R.A.Peatey & Sons Limited - Accounts to registrar (filleted) - small 18.2

R.A.PEATEY & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D M Spencer

REGISTERED OFFICE:

Calcutta Works

Green Lane

Yeadon

Nr Leeds

LS19 7BY

REGISTERED NUMBER:

00536404 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Tangible assets

4

26,912

35,753

CURRENT ASSETS

Stocks

69,924

71,001

Debtors

5

299,033

317,050

Cash at bank and in hand

61,678

17,650

430,635

405,701

CREDITORS

Amounts falling due within one year

6

361,436

422,325

NET CURRENT ASSETS/(LIABILITIES)

69,199

(16,624

)

TOTAL ASSETS LESS CURRENT LIABILITIES

96,111

19,129

CREDITORS

Amounts falling due after more than one year

7

(4,166

)

-

PROVISIONS FOR LIABILITIES

9

(5,112

)

(6,794

)

NET ASSETS

86,833

12,335

CAPITAL AND RESERVES

Called up share capital

10

100

100

Other reserves

400

400

Retained earnings

86,333

11,835

SHAREHOLDERS' FUNDS

86,833

12,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 March 2021 and were signed by:

D M Spencer - Director

1.	STATUTORY INFORMATION

R.A.Peatey & 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.

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.

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

-

25% on cost and 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 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 26 (2019 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2020

866,660

Additions

7,034

At 31 December 2020

873,694

DEPRECIATION

At 1 January 2020

830,907

Charge for year

15,875

At 31 December 2020

846,782

NET BOOK VALUE

At 31 December 2020

26,912

At 31 December 2019

35,753

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

267,941

283,861

Other debtors

468

423

Prepayments

30,624

32,766

299,033

317,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

69,979

185,675

Hire purchase contracts (see note 8)

1,212

-

Trade creditors

111,984

153,933

Tax

32,333

12,970

Social security and other taxes

22,045

17,000

VAT

97,562

33,838

Other creditors

368

215

Directors' current accounts

672

1,077

Accrued expenses

25,281

17,617

361,436

422,325

The director's loan account is interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 8)

4,166

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.20

31.12.19

£

£

Net obligations repayable:

Within one year

1,212

-

Between one and five years

4,166

-

5,378

-

Non-cancellable

operating leases

31.12.20

31.12.19

£

£

Within one year

16,719

-

Between one and five years

62,695

-

79,414

-

9.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

5,112

6,794

Deferred

tax

£

Balance at 1 January 2020

6,794

Accelerated capital allowances

(1,682

)

Balance at 31 December 2020

5,112

The deferred tax provision is made up entirely of accelerated capital allowances.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

100

Ordinary

1

100

100

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

D M Spencer

Balance outstanding at start of year

(1,077

)

(4

)

Amounts advanced

1,529

655

Amounts repaid

(1,125

)

(1,728

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(673

)

(1,077

)

12.	ULTIMATE CONTROLLING PARTY

The controlling party is D M Spencer.