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

REGISTERED NUMBER: 02192859 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 March 2019

for

Adams & Sons Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

V G J Wood

V O Wood

REGISTERED OFFICE:

The Garage

Morcott

Oakham

Rutland

LE15 9DL

REGISTERED NUMBER:

02192859 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Adams & Sons Limited for the year ended 31 March 2019 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Adams & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Adams & Sons Limited and state those matters that we have agreed to state to the Board of Directors of Adams & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adams & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Adams & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Adams & Sons Limited. You consider that Adams & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Adams & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

22 August 2019

FIXED ASSETS

Tangible assets

4

1,008,660

509,276

CURRENT ASSETS

Stocks

414,618

257,823

Debtors

5

152,072

209,881

Cash at bank and in hand

169,754

93,058

736,444

560,762

CREDITORS

Amounts falling due within one year

6

323,430

262,046

NET CURRENT ASSETS

413,014

298,716

TOTAL ASSETS LESS CURRENT LIABILITIES

1,421,674

807,992

CREDITORS

Amounts falling due after more than one year

7

(22,825

)

(24,973

)

PROVISIONS FOR LIABILITIES

(20,019

)

(20,077

)

NET ASSETS

1,378,830

762,942

CAPITAL AND RESERVES

Called up share capital

8

100

100

Revaluation reserve

9

499,401

-

Retained earnings

879,329

762,842

SHAREHOLDERS' FUNDS

1,378,830

762,942

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 22 August 2019 and were signed on its behalf by:

V G J Wood - Director

1.	STATUTORY INFORMATION

Adams & 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the goods and services are delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - 4% on reducing balance

Plant and machinery - 15% on reducing balance

Freehold land and building is held at far value and is reviewed for impairment on an annual basis.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost is determined on a first in first out basis. Net realisable value represents estimating selling

price.

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.

Funding income

Income received relating to the purchase of capital assets has been included as deferred income

within creditors, and is being released to the profit and loss account over the life of the assets to

which it relates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 April 2018

597,770

403,266

1,001,036

Additions

11,700

16,370

28,070

Revaluations

499,401

-

499,401

At 31 March 2019

1,108,871

419,636

1,528,507

DEPRECIATION

At 1 April 2018

179,339

312,421

491,760

Charge for year

12,005

16,082

28,087

At 31 March 2019

191,344

328,503

519,847

NET BOOK VALUE

At 31 March 2019

917,527

91,133

1,008,660

At 31 March 2018

418,431

90,845

509,276

Included in cost or valuation of land and buildings is freehold land of £ 629,401 (2018 - £ 130,000 )

which is not depreciated.

Cost or valuation at 31 March 2019 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 2019

499,401

-

499,401

Cost

609,470

419,636

1,029,106

1,108,871

419,636

1,528,507

If Freehold property had not been revalued they would have been included at the following

historical cost:

31.3.19

31.3.18

£

£

Cost

609,470

597,769

Aggregate depreciation

191,344

179,339

Freehold property was valued on market value basis on 14 March 2019 by Andrew Granger & Co Limited

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

150,591

203,876

Other debtors

-

4,974

Prepayments and accrued income

1,481

1,031

152,072

209,881

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

-

93

Hire purchase contracts

-

2,847

Trade creditors

185,847

165,230

Corporation tax

42,191

21,572

Social security and other taxes

8,088

8,202

VAT

45,687

20,395

Other creditors

899

308

Directors' current accounts

13,619

24,420

Accruals and deferred income

27,099

18,979

323,430

262,046

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Accruals and deferred income

22,825

24,973

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100

ordinary

£1

100

100

9.

RESERVES

Revaluation

reserve

£

Revaluation reserve

499,401

At 31 March 2019

499,401

10.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £3,494 (2018 -

£6,479)