Company Registration No. 01724137 (England and Wales)
Acrelane Timber Limited
Unaudited financial statements
for the year ended 31 March 2020
Pages for filing with the Registrar
Acrelane Timber Limited
Company information
Directors
Edward Crampsie
Gerard Duke
Bunty Shah
Secretary
Marianne Crampsie
Susan Duke
Company number
01724137
Registered office
47-55 Acre Lane
London
SW2 5TN
Accountants
Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers
Barclays Bank plc
Broadgate 2
Leicester
LE87 2BB
Acrelane Timber Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Acrelane Timber Limited
Statement of financial position
As at 31 March 2020
31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
174,646
175,500
Investments
5
1,300
1,300
175,946
176,800
Current assets
Stocks
680,000
741,588
Debtors
6
1,824,722
1,787,974
Cash at bank and in hand
891,270
1,048,035
3,395,992
3,577,597
Creditors: amounts falling due within one year
7
(680,600)
(893,833)
Net current assets
2,715,392
2,683,764
Total assets less current liabilities
2,891,338
2,860,564
Provisions for liabilities
(27,415)
(24,337)
Net assets
2,863,923
2,836,227
Capital and reserves
Called up share capital
8
40,000
40,000
Profit and loss reserves
2,823,923
2,796,227
Total equity
2,863,923
2,836,227
Acrelane Timber Limited
Statement of financial position (continued)
As at 31 March 2020
31 March 2020
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2020 and are signed on its behalf by:
Gerard Duke
Director
Company Registration No. 01724137
Acrelane Timber Limited
Notes to the financial statements
For the year ended 31 March 2020
Page 3
1
Accounting policies
Company information
Acrelane Timber Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
47-55 Acre Lane, London, SW2 5TN.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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.
1.2
Going concern
A
true
t the time of approving the financial statements
, and in light of COVID-19,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
See note 10 for further information.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less provision for depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% on a reducing balance basis
Fixtures, fittings & equipment
25% on a reducing balance basis
Motor vehicles
25% on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 4
1.5
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 is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as 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.
1.6
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 5
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 6
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.
1.10
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. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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 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 of an employee or to provide termination benefits.
1.12
Retirement benefits
The company makes contributions to a group personal pension scheme on behalf of its directors and employees. Contributions to the scheme are charged to the profit and loss account for the year in which they are payable.
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 7
1.13
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
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 43
(2019: 42).
3
Directors' remuneration
2020
2019
£
£
Remuneration paid to directors
247,203
182,650
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2019: 2).
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
407,620
Additions
61,912
Disposals
(16,475)
At 31 March 2020
453,057
Depreciation and impairment
At 1 April 2019
232,120
Depreciation charged in the year
58,463
Eliminated in respect of disposals
(12,172)
At 31 March 2020
278,411
Carrying amount
At 31 March 2020
174,646
At 31 March 2019
175,500
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 9
5
Fixed asset investments
2020
2019
£
£
Investments
1,300
1,300
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2019 & 31 March 2020
1,701
Impairment
At 1 April 2019 & 31 March 2020
401
Carrying amount
At 31 March 2020
1,300
At 31 March 2019
1,300
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
309,395
289,467
Corporation tax recoverable
67,997
64,790
Amounts owed by group undertakings
1,126,713
1,126,713
Other debtors
320,617
307,004
1,824,722
1,787,974
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 10
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
445,740
532,566
Corporation tax
14,338
30,750
Other taxation and social security
169,122
168,093
Other creditors
51,400
162,424
680,600
893,833
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
40,000 Ordinary shares of £1 each
40,000
40,000
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
40,887
40,887
Between two and five years
62,011
143,784
102,898
184,671
Acrelane Timber Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 11
10
Events after the reporting date
A strain of coronavirus (COVID-19) which was classified as a pandemic by the World Health Organization on 11 March 2020, has been impacting countries globally. The potential impacts from COVID-19 remain uncertain, including, among other things, on economic conditions, businesses and consumers.
The company
and wider group
have put necessary measures to mitigate against the effects of COVID-19 on its ability to continue as a going concern. The company have operating cash flows and management forecasts which do not provide any indication of material cash flow concerns. Except the above, there have been no material events after the reporting date which would require disclosure or adjustment to the financial statements for the year ended 31
March
20
20
.
11
Related party transactions
Included within other debtors is an amount of £4
3,616
(201
9
: £4
4
,
5
04) due from E
dward
Crampsie
and
an amount of £
2,317
(201
9:
£
3,617
) due from G
erard
Duke
both of whom were directors during the year. An amount
of £
10,866
(201
9
: £
9,789
)
is due
from J
ames
Crampsie,
who resigned as director in the prior year
.
These amounts are unsecured, have no fixed repayment terms, and no interest is charged on the outstanding balances.
Also included in other debtors is an amount of £
189,930
(201
9
: £189,930) due from B Mistry, a former director of the company who is beneficially interested in the share capital of the company's parent. The maximum amount outstanding during the year was £
189,930
.
This amount is unsecured, has no fixed repayment terms, and no interest is charged on the outstanding balance.
During the year the company paid rent of £12,000 (201
9
: £12,000) to Acrelane Holdings Limited, the immediate parent company. At 31 March 20
20
the company was owed £1,126,713 (201
9
: £1,12
6
,
713
) by Acrelane Holdings Limited.
This balance is repayable on demand, unsecured and non-interest bearing.
The company made sales of £
10,428
(201
9
:
£5,882
)
to
, purchases of £
4,554
(201
9
: £
5,321
)
from,
and received management fees of £
67,597
(201
9
: £
65,748
) from
,
Acrelane Builders Merchants Limited, a company under common control.
12
Parent company
The immediate parent company of Acrelane Timber Limited is Acrelane Holdings Limited, a company incorporated in the United Kingdom, by virtue of its 100% shareholding.
The directors believe that there is no one ultimate controlling party.
2020-03-31
2019-04-01
false
06 October 2020
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Edward Crampsie
Edward Crampsie
Gerard Duke
Gerard Duke
Bunty Shah
Marianne Crampsie
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