S R Cladding Services Limited 30/06/2020 iXBRL

S R Cladding Services Limited 30/06/2020 iXBRL

S.R. CLADDING SERVICES LIMITED - Company Information

Print Friendly Version

30/06/2020 2020-06-30 false false false false false false false false false false true false false false false false false false false false false false No description of principal activities is disclosed 2019-07-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 02460667 2019-07-01 2020-06-30 02460667 2020-06-30 02460667 2019-06-30 02460667 2018-07-01 2019-06-30 02460667 2019-06-30 02460667 core:FurnitureFittingsToolsEquipment 2019-07-01 2020-06-30 02460667 core:MotorVehicles 2019-07-01 2020-06-30 02460667 bus:Director1 2019-07-01 2020-06-30 02460667 core:FurnitureFittingsToolsEquipment 2019-06-30 02460667 core:MotorVehicles 2019-06-30 02460667 core:FurnitureFittingsToolsEquipment 2020-06-30 02460667 core:MotorVehicles 2020-06-30 02460667 core:WithinOneYear 2020-06-30 02460667 core:WithinOneYear 2019-06-30 02460667 core:AfterOneYear 2020-06-30 02460667 core:ShareCapital 2020-06-30 02460667 core:ShareCapital 2019-06-30 02460667 core:RetainedEarningsAccumulatedLosses 2020-06-30 02460667 core:RetainedEarningsAccumulatedLosses 2019-06-30 02460667 core:FurnitureFittingsToolsEquipment 2019-06-30 02460667 core:MotorVehicles 2019-06-30 02460667 bus:SmallEntities 2019-07-01 2020-06-30 02460667 bus:AuditExempt-NoAccountantsReport 2019-07-01 2020-06-30 02460667 bus:FullAccounts 2019-07-01 2020-06-30 02460667 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 02460667 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30
Company registration number: 02460667
S R Cladding Services Limited
Unaudited filleted financial statements
30 June 2020
S R Cladding Services Limited
Contents
Statement of financial position
Notes to the financial statements
S R Cladding Services Limited
Statement of financial position
30 June 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 22,235 27,055
_______ _______
22,235 27,055
Current assets
Stocks 6 21,500 19,500
Debtors 7 500,956 332,247
Cash at bank and in hand 28,736 96,301
_______ _______
551,192 448,048
Creditors: amounts falling due
within one year 8 ( 374,603) ( 308,609)
_______ _______
Net current assets 176,589 139,439
_______ _______
Total assets less current liabilities 198,824 166,494
Creditors: amounts falling due
after more than one year 9 ( 10,311) -
Provisions for liabilities ( 3,359) ( 4,370)
_______ _______
Net assets 185,154 162,124
_______ _______
Capital and reserves
Called up share capital 8,000 8,000
Profit and loss account 177,154 154,124
_______ _______
Shareholders funds 185,154 162,124
_______ _______
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2020 , and are signed on behalf of the board by:
S P Danforth
Director
Company registration number: 02460667
S R Cladding Services Limited
Notes to the financial statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2019: 14 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2019 31,140 56,742 87,882
Additions 1,720 - 1,720
_______ _______ _______
At 30 June 2020 32,860 56,742 89,602
_______ _______ _______
Depreciation
At 1 July 2019 27,405 33,422 60,827
Charge for the year 711 5,829 6,540
_______ _______ _______
At 30 June 2020 28,116 39,251 67,367
_______ _______ _______
Carrying amount
At 30 June 2020 4,744 17,491 22,235
_______ _______ _______
At 30 June 2019 3,735 23,320 27,055
_______ _______ _______
6. Stocks
2020 2019
£ £
Finished goods and goods for resale 21,500 19,500
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 476,858 307,564
Other debtors 24,098 24,683
_______ _______
500,956 332,247
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 17,299 23,393
Trade creditors 176,233 156,212
Corporation tax 16,412 9,009
Social security and other taxes 45,360 23,285
Other creditors 119,299 96,710
_______ _______
374,603 308,609
_______ _______
The bank overdraft and bank loan is secured by a fixed and floating charge over the assets of the company. The overdraft is also personally guaranteed by the directors for £60,000. The hire purchase liabilities are secured over the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 9,754 -
Other creditors 557 -
_______ _______
10,311 -
_______ _______
The bank overdraft and bank loan is secured by a fixed and floating charge over the assets of the company. The overdraft is also personally guaranteed by the directors for £60,000. The hire purchase liabilities are secured over the assets to which they relate.