A.W.J.Usher & Sons Limited Filleted accounts for Companies House (small and micro)

A.W.J.USHER & SONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00848818

A.W.J.Usher & Sons Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2022

A.W.J.Usher & Sons Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		720,156	433,629

Current assets

Stocks		943,084	1,169,461
Debtors	6	32,259	81,106
Cash at bank and in hand		210,294	300,739
		------------	------------
		1,185,637	1,551,306

Creditors: amounts falling due within one year	7	28,330		26,688
		------------		------------
Net current assets			1,157,307	1,524,618
			------------	------------
Total assets less current liabilities			1,877,463	1,958,247

Creditors: amounts falling due after more than one year	8		71,765	76,150

Provisions

Deferred taxation	37,790	32,519
	------------	------------
Net assets	1,767,908	1,849,578
	------------	------------

Capital and reserves

Called up share capital		100	100
Investment revaluation reserve	10	167,061	222,106
Capital redemption reserve	10	4	4
Profit and loss account	10	1,600,743	1,627,368
		------------	------------
Shareholders funds		1,767,908	1,849,578
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

A.W.J.Usher & Sons Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:

M A Usher
Director

Company registration number: 00848818

A.W.J.Usher & Sons Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 The Crescent, Eaton Socon, St Neots, PE19 8HF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of trade discounts and of value added tax. Work in progress is recognised as turnover when, and to the extent that, the company obtains the right to receive consideration from third parties or from capitalising their own work. Rental income Rental income receivable by the company is included on an accruals basis.

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. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight line basis.

Tangible assets

Tangible assets are initially recorded at cost, which includes purchase price and any directly attributable expenditure less any accumulated depreciation and impairment losses. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit and loss for the year. An amount equal to the fair value during the accounting period is transferred from the profit and loss to the investment revaluation reserve and disclosed in the statement of changes in equity.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

Stocks

Raw materials, consumables and land for development are stated at the lower of cost and net realisable value. Work in progress Work in progress has been valued at the lower of cost and net realisable value, cost being direct cost plus a proportion of overheads where appropriate.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term.

Pension contributions

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Office equipment	Investment property	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2022	3,278	37,153	1,680	420,000	462,111
Additions	–	–	–	493,114	493,114
Disposals	–	–	–	( 250,000)	( 250,000)
Revaluations	–	–	–	46,886	46,886
	-------	--------	-------	---------	---------
At 31 December 2022	3,278	37,153	1,680	710,000	752,111
	-------	--------	-------	---------	---------
Depreciation
At 1 January 2022	2,570	24,850	1,062	–	28,482
Charge for the year	275	3,075	123	–	3,473
	-------	--------	-------	---------	---------
At 31 December 2022	2,845	27,925	1,185	–	31,955
	-------	--------	-------	---------	---------
Carrying amount
At 31 December 2022	433	9,228	495	710,000	720,156
	-------	--------	-------	---------	---------
At 31 December 2021	708	12,303	618	420,000	433,629
	-------	--------	-------	---------	---------

The investment properties are valued annually by the director to fair value. The historical cost of the investment properties are £542,939 (2021 - £197,894).

6. Debtors

	2022	2021
	£	£
Other debtors	32,259	81,106
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	2,750	3,094
Social security and other taxes	3,231	4,967
Other creditors	22,349	18,627
	--------	--------
	28,330	26,688
	--------	--------

Included within other creditors is an amount of £4,387 (2021 - £4,387) relating to assets acquired under hire purchase agreements. The hire purchase agreements are secured on the assets concerned.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	71,765	71,763
Other creditors	–	4,387
	--------	--------
	71,765	76,150
	--------	--------

Included within creditors: amounts falling due after more than one year is an amount of £71,765 (2021: £71,763) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The bank loan of £71,765 (2021 - £71,763) is secured on assets of the company.

Included within other creditors is an amount of £nil (2021 - £4,387) relating to assets acquired under hire purchase agreements. The hire purchase agreements are secured on the assets concerned.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in debtors (note 6)	1,487	–
Included in provisions	( 37,790)	( 32,519)
	--------	--------
	( 36,303)	( 32,519)
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	2,539	2,590
Fair value adjustment of investment property	35,251	29,929
Unused tax losses	( 1,487)	–
	--------	--------
	36,303	32,519
	--------	--------

10. Reserves

Investment revaluation reserve - This non-distributable reserve records fair value movements on investment properties recognised in profit and loss. Capital redemption reserve - This reserve records the nominal value of shares repurchased and cancelled by the company. Profit and loss account - This reserve records retained earnings and accumulated losses less amounts transferred to investment revaluation reserve.

11. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
M A Usher	29,346	61,348	( 91,770)	( 1,076)
	--------	--------	--------	-------

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
M A Usher	41,770	27,576	( 40,000)	29,346
	--------	--------	--------	--------

Interest at a rate of 2% was charged to the director's loan account during periods when the loan account was overdrawn. The director's loan is unsecured and repayable on demand.