25
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
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No description of principal activity
2020-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
01174858
2020-01-01
2020-12-31
01174858
2020-12-31
01174858
2019-12-31
01174858
2019-01-01
2019-12-31
01174858
2019-12-31
01174858
core:LandBuildings
2020-01-01
2020-12-31
01174858
core:PlantMachinery
2020-01-01
2020-12-31
01174858
core:FurnitureFittings
2020-01-01
2020-12-31
01174858
core:MotorVehicles
2020-01-01
2020-12-31
01174858
bus:Director4
2020-01-01
2020-12-31
01174858
core:LandBuildings
2019-12-31
01174858
core:PlantMachinery
2019-12-31
01174858
core:FurnitureFittings
2019-12-31
01174858
core:MotorVehicles
2019-12-31
01174858
core:LandBuildings
2020-12-31
01174858
core:PlantMachinery
2020-12-31
01174858
core:FurnitureFittings
2020-12-31
01174858
core:MotorVehicles
2020-12-31
01174858
core:WithinOneYear
2020-12-31
01174858
core:WithinOneYear
2019-12-31
01174858
core:ShareCapital
2020-12-31
01174858
core:ShareCapital
2019-12-31
01174858
core:RetainedEarningsAccumulatedLosses
2020-12-31
01174858
core:RetainedEarningsAccumulatedLosses
2019-12-31
01174858
core:BetweenOneFiveYears
2020-12-31
01174858
core:BetweenOneFiveYears
2019-12-31
01174858
core:PlantMachinery
2019-12-31
01174858
core:MotorVehicles
2019-12-31
01174858
bus:SmallEntities
2020-01-01
2020-12-31
01174858
bus:AuditExemptWithAccountantsReport
2020-01-01
2020-12-31
01174858
bus:FullAccounts
2020-01-01
2020-12-31
01174858
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
01174858
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
01174858
core:OfficeEquipment
2020-01-01
2020-12-31
01174858
core:OfficeEquipment
2019-12-31
01174858
core:OfficeEquipment
2020-12-31
COMPANY REGISTRATION NUMBER:
01174858
West Country Tool Company Limited
|
|
Filleted Unaudited Financial Statements
|
|
West Country Tool Company Limited
|
|
Statement of Financial Position
|
|
31 December 2020
Fixed Assets
Tangible assets
|
5
|
|
86,634
|
80,711
|
|
|
|
|
|
Current Assets
Stocks
|
670,079
|
|
814,382
|
Debtors
|
6
|
1,306,879
|
|
1,699,957
|
Cash at bank and in hand
|
235,472
|
|
175,163
|
|
------------
|
|
------------
|
|
2,212,430
|
|
2,689,502
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
1,721,664
|
|
1,816,341
|
|
------------
|
|
------------
|
Net Current Assets
|
|
490,766
|
873,161
|
|
|
---------
|
---------
|
Total Assets Less Current Liabilities
|
|
577,400
|
953,872
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
13,261
|
11,683
|
|
|
---------
|
---------
|
Net Assets
|
|
564,139
|
942,189
|
|
|
---------
|
---------
|
|
|
|
|
Capital and Reserves
Called up share capital
|
|
300
|
300
|
Profit and loss account
|
|
563,839
|
941,889
|
|
|
---------
|
---------
|
Shareholders Funds
|
|
564,139
|
942,189
|
|
|
---------
|
---------
|
|
|
|
|
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
West Country Tool Company Limited
|
|
Statement of Financial Position (continued)
|
|
31 December 2020
These financial statements were approved by the
board of directors
and authorised for issue on
22 June 2021
, and are signed on behalf of the board by:
Company registration number:
01174858
West Country Tool Company Limited
|
|
Notes to the Financial Statements
|
|
Year Ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 110 Queen Street, Newton Abbot, Devon, TQ12 2EU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Research & development expenditure
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: It is technically feasible to complete the intangible asset so that it will be available for use or sale; There is the intention to complete the intangible asset and use or sell it; There is the ability to use or sell the intangible asset; The use or sale of the intangible asset will generate probable future economic benefits; There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Revenue recognition
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.
Income tax
Deferred tax is provided in full on all material timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
All fixed assets are initially recorded at cost.
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:
|
Leasehold property
|
-
|
20% straight line
|
|
Plant & Machinery
|
-
|
25% straight line
|
|
Fixtures & Fittings
|
-
|
20% straight line
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
|
|
|
|
Equipment
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
A review for 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 reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
25
(2019:
29
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
|
At 1 Jan 2020
|
62,912
|
327,394
|
8,462
|
29,584
|
64,517
|
492,869
|
Additions
|
–
|
17,266
|
–
|
–
|
29,092
|
46,358
|
|
--------
|
---------
|
-------
|
--------
|
--------
|
---------
|
At 31 Dec 2020
|
62,912
|
344,660
|
8,462
|
29,584
|
93,609
|
539,227
|
|
--------
|
---------
|
-------
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
|
|
At 1 Jan 2020
|
62,912
|
265,108
|
8,462
|
14,602
|
61,074
|
412,158
|
Charge for the year
|
–
|
22,721
|
–
|
7,396
|
10,318
|
40,435
|
|
--------
|
---------
|
-------
|
--------
|
--------
|
---------
|
At 31 Dec 2020
|
62,912
|
287,829
|
8,462
|
21,998
|
71,392
|
452,593
|
|
--------
|
---------
|
-------
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
|
|
At 31 Dec 2020
|
–
|
56,831
|
–
|
7,586
|
22,217
|
86,634
|
|
--------
|
---------
|
-------
|
--------
|
--------
|
---------
|
At 31 Dec 2019
|
–
|
62,286
|
–
|
14,982
|
3,443
|
80,711
|
|
--------
|
---------
|
-------
|
--------
|
--------
|
---------
|
|
|
|
|
|
|
|
6.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
1,285,370
|
1,660,964
|
Other debtors
|
21,509
|
38,993
|
|
------------
|
------------
|
|
1,306,879
|
1,699,957
|
|
------------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
1,439,867
|
1,616,819
|
Corporation tax
|
16,274
|
51,631
|
Social security and other taxes
|
174,735
|
90,793
|
Other creditors
|
90,788
|
57,098
|
|
------------
|
------------
|
|
1,721,664
|
1,816,341
|
|
------------
|
------------
|
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Not later than 1 year
|
23,495
|
34,998
|
Later than 1 year and not later than 5 years
|
7,218
|
16,240
|
|
--------
|
--------
|
|
30,713
|
51,238
|
|
--------
|
--------
|
|
|
|
9.
Directors' advances, credits and guarantees
Included in other debtors is £235 (2019: £235) the amount being attributable to directors current accounts. No interest is payable on this loan. The loan was repaid on 11 February 2021.
10.
Related party transactions
Mr P.G Jevons, Mrs M.A. Jevons and Mr R.S. Jevons, the brother of Mr P G Jevons, own the freehold property which the company leases. The rent paid for the period was £51,030 (2019: £51,030). In addition, Mr P.G. Jevons and Mrs M.A. Jevons own a storage facility for which the company paid rent of £10,206 during the period (2019: £10,206). During the year dividends were paid to Mr P.G. Jevons of £218,500 (2019: £132,999), Mrs M.A. Jevons, £172,500 (2019: £105,000), Mr T Lloyd £230,000 (2019: £140,001), Mr A Seymour £63,948 (2019: £54,287) and Mrs J Seymour £63,948 (2019:£54,287).