Alfreton Fabrications Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05379647 (England and Wales)

ALFRETON FABRICATIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

Mr S Rainford

SECRETARY:

Mrs S Rainford

REGISTERED OFFICE:

Unit 5b

Wimsey Way

Alfreton

Derbyshire

DE55 4LS

REGISTERED NUMBER:

05379647 (England and Wales)

ACCOUNTANTS:

McGregors Corporate

Chartered Accountants

i2 Mansfield Suite 0.3

Hamilton Court

Oakham Business Park

Mansfield

Nottinghamshire

NG18 5FB

FIXED ASSETS

Tangible assets

3

40,000

103,082

CURRENT ASSETS

Stocks

65,430

83,838

Debtors

4

389,665

322,115

Cash at bank and in hand

561,745

425,246

1,016,840

831,199

CREDITORS

Amounts falling due within one year

5

398,898

329,747

NET CURRENT ASSETS

617,942

501,452

TOTAL ASSETS LESS CURRENT LIABILITIES

657,942

604,534

PROVISIONS FOR LIABILITIES

-

7,468

NET ASSETS

657,942

597,066

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

607,942

547,066

SHAREHOLDERS' FUNDS

657,942

597,066

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 January 2021 and were signed by:

Mr S Rainford - Director

1.	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.

Revenue is recognised on dispatch of goods.

Tangible fixed assets

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

Leasehold property

-

20% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Office equipment

-

25% on cost

Stocks

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

for obsolete and slow moving items.

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 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.

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.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the

period of the lease.

Government grants

Government grants received in respect of capital items are released to the profit and loss account over the

estimated life of the fixed assets they relate to.

Government grants in respect of revenue items are included in profit and loss in the same period as the

expenditure to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2019 - 18 ) .

3.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Motor

Office

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2019

9,054

907,195

42,139

29,656

988,044

Additions

-

9,644

-

1,218

10,862

Disposals

-

-

(10,000

)

(1,582

)

(11,582

)

At 31 August 2020

9,054

916,839

32,139

29,292

987,324

DEPRECIATION

At 1 September 2019

9,054

825,126

28,643

22,139

884,962

Charge for year

-

58,169

6,151

2,866

67,186

Eliminated on disposal

-

-

(4,000

)

(824

)

(4,824

)

At 31 August 2020

9,054

883,295

30,794

24,181

947,324

NET BOOK VALUE

At 31 August 2020

-

33,544

1,345

5,111

40,000

At 31 August 2019

-

82,069

13,496

7,517

103,082

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

338,779

290,638

Other debtors

50,886

31,477

389,665

322,115

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

124,266

117,531

Taxation and social security

145,080

90,431

Other creditors

129,552

121,785

398,898

329,747

6.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

63,813

63,813

Between one and five years

95,719

159,532

159,532

223,345

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 were paid to the company secretary.

During the year net funds of £5,440 (2019: £1,340) were extracted from the business by a director. The amount

due at the balance sheet date was £31,402 (2019: £36,842).

During the year net funds of £13,956 (2019: introduced £7,855) were extracted from the business by the

company secretary. The amount due at the balance sheet date was £28,593 (2019: £42,549).