Corbett & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01046722 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

CORBETT & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

Mr J M Corbett

Registered office:

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Registered number:

01046722 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Fixed assets

Tangible assets

4

140,507

96,545

Current assets

Stock and work in progress

114,691

113,550

Debtors

5

100,851

204,482

Cash at bank and in hand

147,972

32,657

363,514

350,689

Creditors

Amounts falling due within one year

6

147,866

189,649

Net current assets

215,648

161,040

Total assets less current liabilities

356,155

257,585

Creditors

Amounts falling due after more than one year

7

(159,222

)

(74,440

)

Provisions for liabilities

9

(26,700

)

(18,185

)

Net assets

170,233

164,960

Capital and reserves

Called up share capital

10

100

100

Retained earnings

170,133

164,860

Shareholders' funds

170,233

164,960

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 19 November 2021 and were signed by:

Mr J M Corbett - Director

1.	Statutory information

Corbett & 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks and work in progress

Work in progress is valued at the contract price based on percentage completed at the balance sheet date.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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 7 (2020 - 7 ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2020

24,158

152,356

8,471

184,985

Additions

76,000

-

1,698

77,698

Disposals

(12,113

)

-

-

(12,113

)

At 31 March 2021

88,045

152,356

10,169

250,570

Depreciation

At 1 April 2020

16,327

69,616

2,497

88,440

Charge for year

11,018

20,684

2,034

33,736

Eliminated on disposal

(12,113

)

-

-

(12,113

)

At 31 March 2021

15,232

90,300

4,531

110,063

Net book value

At 31 March 2021

72,813

62,056

5,638

140,507

At 31 March 2020

7,831

82,740

5,974

96,545

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 April 2020

and 31 March 2021

151,116

Depreciation

At 1 April 2020

68,433

Charge for year

20,670

At 31 March 2021

89,103

Net book value

At 31 March 2021

62,013

At 31 March 2020

82,683

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

77,356

194,037

Other debtors

23,495

10,445

100,851

204,482

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

8,333

3,328

Hire purchase contracts

29,885

31,102

Trade creditors

31,909

80,056

Taxation and social security

54,679

44,098

Other creditors

23,060

31,065

147,866

189,649

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

111,667

-

Hire purchase contracts

47,555

74,440

159,222

74,440

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

11,667

-

8.	Secured debts

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

120,000

3,328

Bank overdraft and loans are secured by fixed and floating charge over the companies assets.

9.	Provisions for liabilities

2021

2020

£

£

Deferred tax

26,700

18,185

Deferred

tax

£

Balance at 1 April 2020

18,185

Provided during year

8,515

Balance at 31 March 2021

26,700

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100