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Unaudited Financial Statements for the Year Ended 30 June 2020 |
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French (Joinery) Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 June 2020 |
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for |
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French (Joinery) Limited |
French (Joinery) Limited (Registered number: 01016986) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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French (Joinery) Limited (Registered number: 01016986) |
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Balance Sheet |
30 June 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
French (Joinery) Limited (Registered number: 01016986) |
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Balance Sheet - continued |
30 June 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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French (Joinery) Limited (Registered number: 01016986) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2020 |
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1. | Statutory information |
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French (Joinery) Limited is a
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Registered number: | 01016986 |
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Registered office: | 85 Church Road |
Hove |
East Sussex |
BN3 2BB |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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French (Joinery) Limited (Registered number: 01016986) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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2. | Accounting policies - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Construction contracts |
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. |
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Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. |
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When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. |
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Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. |
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The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible fixed assets are initially recorded at cost and subsequently recorded at cost less accumulated depreciation. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Stock are calculated on a first in, first out basis. |
French (Joinery) Limited (Registered number: 01016986) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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2. | Accounting policies - continued |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. |
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Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
French (Joinery) Limited (Registered number: 01016986) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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2. | Accounting policies - continued |
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Current asset investments |
Investments are initially recorded at cost and subsequently recorded at fair value. The movement in fair value is recognised in the profit and loss account. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2019 |
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Additions |
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Disposals |
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At 30 June 2020 |
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Depreciation |
At 1 July 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2020 |
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Net book value |
At 30 June 2020 |
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At 30 June 2019 |
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5. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts recoverable on contracts |
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Other debtors |
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6. | Current asset investments |
2020 | 2019 |
£ | £ |
Listed investments | 228,556 | 233,001 |
French (Joinery) Limited (Registered number: 01016986) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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7. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Payments on account |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | Financial instruments |
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At the year end, the company had financial assets measured at fair value through the profit and loss account amounting to £228,556 (2019: £233,001). |
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The fair values of the assets held at fair value through profit and loss at the balance sheet date are determined using quoted prices. The change in fair value recognised in the profit and loss account is £16,445 (2019: £17,767). The directors manage investment risks, including credit risk and market risk, within agreed risk limits which are set following advice from a professional investment advisor. |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100,000 | 100,000 |
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10. | Off-balance sheet arrangements |
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At the year end, the company had operating lease commitments amounting to £325,792 (2019: £427,292). |
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11. | Directors' advances, credits and guarantees |
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During the year, the company advanced a director £6,267 (2019: £nil) and he repaid £712 (2019: £nil). At the year end, the director owed the company £5,555 (2019: £nil). The advances were interest-free, unsecured and repayable on demand. |
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12. | Related party disclosures |
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During the year, the company made sales to a director amounting to £nil (2019: £97,780). At the year end, the director owed £nil (2019: £92,539) in relation to these sales. |
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During the year, the company paid rent to a director amounting to £nil (2019: £42,000). |