
	--------	--------
Net assets	38,818	36,191
	--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	38,816	36,189
	--------	--------
Shareholders funds	38,818	36,191
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Auckland Sheet Metal Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 28 July 2021 , and are signed on behalf of the board by:

Mr S Balnaves	Mr D Pickering
Director	Director

Company registration number: 03899332

Auckland Sheet Metal Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B7 Roman way Industrial Estate, Tindale Crescent, Bishop Auckland, Durham, DL14 9AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinary	-	20% reducing balance
Fixtures and Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2020	51,430	–	10,894	4,794	67,118
Additions	–	–	–	974	974
	--------	----	--------	-------	--------
At 31 December 2020	51,430	–	10,894	5,768	68,092
	--------	----	--------	-------	--------
Depreciation
At 1 January 2020	44,383	1,409	9,989	4,257	60,038
Charge for the year	–	1,127	227	441	1,795
	--------	-------	--------	-------	--------
At 31 December 2020	44,383	2,536	10,216	4,698	61,833
	--------	-------	--------	-------	--------
Carrying amount
At 31 December 2020	7,047	( 2,536)	678	1,070	6,259
	--------	-------	--------	-------	--------
At 31 December 2019	7,047	( 1,409)	905	537	7,080
	--------	-------	--------	-------	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	35,537	40,534
Other debtors	44	1,263
	--------	--------
	35,581	41,797
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	11,394	11,395
Corporation tax	8,772	3,959
Social security and other taxes	9,363	8,280
Other creditors	6,288	6,865
	--------	--------
	35,817	30,499
	--------	--------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	51,282	1,183
	--------	-------

9. Other financial commitments

The company has entered into two operating leases for vans. The total unprovided commitments at the balance sheet date are £7,517.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Balnaves	43	–	–	43
Mr D Pickering	( 5,274)	185	–	( 5,089)
	-------	----	----	-------
	( 5,231)	185	–	( 5,046)
	-------	----	----	-------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Balnaves	( 64)	107	–	43
Mr D Pickering	( 2,500)	226	( 3,000)	( 5,274)
	-------	----	-------	-------
	( 2,564)	333	( 3,000)	( 5,231)
	-------	----	-------	-------

11. Related party transactions

The company was under the control of the two directors, who are the sole shareholders,throughout the current and previous year. The directors each Received dividends totalling £17,500 during the course of the year. The company operates rent free from premises owned by the directors.