Portreath Garden Machinery Limited
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|
New Portreath Road, Bridge, Redruth |
|
Balance Sheet as at 31 December 2019 |
|
Notes |
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|
2019 |
|
|
2018 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
- |
|
|
9,000 |
Tangible assets |
4 |
|
|
26,865 |
|
|
33,274 |
|
|
|
|
26,865 |
|
|
42,274 |
|
Current assets |
Stocks |
|
|
215,881 |
|
|
251,217 |
Debtors |
5 |
|
32,524 |
|
|
23,131 |
Cash at bank and in hand |
|
|
950 |
|
|
1,282 |
|
|
|
249,355 |
|
|
275,630 |
|
Creditors: amounts falling due within one year |
6 |
|
(213,343) |
|
|
(228,312) |
|
Net current assets |
|
|
|
36,012 |
|
|
47,318 |
|
Total assets less current liabilities |
|
|
|
62,877 |
|
|
89,592 |
|
|
Provisions for liabilities |
Deferred taxation |
|
|
|
(2,300) |
|
|
(2,817) |
|
|
Net assets |
|
|
|
60,577 |
|
|
86,775 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
600 |
|
|
600 |
Profit and loss account |
|
|
|
59,977 |
|
|
86,175 |
|
Shareholders' funds |
|
|
|
60,577 |
|
|
86,775 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
………………………………. |
S J Stovell |
Director |
Approved by the board on 28 August 2020
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Portreath Garden Machinery Limited
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|
New Portreath Road, Bridge, Redruth |
|
Notes to the Accounts For The Year Ended 31 December 2019 |
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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|
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Turnover |
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Turnover represents the value, net of discounts and value added tax of goods provided to customers and work carried out in respect of services provided to customers.
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|
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
|
|
|
Tangible fixed assets and depreciation |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
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|
|
Leasehold land and buildings |
10% on a straight line basis |
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Plant and machinery |
20% on a reducing balance basis |
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Motor vehicles |
25% on a reducing balance basis |
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Stocks |
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Stocks are measured at the lower of cost and net realisable value.
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Pension contributions |
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Contributions made by the company to defined contribution pension schemes are charged to the profit and loss account when incurred. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates that are expected to apply to the reversal of the timing difference.
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|
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account and the capital element which reduces the outstanding liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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|
2 |
Employees |
2019 |
|
2018 |
Number |
Number |
|
Average number of persons employed by the company |
|
(excluding directors) |
9 |
|
10 |
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 January 2019 |
50,000 |
|
At 31 December 2019 |
50,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2019 |
41,000 |
|
Provided during the year |
9,000 |
|
At 31 December 2019 |
50,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
- |
|
At 31 December 2018 |
9,000 |
|
|
|
|
|
|
|
|
|
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
4 |
Tangible fixed assets |
|
|
Leasehold Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2019 |
36,896 |
|
41,236 |
|
34,870 |
|
113,002 |
|
Additions |
- |
|
810 |
|
- |
|
810 |
|
At 31 December 2019 |
36,896 |
|
42,046 |
|
34,870 |
|
113,812 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2019 |
18,450 |
|
34,436 |
|
26,842 |
|
79,728 |
|
Charge for the year |
3,690 |
|
1,522 |
|
2,007 |
|
7,219 |
|
At 31 December 2019 |
22,140 |
|
35,958 |
|
28,849 |
|
86,947 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
14,756 |
|
6,088 |
|
6,021 |
|
26,865 |
|
At 31 December 2018 |
18,446 |
|
6,800 |
|
8,028 |
|
33,274 |
|
|
|
|
|
|
|
|
|
5 |
Debtors |
2019 |
|
2018 |
£ |
£ |
|
|
Trade debtors |
25,026 |
|
14,141 |
|
Other debtors |
7,498 |
|
8,990 |
|
|
|
|
|
|
32,524 |
|
23,131 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
£ |
£ |
|
|
Bank loans and overdrafts - Secured |
27,701 |
|
44,184 |
|
Trade creditors |
123,909 |
|
139,732 |
|
Corporation tax |
2,135 |
|
9,410 |
|
Other taxes and social security costs |
44,704 |
|
30,336 |
|
Director's loan |
14,894 |
|
4,650 |
|
|
|
|
|
|
213,343 |
|
228,312 |
|
|
|
|
|
|
|
|
|
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The bank overdraft is secured by means of a debenture on the assets of the company. |
|
7 |
Other financial commitments |
2019 |
|
2018 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
33,733 |
|
27,233 |
|
|
|
|
|
|
|
|
|
|
8 |
Related Party Transactions |
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(a) At the balance sheet date the company owed the director the sum of £14,894 (2018: £4,650) in respect of an interest free loan made to the company. |
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(b) During the year the Company paid a dividend of £13,334 to the director. |
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(c ) The Company leases its trading premises from the director at an annual rental of £18,000. |