REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Superior Fix Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Superior Fix Limited |
Superior Fix Limited (Registered number: 07876909) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountant's Report | 9 |
Superior Fix Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Kelyn |
Old Hill |
Helston |
Cornwall |
TR13 8HT |
Superior Fix Limited (Registered number: 07876909) |
Statement of Financial Position |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Superior Fix Limited (Registered number: 07876909) |
Statement of Financial Position - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Superior Fix Limited (Registered number: 07876909) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Superior Fix Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The global economy continues to be adversely affected by the Covid 19 pandemic. The imposed lockdown restrictions have had a negative impact across a wide variety of sectors. The construction industry has been impacted but not as seriously as other sectors. Working within the limitations of social distancing measures was challenging but has since eased for on site activities etc. |
The Director has reasonable expectations that the company will be able to fulfil projects as the economy opens up and returns to more normal trading conditions. |
The Director has accessed Government support initiatives, such as the Coronavirus Job Retention Scheme (CJRS), where reduced capacity and demand affected the trade. The company has also utilised the availabilty of Bounce Back Loans scheme. |
Therefore, the Director believes the adoption of the going concern basis of accounting is still appropriate in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised upon invoice for goods and services, except in circumstances where the company obtains the right to consideration. |
Tangible fixed assets |
Moulds | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Superior Fix Limited (Registered number: 07876909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
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. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Grants |
Grant funds, such as the Coronavirus Job Retention Scheme (CJRS), are recognised in the Profit and Loss Account upon receipt for the period for which they are claimed and matched against the relevant employee costs for the same period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Superior Fix Limited (Registered number: 07876909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
Moulds | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
Superior Fix Limited (Registered number: 07876909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 8,746 | - |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 20,530 | 28,770 |
Other creditors |
Directors' current accounts | - | 76 |
Accrued expenses |
The Directors Loan Account balance included within other creditors is non-interest bearing and repayable upon demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 3,000 |
Superior Fix Limited (Registered number: 07876909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The main conditions regarding advances and credits were that sums were to be repaid to the company as soon as possible and any overdrawn balance at a month end in excess of £10,000 would incur interest at the official rate of interest. The official rate of interest during the year was 2.25% / 2.00% for the year. |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £10,000 (2020 - £5,300) were paid to the director . |
At the balance sheet date the company was owed £8,746 by the director. This was the balance on his director's current account and is disclosed within other debtors. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is T J Frew. |
Chartered Certified Accountant's Report to the Director |
on the Unaudited Financial Statements of |
Superior Fix Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Superior Fix Limited for the year ended 31 December 2021 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given me. |
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of Superior Fix Limited in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Superior Fix Limited and state those matters that I have agreed to state to the director of Superior Fix Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its director for my work or for this report. |
It is your duty to ensure that Superior Fix Limited 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 Superior Fix Limited. You consider that Superior Fix Limited is exempt from the statutory audit requirement for the year. |
I have not been instructed to carry out an audit or a review of the financial statements of Superior Fix Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. |
Kelyn |
Old Hill |
Helston |
Cornwall |
TR13 8HT |