Registration number:
CTS Ironmongery Limited
for the
Year Ended 31 December 2021
CTS Ironmongery Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
CTS Ironmongery Limited
Balance Sheet
as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
1,527,926 |
1,445,179 |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
1,323,436 |
1,128,670 |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Shareholders' funds |
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Registration number: 02770868
CTS Ironmongery Limited
Balance Sheet
as at 31 December 2021 (continued)
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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
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CTS Ironmongery Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2021
General information |
The company is a private company limited by shares incorporated in England, within the United Kingdom.
The company's registration number is 02770868.
The address of its registered office is:
The principal place of business is:
Units 11 & 12
Halifax Industrial Centre
Pellon Lane
Halifax
West Yorkshire
HX1 5RW
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.
CTS Ironmongery Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2021
(continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Government grants
Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Grants that become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in income in the period in which it becomes receivable.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
CTS Ironmongery Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2021
(continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
20% per annum on a reducing balance basis and 33.33% per annum on a straight line basis |
Motor vehicles |
25% per annum on a straight line basis |
Additions to leasehold property |
Straight line over the life of the lease |
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if their fair value can be measured reliably.
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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Leases
Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Hire purchase agreements 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 capitalised and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
CTS Ironmongery Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2021
(continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Additions to leasehold properties |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments and accrued income |
168,995 |
123,991 |
Other debtors |
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CTS Ironmongery Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2021
(continued)
Creditors |
2021 |
2020 |
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Due within one year |
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Bank loan |
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Trade creditors |
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Taxation and social security |
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Finance lease liabilities |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Directors' loan accounts |
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Due after one year |
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Bank loan |
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Finance lease liabilities |
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199,907 |
306,805 |
Included within other creditors is an amount of £310,077 (2020 - £54,816) relating to the invoice discounting creditor: this balance has been secured against trade debtors.
The bank loan is secured by way of a debenture.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £