Allied Telecoms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07298099 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

ALLIED TELECOMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs S E Agombar

Mr A D Agombar

REGISTERED OFFICE:

Unit B Chelford Court

37A Robjohns Road

Chelmsford

Essex

CM1 3AG

REGISTERED NUMBER:

07298099 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

Shalford Court

95 Springfield Road

Chelmsford

Essex

CM2 6JL

FIXED ASSETS

Tangible assets

4

25,240

35,021

CURRENT ASSETS

Stocks

5,417

48,355

Debtors

5

259,957

110,404

Partnership net current assets

6

-

9,137

Cash at bank and in hand

-

109,557

265,374

277,453

CREDITORS

Amounts falling due within one year

7

256,247

152,565

NET CURRENT ASSETS

9,127

124,888

TOTAL ASSETS LESS CURRENT LIABILITIES

34,367

159,909

PROVISIONS FOR LIABILITIES

10

4,491

6,654

NET ASSETS

29,876

153,255

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

29,874

153,253

SHAREHOLDERS' FUNDS

29,876

153,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 30 November 2020 and were signed on its behalf by:

Mr A D Agombar - Director

Mrs S E Agombar - Director

1.	STATUTORY INFORMATION

Allied Telecoms 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

Coronavirus (COVID-19)

Like most businesses, the company is likely to be adversely affected by the global Coronavirus pandemic. There is considerable uncertainty as to the size, nature and duration of the impact that will result from the pandemic and the national response thereto. The directors have considered the information available and have reasonable expectation that the company has adequate reserves and resources to continue its operational activities for the foreseeable future.

Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied, net of returns, discounts and value added taxes.

Revenue is recognised in the accounting period in which the services were rendered.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

Current asset investments

Investments in subsidiary, associates and jointly controlled entities are included at fair value. The share of the loss from the Monk Close LLP for its accounting period ending within the accounting period of the company is included in the accounts of that period of the company as a value adjustment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2019

38,635

14,469

41,540

94,644

Additions

-

332

-

332

Disposals

(508

)

(4,274

)

-

(4,782

)

At 31 March 2020

38,127

10,527

41,540

90,194

DEPRECIATION

At 1 April 2019

28,118

11,862

19,643

59,623

Charge for year

3,750

889

5,474

10,113

Eliminated on disposal

(508

)

(4,274

)

-

(4,782

)

At 31 March 2020

31,360

8,477

25,117

64,954

NET BOOK VALUE

At 31 March 2020

6,767

2,050

16,423

25,240

At 31 March 2019

10,517

2,607

21,897

35,021

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

243,560

93,213

Prepayments and accrued income

16,397

17,191

259,957

110,404

6.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Stocks

-

7,945

Debtors

-

905

Bank

-

297

Less: Creditors

-

(10

)

Net Current Assets

-

9,137

The directors consider that, in order to show a true and fair view, the company must impair the remaining value of its investment in Monk Close LLP due to the active proposal to strike the partnership off the Companies House register and that the company ceased to be a member as of the 2nd July 2020.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdraft

4,961

-

Trade creditors

76,007

34,649

Corporation tax

-

6,787

Social security and other taxes

125,013

5,519

VAT

15,634

9,627

Other creditors

2,051

1,966

Directors' current accounts

21,570

86,174

Accrued expenses

11,011

7,843

256,247

152,565

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

16,875

23,574

Between one and five years

-

59,876

16,875

83,450

9.	SECURED DEBTS

In addition to the above, all monies due or to become due from the company to the chargees on any account whatsoever is secured. At the year end the chargees are GBF Capital Limited, Mr A D Agombar and Mrs S E Agombar. This security includes the directors' loan accounts within the company, and the Monk Close LLP. All securities in respect of the chargees were released after the year end on 15th September 2020.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

4,491

6,654

Deferred

tax

£

Balance at 1 April 2019

6,654

Provided during year

(2,163

)

Balance at 31 March 2020

4,491

11.	RELATED PARTY DISCLOSURES

As at the year end the directors were owed £21,570 (2019: £86,174) by the company. The loans are interest free and carry no fixed repayment terms.

12.	POST BALANCE SHEET EVENTS

Subsequent to the year end the company has settled an ongoing dispute with HMRC in relation to the operation of payroll taxes. This represents an adjusting post balance sheet event and so a provision for £119,901 has been recognised in these accounts