Company Registration No. 01202709 (England and Wales)
F. B. ROSS & CO LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
F. B. ROSS & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
F. B. ROSS & CO LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
134,370
82,225
Current assets
Stocks
1,650
1,395
Debtors
4
151,077
301,279
Cash at bank and in hand
108,279
179,478
261,006
482,152
Creditors: amounts falling due within one year
5
(301,199)
(371,986)
Net current (liabilities)/assets
(40,193)
110,166
Total assets less current liabilities
94,177
192,391
Creditors: amounts falling due after more than one year
6
(16,983)
(11,567)
Provisions for liabilities
(25,628)
(15,598)
Net assets
51,566
165,226
Capital and reserves
Called up share capital
7
230
230
Capital redemption reserve
770
770
Profit and loss reserves
50,566
164,226
Total equity
51,566
165,226
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
F. B. ROSS & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2020
31 October 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 June 2021
S Hunt
Director
Company Registration No. 01202709
F. B. ROSS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 3 -
1
Accounting policies
Company information
F. B. Ross & Co Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
West Walk Building, 110 Regent Road, Leicester, LE1 7LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
electrical
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% per annum of net book value
Fixtures, fittings & equipment
15% per annum of net book value
Computer equipment
Straight line over 3 years
Motor vehicles
25% per annum of net book value
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit
is estimated
and compared to the carrying amount
in order to determine the extent of the impairment loss (if any).
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
F. B. ROSS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.6
Cash at bank and in hand
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.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
F. B. ROSS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2019 - 14).
2020
2019
Number
Number
Total
16
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2019
250,318
Additions
103,695
Disposals
(38,750)
At 31 October 2020
315,263
Depreciation and impairment
At 1 November 2019
168,093
Depreciation charged in the year
44,386
Eliminated in respect of disposals
(31,586)
At 31 October 2020
180,893
Carrying amount
At 31 October 2020
134,370
At 31 October 2019
82,225
F. B. ROSS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 6 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
144,518
288,686
Other debtors
6,559
12,593
151,077
301,279
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
133,772
288,664
Amounts owed to group undertakings
98
1,030
Corporation tax
44,983
36,706
Other taxation and social security
33,210
25,206
Other creditors
89,136
20,380
301,199
371,986
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Trade creditors
16,983
11,567
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
230
230
230
230