Timber and Hardware Supplies (Tewkesbury) Limited Filleted accounts for Companies House (small and micro)

Timber and Hardware Supplies (Tewkesbury) Limited Filleted accounts for Companies House (small and micro)

TIMBER AND HARDWARE SUPPLIES (TEWKESBURY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01207552
Timber and Hardware Supplies (Tewkesbury) Limited
Filleted Unaudited Financial Statements
Year ended
30 September 2020
Timber and Hardware Supplies (Tewkesbury) Limited
Financial Statements
Year ended 30 September 2020
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Timber and Hardware Supplies (Tewkesbury) Limited
Statement of Financial Position
30 September 2020
2020
2019
Note
£
£
£
£
Fixed assets
Tangible assets
5
28,718
35,027
Investments
6
1,300
1,300
--------
--------
30,018
36,327
Current assets
Stocks
122,919
106,711
Debtors
7
55,107
74,289
Cash at bank and in hand
16,889
18,150
---------
---------
194,915
199,150
Creditors: amounts falling due within one year
8
97,496
113,309
---------
---------
Net current assets
97,419
85,841
---------
---------
Total assets less current liabilities
127,437
122,168
Creditors: amounts falling due after more than one year
9
–
2,580
---------
---------
Net assets
127,437
119,588
---------
---------
Timber and Hardware Supplies (Tewkesbury) Limited
Statement of Financial Position (continued)
30 September 2020
2020
2019
Note
£
£
£
£
Capital and reserves
Called up share capital
10
20,210
20,210
Profit and loss account
107,227
99,378
---------
---------
Shareholders funds
127,437
119,588
---------
---------
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 30 September 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 .
These financial statements were approved by the board of directors and authorised for issue on 7 August 2021 , and are signed on behalf of the board by:
A P Reeve
Director
Company registration number: 01207552
Timber and Hardware Supplies (Tewkesbury) Limited
Notes to the Financial Statements
Year ended 30 September 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 Bredon Road, Mitton, Tewkesbury, Glos, GL20 5DA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Improvements to buildings
-
2% straight line
Fixtures and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Electrical installations
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2019: 9 ).
5. Tangible assets
At 1 Oct 2019
Additions
At 30 Sep 2020
£
£
£
Cost
Improvements to buildings
8,031
–
8,031
Fixtures and equipment
165,649
1,338
166,987
Motor vehicles
61,848
–
61,848
Electrical installations
19,252
–
19,252
---------
-------
---------
254,780
1,338
256,118
---------
-------
---------
At 1 Oct 2019
Charge for the year
At 30 Sep 2020
£
£
£
Depreciation
Improvements to buildings
1,607
161
1,768
Fixtures and equipment
153,474
3,378
156,852
Motor vehicles
46,906
3,736
50,642
Electrical installations
17,766
372
18,138
---------
-------
---------
219,753
7,647
227,400
---------
-------
---------
At 30 Sep 2020
At 30 Sep 2019
£
£
Carrying amount
Improvements to buildings
6,263
6,424
Fixtures and equipment
10,135
12,175
Motor vehicles
11,206
14,942
Electrical installations
1,114
1,486
--------
--------
28,718
35,027
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 Oct 2019 and 30 Sep 2020
1,300
-------
Impairment
At 1 Oct 2019 and 30 Sep 2020
–
-------
Carrying amount
At 30 Sep 2020
1,300
-------
At 30 Sep 2019
1,300
-------
7. Debtors
2020
2019
£
£
Trade debtors
24,206
40,036
Other debtors
30,901
34,253
--------
--------
55,107
74,289
--------
--------
The debtors above include the following amounts falling due after more than one year:
2020
2019
£
£
Other debtors
11,317
13,926
--------
--------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
58,845
60,027
Social security and other taxes
8,787
21,448
Other creditors
29,864
31,834
--------
---------
97,496
113,309
--------
---------
Other creditors include hire purchase creditors of £2,580 (2019 - £7,740) which are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
–
2,580
----
-------
Other creditors include hire purchase creditors of £nil (2019 - £2,580) which are secured on the assets concerned.
10. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
20,100
20,100
20,100
20,100
Non - voting redeemable shares of £ 1 each
110
110
110
110
--------
--------
--------
--------
20,210
20,210
20,210
20,210
--------
--------
--------
--------
11. Directors' advances, credits and guarantees
With regard to the advances to a director, the balance at the start of the year was £ 15,834 . Additional advances totalling £ 5,050 and repayments totalling £ 2,000 were made during the year and the balance at the year-end was £ 18,884 . The advances were made interest-free and are repayable on demand.