Company registration number:
4882698
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FOR THE YEAR ENDED
31 DECEMBER 2020
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COMPANY INFORMATION
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Park Farm Industrial Estate
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Chartered Accountants
&
Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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ACCESSORY BITS LIMITED
REGISTERED NUMBER:
04882698
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 7 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accessory Bits Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The principal activity of the business is the sale and distribution of accessories to be used in the office furniture market.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The turnover shown in the statement of income and retained earnings represents amounts receivable for goods sold during the year in the normal course of the business, net of trade discounts, VAT and other sales and related taxes.
On 11 March 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. The Directors have implemented their business continuity plan in response to this outbreak which considered the resources, both human and financial, available to the Company.
The Directors have been in discussions with the Investors and Loan providers to the business in order to secure ongoing, and where required, additional support. The Directors have been and continue to be in discussion with the Company’s bank to amend their loan covenants. This has enabled the business to secure additional facilities that could be drawn down to assist the Company’s cash flow if required. The Company has also negotiated for the suspension of its payment of interest and preference share interest with its Investor. At the point of approval of these accounts’ discussions with the bank and the Company’s investor are on-going.
In common with many businesses, due to the current uncertainty regarding the scope, duration and severity of the COVID-19 outbreak, the Directors are unable to estimate with reasonable certainty the ultimate impact it will have on its business and financial position.
On the basis of the continued support from their principal funders being provided the Directors have adopted the going concern basis of accounting in preparing the financial statements. The financial statements do not include any adjustments that would result if the Company was unable to satisfactorily conclude its negotiations and not continue as a going concern.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the year was
18
(2019 -
23
)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company, together with its parent company, ABL Investments Limited, have an unlimited cross-charge to secure the Group borrowings. As at 31 December 2020, this amounted to £880,000 (2019: £1,040,000) The directors do not currently consider that any liability will arise.
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Commitments under operating leases
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At 31 December 2020, the Company had future minimum lease payments under non-cancellable operating leases of £93,759 (2019: £135,029).
The parent of the smallest group for which consolidated financial statements are drawn up is
SAMPS Group Limited
, a company registered in England and Wales. The registered office of SAMPS Group Limited is
14 Fleming Close, Park Farm Industrial Estate, Wellingborough, England, NN8 6UF
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditor's report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on
30 November 2021
by
Richard Watson FCCA
(Senior Statutory Auditor) on behalf of
Menzies LLP
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