Corbett & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01046722 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

CORBETT & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

J M Corbett

Registered office:

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Registered number:

01046722 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Fixed assets

Tangible assets

4

54,373

51,241

Current assets

Stock and work in progress

150,411

49,658

Debtors

5

102,781

78,702

Cash at bank and in hand

53,341

26,784

306,533

155,144

Creditors

Amounts falling due within one year

6

194,455

172,540

Net current assets/(liabilities)

112,078

(17,396

)

Total assets less current liabilities

166,451

33,845

Creditors

Amounts falling due after more than one year

7

(36,926

)

(21,700

)

Provisions for liabilities

8

(10,800

)

(10,200

)

Net assets

118,725

1,945

Capital and reserves

Called up share capital

9

100

100

Retained earnings

118,625

1,845

Shareholders' funds

118,725

1,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 November 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on 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 stock and work in progress to their present location and condition.

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 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 7 (2017 - 7 ) .

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 April 2017

116,107

Additions

45,824

Disposals

(65,993

)

At 31 March 2018

95,938

Depreciation

At 1 April 2017

64,866

Charge for year

12,996

Eliminated on disposal

(36,297

)

At 31 March 2018

41,565

Net book value

At 31 March 2018

54,373

At 31 March 2017

51,241

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

Plant and

machinery

etc

£

Cost

At 1 April 2017

77,603

Disposals

(65,993

)

At 31 March 2018

11,610

Depreciation

At 1 April 2017

40,762

Charge for year

10,951

Eliminated on disposal

(36,297

)

At 31 March 2018

15,416

Net book value

At 31 March 2018

(3,806

)

At 31 March 2017

36,841

5.

Debtors: amounts falling due within one year

31.3.18

31.3.17

£

£

Trade debtors

82,349

44,065

Other debtors

20,432

34,637

102,781

78,702

6.

Creditors: amounts falling due within one year

31.3.18

31.3.17

£

£

Bank loans and overdrafts

10,040

-

Hire purchase contracts

10,646

13,179

Trade creditors

100,468

96,095

Taxation and social security

51,792

18,423

Other creditors

21,509

44,843

194,455

172,540

7.

Creditors: amounts falling due after more than one year

31.3.18

31.3.17

£

£

Hire purchase contracts

36,926

21,700

8.	Provisions for liabilities

31.3.18

31.3.17

£

£

Deferred tax

10,800

10,200

Deferred

tax

£

Balance at 1 April 2017

10,200

Provided during year

600

Balance at 31 March 2018

10,800

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

100

Ordinary

£1

100

100