Company Registration No. 08314740 (England and Wales)
S B JOINERY (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
S B JOINERY (UK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
S B JOINERY (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
701,694
678,847
Current assets
Inventories
125,529
43,887
Trade and other receivables
6
2,568,938
3,785,258
Cash and cash equivalents
1,488,426
662,439
4,182,893
4,491,584
Current liabilities
7
(2,410,299)
(1,691,563)
Net current assets
1,772,594
2,800,021
Total assets less current liabilities
2,474,288
3,478,868
Non-current liabilities
8
(383,043)
(1,469,771)
Provisions for liabilities
(67,970)
Net assets
2,091,245
1,941,127
Equity
Called up share capital
100,030
100,030
Retained earnings
1,991,215
1,841,097
Total equity
2,091,245
1,941,127
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 2 December 2021 and are signed on its behalf by:
Mr S Brown
Mrs D H Brown
Director
Director
Company Registration No. 08314740
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
S B Joinery (UK) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
33 The Clarendon Centre, Salisbury Business Park, Dairy Meadow Lane, Salisbury, Wiltshire, SP1 2TJ.
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 directors have considered the company's future financial performance given the current
true
impact of the coronavirus pandemic
. Given the financial resources available and the expected profitable out-turn of contracts, the company
has taken advantage of the support measures available from the Government, which will enable it to continue to meet its liabilities as they fall due.
1.3
Revenue
Revenue 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
and
settlement discounts.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is written off in equal annual instalments over its useful economic life.
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently 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
25% reducing balance
Fixtures, fittings & 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
.
1.7
Impairment of non-current assets
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.
1.8
Inventories
Inventories
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
inventories
to their present location and condition.
1.9
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
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.
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.
1.12
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.
1.13
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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
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.
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.17
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.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Construction contract revenue
Recognised amounts of construction contract revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of profitability of on-going construction contracts. No provision has been made as it is believed that all ongoing contracts at the year end are profit making. For complex contracts, cost to complete and the contract profitability are subject to significant estimation uncertainty.
Recoverability of trade debtor balances
The directors consider the recoverability of the company’s trade debtor balances in the balance as at 31 March 2020. Based on the review of post year end receipts and discussions with key customers, the directors are satisfied with the recoverability and that there is adequate provision for any possible bad debts. The provision for bad debts is based on the best available facts and circumstances including the length of the business relationship and ongoing discussions with the customer.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
105
126
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
605,000
Amortisation and impairment
At 1 April 2020 and 31 March 2021
605,000
Carrying amount
At 31 March 2021
At 31 March 2020
5
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2020
1,193,950
581,508
222,277
1,997,735
Additions
78,107
24,514
155,249
257,870
Disposals
(4,810)
(31,676)
(36,486)
At 31 March 2021
1,272,057
601,212
345,850
2,219,119
Depreciation and impairment
At 1 April 2020
839,661
319,369
159,858
1,318,888
Depreciation charged in the year
107,899
79,881
37,315
225,095
Eliminated in respect of disposals
(3,948)
(22,610)
(26,558)
At 31 March 2021
947,560
395,302
174,563
1,517,425
Carrying amount
At 31 March 2021
324,497
205,910
171,287
701,694
At 31 March 2020
354,289
262,139
62,419
678,847
6
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
1,948,058
1,893,300
Corporation tax recoverable
34,494
Other receivables
620,880
1,857,464
2,568,938
3,785,258
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
7
Current liabilities
2021
2020
£
£
Bank loans and overdrafts
79,323
242,724
Trade payables
677,530
996,871
Amounts owed to group undertakings
1,032,916
Taxation and social security
264,402
281,574
Other payables
356,128
170,394
2,410,299
1,691,563
8
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
297,500
519,972
Other payables
85,543
949,799
383,043
1,469,771
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Robert MacDonald and the auditor was Moore (South) LLP.
10
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for its property and for its vehicles on lease arrangements. Leases on the motor vehicles are negotiated for an average term of 3 years and rentals are fixed for an average of 3 years. The property lease is ongoing with no fixed term.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
75,006
106,481
S B JOINERY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
11
Related party transactions
Remuneration of key management personnel
2021
2020
£
£
Aggregate compensation
76,001
69,056
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Brown Property Investments Limited
-
1,302
The related party balance relates to Brown Property Investments Limited which is a company wholly owned by the directors.
T
he group has taken advantage of the exemption under FRS 102 to not disclose transactions with related parties which are 100% owned within a group.
2021
2020
Amounts due from related parties
£
£
Brown Property Investments Limited
101,917
-
12
Directors' transactions
The following amounts were outstanding at the reporting end date:
Dividends totalling £702,500 (2020 - £665,000) were paid in the year in respect of shares held by the company's directors.
13
Parent company
The parent company of SB Joinery Installations (UK) Limited is SB Joinery Holdings Limited and its registered office is 33 The Clarendon Centre Salisbury Business Park,Dairy Meadow Lane, Salisbury England,SP1 2TJ
2021-03-31
2020-04-01
false
22 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
Mr S Brown
Mrs D H Brown
Mr R Brown
Mr R D Brown
Mr D Brown
Mrs K L Brown
Mrs J Brown
Mrs L Brown
Mr G J Matley
Mrs D H Brown
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