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Company registration number: 08697697
F E Addlesee & Son Ltd
Unaudited filleted financial statements
31 December 2021
F E Addlesee & Son Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
F E Addlesee & Son Ltd
Directors and other information
Directors Mr Richard Nigel Addlesee
Mrs Jennifer Elizabeth Addlesee
Mrs Clare Louise Limb
Company number 08697697
Registered office 44 Castle Street
Boston
Lincs
PE21 8PN
Business address 44 Castle Street
Boston
Lincs
PE21 8PN
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
F E Addlesee & Son Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of F E Addlesee & Son Ltd
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F E Addlesee & Son Ltd for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of F E Addlesee & Son Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of F E Addlesee & Son Ltd and state those matters that we have agreed to state to the board of directors of F E Addlesee & Son Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F E Addlesee & Son Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that F E Addlesee & Son Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F E Addlesee & Son Ltd. You consider that F E Addlesee & Son Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of F E Addlesee & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
3 August 2022
F E Addlesee & Son Ltd
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 663,975 483,834
_______ _______
663,975 483,834
Current assets
Stocks 53,393 47,413
Debtors 7 205,926 223,654
Investments 8 443,549 314,151
Cash at bank and in hand 1,311,440 1,204,013
_______ _______
2,014,308 1,789,231
Creditors: amounts falling due
within one year 9 ( 419,237) ( 384,256)
_______ _______
Net current assets 1,595,071 1,404,975
_______ _______
Total assets less current liabilities 2,259,046 1,888,809
Provisions for liabilities ( 34,756) ( 6,642)
_______ _______
Net assets 2,224,290 1,882,167
_______ _______
Capital and reserves
Called up share capital 10 300 300
Share premium account 1,090,426 1,090,426
Profit and loss account 1,133,564 791,441
_______ _______
Shareholders funds 2,224,290 1,882,167
_______ _______
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 August 2022 , and are signed on behalf of the board by:
Mr Richard Nigel Addlesee
Director
Company registration number: 08697697
F E Addlesee & Son Ltd
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 44 Castle Street, Boston, Lincs, PE21 8PN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Office Equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2020: 16 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2021 and 31 December 2021 300,000 300,000
_______ _______
Amortisation
At 1 January 2021 and 31 December 2021 300,000 300,000
_______ _______
Carrying amount
At 31 December 2021 - -
_______ _______
At 31 December 2020 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2021 434,948 62,760 22,337 533,407 1,053,452
Additions - 2,126 - 271,690 273,816
Disposals - - - ( 169,201) ( 169,201)
_______ _______ _______ _______ _______
At 31 December 2021 434,948 64,886 22,337 635,896 1,158,067
_______ _______ _______ _______ _______
Depreciation
At 1 January 2021 60,893 33,803 16,151 458,771 569,618
Charge for the year 8,699 4,375 1,550 58,906 73,530
Disposals - - - ( 149,056) ( 149,056)
_______ _______ _______ _______ _______
At 31 December 2021 69,592 38,178 17,701 368,621 494,092
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2021 365,356 26,708 4,636 267,275 663,975
_______ _______ _______ _______ _______
At 31 December 2020 374,055 28,957 6,186 74,636 483,834
_______ _______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 199,832 217,367
Other debtors 6,094 6,287
_______ _______
205,926 223,654
_______ _______
8. Investments
2021 2020
£ £
Other investments 443,549 314,151
_______ _______
9. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 80,598 73,663
Corporation tax 58,184 82,993
Social security and other taxes 3,602 3,682
Other creditors 276,853 223,918
_______ _______
419,237 384,256
_______ _______
10. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary A, B & C shares shares of £ 1.00 each 300 300 300 300
_______ _______ _______ _______