Strand Hardware Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02492629 (England and Wales)

Financial Statements

for the Year Ended 30th April 2021

for

STRAND HARDWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms C J Franks

Mrs C L Franks

C A Fox

S R Marshall

SECRETARY:

Ms C J Franks

REGISTERED OFFICE:

Strand House

Long Street

Premier Business Park

Walsall

West Midlands

WS2 9DY

REGISTERED NUMBER:

02492629 (England and Wales)

SENIOR STATUTORY AUDITOR:

John Davis FCA

AUDITORS:

Bakers

Statutory Auditor

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Tangible assets

4

353,368

303,505

Investments

5

85,000

637,759

438,368

941,264

CURRENT ASSETS

Stocks

385,910

418,573

Debtors

6

983,991

855,083

Cash at bank and in hand

2,180,197

548,266

3,550,098

1,821,922

CREDITORS

Amounts falling due within one year

7

285,449

277,976

NET CURRENT ASSETS

3,264,649

1,543,946

TOTAL ASSETS LESS CURRENT LIABILITIES

3,703,017

2,485,210

PROVISIONS FOR LIABILITIES

16,200

2,900

NET ASSETS

3,686,817

2,482,310

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

3,676,817

2,472,310

SHAREHOLDERS' FUNDS

3,686,817

2,482,310

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 Board of Directors and authorised for issue on 16th December 2021 and were signed on its behalf by:

Ms C J Franks - Director

C A Fox - Director

1.	STATUTORY INFORMATION

Strand Hardware 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policy adopted for the recognition of turnover is as follows:

Sale of Goods

Turnover from the sale of goods, rental of equipment and the provision of management services is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably . This is usually on the dispatch of goods and completion of the management services.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property - 2% on cost

Short leasehold - 10% on cost

Fixtures and fittings - 10% - 25% on cost

Motor vehicles - 25% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Government grants

The company received Coronavirus Job Retention Scheme government grants during the year ended 30 April 2021.These grants are recognised at fair value when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements and defined contribution pension plans.

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii. Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Fixed asset investments

Fixed asset investments are initially recorded at cost and subsequently at fair value where this can be reliably ascertained. The carrying value of fixed asset investments are reviewed for impairment

Operating Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and crditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents

Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with an insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2020 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st May 2020

318,849

146,567

465,416

Additions

-

89,500

89,500

At 30th April 2021

318,849

236,067

554,916

DEPRECIATION

At 1st May 2020

73,932

87,979

161,911

Charge for year

12,306

27,331

39,637

At 30th April 2021

86,238

115,310

201,548

NET BOOK VALUE

At 30th April 2021

232,611

120,757

353,368

At 30th April 2020

244,917

58,588

303,505

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st May 2020

637,759

Disposals

(552,759

)

At 30th April 2021

85,000

NET BOOK VALUE

At 30th April 2021

85,000

At 30th April 2020

637,759

6.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

492,699

358,722

Other debtors

491,292

396,361

983,991

755,083

2021

2020

£

£

Amounts falling due after more than one year:

Other debtors

-

100,000

Aggregate amounts

983,991

855,083

Included in other debtors are prepayments of £26,635 (2020: £21,210).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

126,917

133,788

Taxation and social security

138,859

113,928

Other creditors

19,673

30,260

285,449

277,976

Included in other creditors are accruals of £19,423 (2020: £30,010).

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

-

10,288

Between one and five years

-

37,025

-

47,313

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

9,200

Ordinary A

£1

9,200

9,200

800

Ordinary B

£1

800

800

10,000

10,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Davis FCA (Senior Statutory Auditor)

for and on behalf of Bakers

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2021 and 30th April 2020:

2021

2020

£

£

Ms C J Franks

Balance outstanding at start of year

-

246,500

Amounts repaid

-

(246,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.