Adsborough Builders (Taunton) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09033711 (England and Wales)

Adsborough Builders (Taunton) Limited

Abridged Unaudited Financial Statements for the Year Ended 30 April 2021

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

5

DIRECTORS:

M T Prosser

Miss C Wiggins

REGISTERED OFFICE:

4 King Square

Bridgwater

Somerset

TA6 3YF

REGISTERED NUMBER:

09033711 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Lloyds Bank plc

31 Fore Street

Taunton

Somerset

TA1 1HN

FIXED ASSETS

Tangible assets

5

38,646

44,032

CURRENT ASSETS

Stocks

6,925

35,000

Debtors

2,117

402

Cash at bank

52,779

137,070

61,821

172,472

CREDITORS

Amounts falling due within one year

34,423

82,345

NET CURRENT ASSETS

27,398

90,127

TOTAL ASSETS LESS CURRENT LIABILITIES

66,044

134,159

CREDITORS

Amounts falling due after more than one year

6

(43,332

)

(13,781

)

PROVISIONS FOR LIABILITIES

(2,958

)

(7,681

)

NET ASSETS

19,754

112,697

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

18,754

111,697

SHAREHOLDERS' FUNDS

19,754

112,697

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2022 and were signed on its behalf by:

M T Prosser - Director

1.	STATUTORY INFORMATION

Adsborough Builders (Taunton) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 2% on cost

Government grants

Government grants have been accounted for under the accrual model. Government grants are revenue-based and relate to the interest coverage on the bounceback loan.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2020

93,871

Additions

27,604

Disposals

(40,598

)

At 30 April 2021

80,877

DEPRECIATION

At 1 May 2020

49,839

Charge for year

4,311

Eliminated on disposal

(11,919

)

At 30 April 2021

42,231

NET BOOK VALUE

At 30 April 2021

38,646

At 30 April 2020

44,032

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

Totals

£

COST

At 1 May 2020

26,250

Disposals

(26,250

)

At 30 April 2021

-

DEPRECIATION

At 1 May 2020

3,938

Eliminated on disposal

(3,938

)

At 30 April 2021

-

NET BOOK VALUE

At 30 April 2021

-

At 30 April 2020

22,312

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.4.21

30.4.20

£

£

Repayable by instalments

Bank loans

3,324

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.21

30.4.20

£

£

Bank loans

50,000

-

Hire purchase contracts

-

19,687

50,000

19,687

Hire purchase liabilities are secured by way of a fixed charge over the specific financed asset.

The Bank loan is a government backed bounce back loan.