Company registration number 04832701 (England and Wales)
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
BALANCE SHEET
AS AT
26 DECEMBER 2020
26 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,140
7,740
Current assets
Stocks
515
495
Debtors
4
11,014
22,804
Cash at bank and in hand
31,102
42,631
23,299
Creditors: amounts falling due within one year
5
(46,843)
(44,297)
Net current liabilities
(4,212)
(20,998)
Total assets less current liabilities
1,928
(13,258)
Creditors: amounts falling due after more than one year
6
(31,992)
Provisions for liabilities
(1,167)
(1,305)
Net liabilities
(31,231)
(14,563)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(32,231)
(15,563)
Total equity
(31,231)
(14,563)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 26 December 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.
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
BALANCE SHEET (CONTINUED)
AS AT
26 DECEMBER 2020
26 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
Mr H Osman
Director
Company Registration No. 04832701
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
3Q Industrial Supplies (Blackburn) Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 5A, Ramsgreave Business Park, Pleckgate Road, Blackburn, Lancashire, BB1 8RP.
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
The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.
true
Whilst the directors have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid -19, on all businesses represents, an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
Turnover
Turnover represents amounts receivable for
supply of industrial materials
net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, 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:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
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
.
1.5
Stocks
Stock is stated at the lower of cost and net realisable value.
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.
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
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:
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 29 December 2019 and 26 December 2020
32,795
5,668
15,915
54,378
Depreciation and impairment
At 29 December 2019
25,887
5,266
15,485
46,638
Depreciation charged in the year
1,248
244
108
1,600
At 26 December 2020
27,135
5,510
15,593
48,238
Carrying amount
At 26 December 2020
5,660
158
322
6,140
At 28 December 2019
6,908
402
430
7,740
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 DECEMBER 2020
- 5 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
7,539
22,804
Other debtors
3,475
11,014
22,804
Other debtors comprise amounts owed by connected company of £
3,475
(201
9
- £
nil
).
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
508
5,441
Taxation and social security
6,648
7,532
Other creditors
39,687
31,324
46,843
44,297
Other creditors comprises director's current account of £
17,829
(201
9
- £
25,110
), accruals of £
21,858
(201
9
- £
5,539
) and amounts owed to connected company of £
nil
(201
9
- £
675
).
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
31,992
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
800
800
800
800
'B' Ordinary shares of £1 each
200
200
200
200
1,000
1,000
1,000
1,000