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Registration number: 05393291

A & J Carpenters Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

A & J Carpenters Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 10

 

A & J Carpenters Limited

(Registration number: 05393291)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

120,000

135,000

Tangible assets

5

44,835

53,250

 

164,835

188,250

Current assets

 

Stocks

6

79,340

133,042

Debtors

7

258,736

200,218

Cash at bank and in hand

 

19,450

49,501

 

357,526

382,761

Creditors: Amounts falling due within one year

8

(263,058)

(287,032)

Net current assets

 

94,468

95,729

Total assets less current liabilities

 

259,303

283,979

Creditors: Amounts falling due after more than one year

8

(200,129)

(223,905)

Provisions for liabilities

(8,519)

(10,650)

Net assets

 

50,655

49,424

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

49,655

48,424

Total equity

 

50,655

49,424

 

A & J Carpenters Limited

(Registration number: 05393291)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 15 November 2017 and signed on its behalf by:
 

.........................................

A T Tweedie

Director

.........................................

J S Horn

Director

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales, United Kingdom.

The address of its registered office is:
Unit 10
Alexandria Industrial Estate
Sidmouth
Devon
EX10 9HA

These financial statements were authorised for issue by the Board on 15 November 2017.

2

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.

There have been no changes to accounting policies following the transition to the Financial Reporting Standard 102 Section 1A.

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.

The date of transition to FRS 102 was 1 April 2015.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

20% reducing balance

Office equipment

33.3% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases 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 recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2016 - 13).

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2016

300,000

300,000

At 31 March 2017

300,000

300,000

Amortisation

At 1 April 2016

165,000

165,000

Amortisation charge

15,000

15,000

At 31 March 2017

180,000

180,000

Carrying amount

At 31 March 2017

120,000

120,000

At 31 March 2016

135,000

135,000

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2016

7,360

99,233

2,680

109,273

Additions

2,127

7,900

400

10,427

Disposals

(7,360)

(18,445)

(1,485)

(27,290)

At 31 March 2017

2,127

88,688

1,595

92,410

Depreciation

At 1 April 2016

6,399

48,497

1,127

56,023

Charge for the year

709

14,122

262

15,093

Eliminated on disposal

(6,399)

(16,299)

(843)

(23,541)

At 31 March 2017

709

46,320

546

47,575

Carrying amount

At 31 March 2017

1,418

42,368

1,049

44,835

At 31 March 2016

961

50,736

1,553

53,250

6

Stocks

2017
£

2016
£

Work in progress

79,340

133,042

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Debtors

2017
£

2016
£

Trade debtors

184,247

129,424

Other debtors

71,772

68,290

Prepayments

2,717

2,504

Total current trade and other debtors

258,736

200,218

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Loans and borrowings

9

22,311

22,880

Trade creditors

 

155,647

162,209

Taxation and social security

 

73,268

89,454

Accruals

 

11,832

12,489

 

263,058

287,032

Due after one year

 

Loans and borrowings

9

200,129

223,905

2017
£

2016
£

After more than five years by instalments

213,598

229,602

The debenture is secured by all the Company's liabilities to National Westminster Bank Plc of any kind and in any currency including bank charges, commission, interest, costs and expenses.

The finance lease liabilities are secured on the assets concerned.

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

197,328

214,531

Finance lease liabilities

2,801

9,374

200,129

223,905

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

2017
£

2016
£

Current loans and borrowings

Bank borrowings

16,270

15,071

Finance lease liabilities

6,041

7,809

22,311

22,880

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The amount of the bank loan due by instalments after five years is £125,543 (2016 - £144,124).

10

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £8,320 (2016 - £8,320).

11

Related party transactions

Summary of transactions with key management

Interest has been charged on the loans at the commercial rate.
 

Transactions with directors

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

A T Tweedie

Transactions during the period

32,812

53,473

(52,956)

33,329

         
       

J S Horn

Transactions during the period

32,813

55,615

(55,098)

33,330

         
       

 

2016

At 1 April 2015
£

Advances to directors
£

Repayments by director
£

At 31 March 2016
£

A T Tweedie

Transactions during the period

24,016

78,175

(63,379)

38,812

         
       

J S Horn

Transactions during the period

29,804

76,933

(73,924)

32,813

         
       

 

During the year dividends were declared to the directors of £75,000 (2016 - £108,000).

 

A & J Carpenters Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

12

Transition to FRS 102

There have been no numerical changes to the accounts or to previous periods in respect of FRS102 Section 1A.