REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
FOR |
T. CHAMBERS & SON LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
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 |
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 |
AMORTISATION |
At 1 January 2017 |
and 31 December 2017 |
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 |
Additions |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
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 |
Additions |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
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 |
Provided during year |
Balance at 31 December 2017 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
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) |