Registration number:
|
A.M. Joinery Contractors Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Filleted Financial Statements |
A.M. Joinery Contractors Limited
Company Information
Director |
M Neal |
Registered office |
|
Accountants |
|
Page 1 |
A.M. Joinery Contractors Limited
(Registration number: 04412963)
Filleted Balance Sheet as at 31 May 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
|
|
Total equity |
( |
|
For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the director on
......................................... |
Page 2 |
A.M. Joinery Contractors Limited
Notes to the Filleted Financial Statements for the Year Ended 31 May 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
12 Ennerdale Road
Formby
Liverpool
L37 2EA
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is £ Sterling and all amounts are rounded to the nearest £.
Going concern
The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the director considers appropriate.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of joinery services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company
The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Other grants
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
A.M. Joinery Contractors Limited
Notes to the Filleted Financial Statements for the Year Ended 31 May 2019
Depreciation
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life:
Asset class |
Depreciation method and rate |
Computer equipment |
33.33% on cost |
Equipment |
25% on net book value |
Motor vehicles |
25% on net book value |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for joinery services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 4 |
A.M. Joinery Contractors Limited
Notes to the Filleted Financial Statements for the Year Ended 31 May 2019
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
A.M. Joinery Contractors Limited
Notes to the Filleted Financial Statements for the Year Ended 31 May 2019
Tangible assets |
Plant and machinery |
Total |
|
Cost or valuation |
||
At 1 June 2018 |
|
|
Additions |
|
|
Disposals |
( |
( |
At 31 May 2019 |
|
|
Depreciation |
||
At 1 June 2018 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 31 May 2019 |
|
|
Carrying amount |
||
At 31 May 2019 |
|
|
At 31 May 2018 |
|
|
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
- |
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Page 6 |
A.M. Joinery Contractors Limited
Notes to the Filleted Financial Statements for the Year Ended 31 May 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Security
Security has been given by the company in respect of the finance lease agreements, over the assets to which they relate.
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|
2019 |
2018 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
|
Loans from related parties |
|
- |
|
|
Dividends |
During the period the company has paid dividends in excess of the distributable reserves, contrary to the Companies Act 2006, and so may become repayable by the shareholders.
Page 7 |
A.M. Joinery Contractors Limited
Notes to the Filleted Financial Statements for the Year Ended 31 May 2019
Related party transactions |
Loans to related parties
2019 |
Director |
At start of period |
|
Repaid |
( |
At end of period |
- |
2018 |
Director |
At start of period |
|
Repaid |
( |
At end of period |
|
Terms of loans to related parties
Loans from related parties
2019 |
Director |
Advanced |
|
Terms of loans from related parties
Going concern |
The financial statements have been prepared on a going concern basis. As the director will continue to make funds available to the company in future, he believes that the going concern basis is appropriate for these financial statements.
Page 8 |