Abrey & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03901395 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2021

FOR

ABREY & SON LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

T J Abrey

SECRETARY:

Mrs S Abrey

REGISTERED OFFICE:

Pond House

Pamphillions Farm

Debden

Saffron Walden

Essex

CB11 3JT

REGISTERED NUMBER:

03901395 (England and Wales)

ACCOUNTANTS:

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

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 Statement of Financial Position. 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 Abrey & Son Limited for the year ended 30 September 2021 which comprise the Income Statement, Statement of Financial Position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Abrey & Son Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abrey & Son Limited and state those matters that we have agreed to state to the director of Abrey & Son Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Abrey & Son 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 Abrey & Son Limited. You consider that Abrey & Son 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 Abrey & Son 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.

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

22 December 2021

FIXED ASSETS

Tangible assets

3

71,820

80,019

CURRENT ASSETS

Stocks

4

257,437

249,328

Debtors

5

214,536

163,522

Cash at bank and in hand

85,172

8,110

557,145

420,960

CREDITORS

Amounts falling due within one year

6

290,755

337,406

NET CURRENT ASSETS

266,390

83,554

TOTAL ASSETS LESS CURRENT LIABILITIES

338,210

163,573

CREDITORS

Amounts falling due after more than one year

7

43,333

273

NET ASSETS

294,877

163,300

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

294,876

163,299

SHAREHOLDERS' FUNDS

294,877

163,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 17 December 2021 and were signed by:

T J Abrey - Director

1.	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 comprises the value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.

Balances at the year end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

3.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2020

17,021

48,071

52,868

96,577

214,537

Additions

-

12,680

1,765

1,295

15,740

At 30 September 2021

17,021

60,751

54,633

97,872

230,277

DEPRECIATION

At 1 October 2020

17,021

24,542

33,904

59,051

134,518

Charge for year

-

9,052

5,182

9,705

23,939

At 30 September 2021

17,021

33,594

39,086

68,756

158,457

NET BOOK VALUE

At 30 September 2021

-

27,157

15,547

29,116

71,820

At 30 September 2020

-

23,529

18,964

37,526

80,019

4.

STOCKS

2021

2020

£

£

Stocks

257,437

249,328

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

214,536

152,150

Prepayments and accrued income

-

11,372

214,536

163,522

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

24,858

55,545

Loan W G Abrey

14,954

14,954

Trade creditors

128,652

158,040

Corporation tax

32,589

4,305

Social security and other taxes

5,037

1,961

VAT

70,967

38,318

Directors' current accounts

9,398

59,983

Accrued expenses

4,300

4,300

290,755

337,406

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

10,000

273

Bank loans - 2-5 years

30,000

-

Bank loans more than 5 years

by instalments

3,333

-

43,333

273

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

3,333

-

3,333

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

-

37,630

The bank overdraft is secured by a charge over freehold property owned by the director of the company.

9.	RELATED PARTY DISCLOSURES

The director T J Abrey is also a partner in the partnership Abrey & Son. At the period end the amounts owed from the partnership amounted to £31,951 (2020 £11,951).

The company occupies premises owned by Abrey & Son. A normal commercial property rent of £15,000 was paid during the period.(2020 £15,000).

10.	ULTIMATE CONTROLLING PARTY

The controlling party is T J Abrey by virtue of his ownership of 100% of the issued share capital of the company.