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REGISTERED NUMBER: 02055114















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED

PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: I L Preece
S J Burford





SECRETARY: S J Burford





REGISTERED OFFICE: Unit 29, Longford Industrial Estate
Longford Road
Bridgtown
Cannock
Staffordshire
WS11 0DG





REGISTERED NUMBER: 02055114





ACCOUNTANTS: Crombies Accountants Limited
Chartered Accountants
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,892 9,358

CURRENT ASSETS
Stocks 57,684 48,603
Debtors 5 158,710 160,799
Prepayments and accrued income 4,424 4,366
Cash at bank and in hand 134,030 73,362
354,848 287,130
CREDITORS
Amounts falling due within one year 6 248,115 203,217
NET CURRENT ASSETS 106,733 83,913
TOTAL ASSETS LESS CURRENT
LIABILITIES

135,625

93,271

CREDITORS
Amounts falling due after more than one
year

7

-

(279

)

PROVISIONS FOR LIABILITIES (5,489 ) (1,693 )
NET ASSETS 130,136 91,299

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 129,136 90,299
SHAREHOLDERS' FUNDS 130,136 91,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by:





I L Preece - Director


PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Preece Burford (Builders Ironmongery) Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. (See later note)

Significant judgements and estimates
The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. the judgments, estimates and assumptions which have significant risk of material adjustments to carrying amount of assets and liabilities are:

-Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

-Stock provisions
The company has recognised provisions for the impairment of stock. The judgments, estimates and and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors. In the case of the provisions for the impairment of stock, this covers obsolescence through technological or customer specific reasons. This provision is based on the assessment of stock value and ageing, quantities on hand, usage, changes in the market, technical developments and warranty periods. The value of stock included in the financial statements is net of the provision for the impairment of stock.

-Bad debt provision
The company has recognised provisions against specific trade debtor balances. The judgments and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debt balances and the assessed recoverability. The value of trade debtors in note 7 is stated net of the provision of bad debts.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised from the sale of goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. This occurs when the buyer takes possession of the goods.

PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amounts of the replaced part is derecognised. Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchases on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in the financial statements.

Financial instruments
Financial assets

Financial assets comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the statement of income and retained earnings.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.

Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset.

Financial liabilities

Financial liabilities comprise trade creditors, other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate.

Financial liabilities also comprise obligations under finance lease and hire purchase contracts; these are initially recorded at cost on the date they originate and are subsequently carried at amortised cost under the effective interest method.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.


PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Provisions
Provisions are made where an event has taken place that gives rise to a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle obligation, taking into account relevant risks and uncertainties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021 61,044
Additions 22,784
At 31 March 2022 83,828
DEPRECIATION
At 1 April 2021 51,686
Charge for year 3,250
At 31 March 2022 54,936
NET BOOK VALUE
At 31 March 2022 28,892
At 31 March 2021 9,358

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 158,710 160,799

PREECE BURFORD (BUILDERS IRONMONGERY)
LIMITED (REGISTERED NUMBER: 02055114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts - 2,175
Trade creditors 187,464 143,441
Taxation and social security 57,527 54,726
Other creditors 3,124 2,875
248,115 203,217

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Hire purchase contracts - 279