T. Chambers & Son Limited - Accounts to registrar (filleted) - small 18.1

T. Chambers & Son Limited - Accounts to registrar (filleted) - small 18.1


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REGISTERED NUMBER: 01716372(England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

T. CHAMBERS & SON LIMITED

T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


T. CHAMBERS & SON LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2017







DIRECTORS: J T Chambers
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

T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

STATEMENT OF FINANCIAL POSITION
31 December 2017

31.12.17 31.12.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 223,075 190,770
223,075 190,770

CURRENT ASSETS
Stocks 226,618 230,159
Debtors 6 463,383 233,640
Cash at bank and in hand 137,158 581,284
827,159 1,045,083
CREDITORS
Amounts falling due within one year 7 336,933 561,051
NET CURRENT ASSETS 490,226 484,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

713,301

674,802

CREDITORS
Amounts falling due after more than one
year

8

(30,522

)

(14,235

)

PROVISIONS FOR LIABILITIES 9 (27,535 ) (23,715 )
NET ASSETS 655,244 636,852

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 650,244 631,852
SHAREHOLDERS' FUNDS 655,244 636,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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.

T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2017


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 20 June 2018and were signed on its behalf by:





J T Chambers- Director


T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2017

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently
amortised cost using the effective interest method. Debt instruments that are payable or receivable within one
year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount
of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in the Statement of Comprehensive Income.


T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position 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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are
required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services
are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to
terminate the employment or to provide termination benefits.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities

Impairment of assets
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being
estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is
impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18(2016 - 18) .

T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2017
and 31 December 2017 100,000
AMORTISATION
At 1 January 2017
and 31 December 2017 100,000
NET BOOK VALUE
At 31 December 2017 -
At 31 December 2016 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2017 79,988 250,905 330,893
Additions 11,300 58,213 69,513
At 31 December 2017 91,288 309,118 400,406
DEPRECIATION
At 1 January 2017 12,109 128,014 140,123
Charge for year 4,565 32,643 37,208
At 31 December 2017 16,674 160,657 177,331
NET BOOK VALUE
At 31 December 2017 74,614 148,461 223,075
At 31 December 2016 67,879 122,891 190,770

T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

5. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 January 2017 89,649
Additions 48,846
At 31 December 2017 138,495
DEPRECIATION
At 1 January 2017 39,959
Charge for year 19,707
At 31 December 2017 59,666
NET BOOK VALUE
At 31 December 2017 78,829
At 31 December 2016 49,690

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade debtors 302,893 213,823
Other debtors 160,490 19,817
463,383 233,640

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Hire purchase contracts 17,944 12,978
Trade creditors 192,796 308,372
Taxation and social security 72,888 146,985
Other creditors 53,305 92,716
336,933 561,051

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.17 31.12.16
£    £   
Hire purchase contracts 30,522 14,235

9. PROVISIONS FOR LIABILITIES
31.12.17 31.12.16
£    £   
Deferred tax 27,535 23,715

T. CHAMBERS & SON LIMITED (REGISTERED NUMBER: 01716372)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2017 23,715
Provided during year 3,820
Balance at 31 December 2017 27,535

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2017 and
31 December 2016:

31.12.17 31.12.16
£    £   
T Chambers
Balance outstanding at start of year 670 (104,139 )
Amounts advanced 12,248 145,976
Amounts repaid (12,670 ) (41,167 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 248 670

J T Chambers
Balance outstanding at start of year (74,934 ) (39,074 )
Amounts advanced 231,817 77,205
Amounts repaid (18,744 ) (113,065 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 138,139 (74,934 )

During the year, total dividends of £30,000 (2016: £80,000) were paid to the directors.

Included in other debtors is the amount of £138,139 (2016: £74,934 owed to) owed by J T chambers. The
company charged interest of £934 at official HMRC rates.

Included in other debtors is the amount of £248 (2016: £670) owed by T chambers. The Loan is interest free but
repayable on demand.

11. 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.

12. 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 (2016: £608)