Allbits Plumbing Supplies (Whitstable) Limited Filleted accounts for Companies House (small and micro)
Allbits Plumbing Supplies (Whitstable) Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
05820440
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Abridged Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
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Cash at bank and in hand |
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--------- |
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Creditors: amounts falling due within one year |
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--------- |
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Net current assets |
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--------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Net assets |
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Capital and reserves
Called up share capital |
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Share premium account |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 March 2022
, and are signed on behalf of the board by:
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Director |
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Company registration number:
05820440
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Notes to the Abridged Financial Statements |
Year ended 30 June 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Cinque Ports Road, Mountfield Industrial Estate, New Romney, Kent, TN28 8LH.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on 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.
Tangible assets
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:
Fixtures and fittings |
- |
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Equipement |
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25% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Government grants
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2020:
10
).
5.
Tangible assets
£ |
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Cost |
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At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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Charge for the year |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
19,234 |
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At 30 June 2020 |
25,607 |
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6.
Directors' advances, credits and guarantees
At the year end Mr K Johnson owed the company £46,203 (2020: £34,986).
7.
Related party transactions
During the year the company paid Mr R Davidson £9,425 (2020: £4,925), Mrs J Davidson £9,425 (2020: £4,925), Mr K Johnson £ £9,000 (2020: £19,700), Mr P Hooker £18,850 (2019: £9,850) in dividends.