Corbett & Sons Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01046722 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

CORBETT & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

J M Corbett

Registered office:

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Registered number:

01046722 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Fixed assets

Tangible assets

4

116,232

115,678

Investments

5

100

100

116,332

115,778

Current assets

Stocks

60,000

101,750

Debtors

6

250,886

170,926

Cash at bank

-

73,384

310,886

346,060

Creditors

Amounts falling due within one year

7

154,328

156,259

Net current assets

156,558

189,801

Total assets less current liabilities

272,890

305,579

Creditors

Amounts falling due after more than one year

8

(82,173

)

(113,037

)

Provisions for liabilities

9

(18,300

)

(22,000

)

Net assets

172,417

170,542

Capital and reserves

Called up share capital

100

100

Retained earnings

172,317

170,442

Shareholders' funds

172,417

170,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 December 2023 and were signed by:

J M Corbett - Director

1.	Statutory information

Corbett & Sons 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.

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	Employees and directors

The average number of employees during the year was 8 (2022 - 9 ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2022

88,045

152,356

10,169

250,570

Additions

-

32,099

1,585

33,684

Disposals

-

(21,440

)

-

(21,440

)

At 31 March 2023

88,045

163,015

11,754

262,814

Depreciation

At 1 April 2022

22,513

105,814

6,565

134,892

Charge for year

6,553

18,305

2,845

27,703

Eliminated on disposal

-

(16,013

)

-

(16,013

)

At 31 March 2023

29,066

108,106

9,410

146,582

Net book value

At 31 March 2023

58,979

54,909

2,344

116,232

At 31 March 2022

65,532

46,542

3,604

115,678

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

Motor

vehicles

£

Cost

At 1 April 2022

151,116

Additions

32,099

Disposals

(21,440

)

At 31 March 2023

161,775

Depreciation

At 1 April 2022

104,606

Charge for year

18,297

Eliminated on disposal

(16,013

)

At 31 March 2023

106,890

Net book value

At 31 March 2023

54,885

At 31 March 2022

46,510

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2022

and 31 March 2023

100

Net book value

At 31 March 2023

100

At 31 March 2022

100

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

198,321

116,759

Other debtors

52,565

54,167

250,886

170,926

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

24,860

24,000

Hire purchase contracts

27,037

24,219

Trade creditors

64,709

66,142

Taxation and social security

17,072

15,926

Other creditors

20,650

25,972

154,328

156,259

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans

62,000

86,000

Hire purchase contracts

20,173

27,037

82,173

113,037

9.	Provisions for liabilities

2023

2022

£

£

Deferred tax

18,300

22,000

Deferred

tax

£

Balance at 1 April 2022

22,000

Provided during year

(3,700

)

Balance at 31 March 2023

18,300