T. Chambers & Son Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01716372 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

T. CHAMBERS & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Chambers

J T Chambers

REGISTERED OFFICE:

397 Romford Road

Forest Gate

London

E7 8AB

REGISTERED NUMBER:

01716372 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

190,770

185,077

190,770

185,077

CURRENT ASSETS

Stocks

230,159

164,226

Debtors

6

233,640

160,293

Cash at bank and in hand

581,284

455,828

1,045,083

780,347

CREDITORS

Amounts falling due within one year

7

561,051

533,624

NET CURRENT ASSETS

484,032

246,723

TOTAL ASSETS LESS CURRENT LIABILITIES

674,802

431,800

CREDITORS

Amounts falling due after more than one year

8

(14,235

)

(10,314

)

PROVISIONS FOR LIABILITIES

9

(23,715

)

(21,587

)

NET ASSETS

636,852

399,899

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

10

631,852

394,899

SHAREHOLDERS' FUNDS

636,852

399,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 25 July 2017 and were signed on its behalf by:

J T Chambers - Director

1.	STATUTORY INFORMATION

T. Chambers & Son 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 for the year is derived wholly from the company's business of being a timber merchants and represents

the total invoice value, excluding VAT of sales made during the year.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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 shorter.

Freehold property improvements - 5% on cost

Plant and machinery - 15% on reducing balance

Fixtures and fittings - 15% on reducing balance

Motor vehicles - 20% 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

100,000

AMORTISATION

At 1 January 2016

and 31 December 2016

100,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

79,988

220,336

300,324

Additions

-

37,869

37,869

Disposals

-

(7,300

)

(7,300

)

At 31 December 2016

79,988

250,905

330,893

DEPRECIATION

At 1 January 2016

8,110

107,137

115,247

Charge for year

3,999

26,151

30,150

Eliminated on disposal

-

(5,274

)

(5,274

)

At 31 December 2016

12,109

128,014

140,123

NET BOOK VALUE

At 31 December 2016

67,879

122,891

190,770

At 31 December 2015

71,878

113,199

185,077

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

Plant and

machinery

etc

£

COST

At 1 January 2016

70,149

Additions

19,500

At 31 December 2016

89,649

DEPRECIATION

At 1 January 2016

27,537

Charge for year

12,422

At 31 December 2016

39,959

NET BOOK VALUE

At 31 December 2016

49,690

At 31 December 2015

42,612

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

213,823

142,462

Other debtors

19,817

17,831

233,640

160,293

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

12,978

18,060

Trade creditors

308,372

256,690

Taxation and social security

146,985

88,912

Other creditors

92,716

169,962

561,051

533,624

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

14,235

10,314

9.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

23,715

21,587

Deferred

tax

£

Balance at 1 January 2016

21,587

Provided during year

2,128

Balance at 31 December 2016

23,715

10.

RESERVES

Retained

earnings

£

At 1 January 2016

394,899

Profit for the year

316,953

Dividends

(80,000

)

At 31 December 2016

631,852

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £80,000 (2015 - £20,000) were paid to the directors .

Included in other creditors is the amount of £74,934 (2015: £39,074) owed to J T chambers. The Loan is interest

free but repayable on demand.

Included in other debtors is the amount of £670 (2015: £104,139 owed to) owed from T chambers. The Loan is

interest free but repayable on demand.

12.	CONTROLLING PARTY

The company was controlled throughout the year by Mr J T Chambers by virtue of his holding of 60% of the

issued share capital.

13.	PENSION COST

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from

those of the company in an independently administered fund. The pension cost charge represents contributions

payable by the company to the fund and amounted to £608 (2015- £608)

14.	FIRST YEAR ADOPTION

In the transition to FRS 102 Section 1A from UK GAAP, the entity has made no measurement or recognition

adjustments. The accounting policies set out below have, unless otherwise stated, been applied consistently to all

periods presented in these financial statements. On first time adoption of FRS 102 Section 1A, the entity has not

retrospectively changed its accounting under UK GAAP for accounting estimates.