REGISTERED NUMBER: |
J. W. Ford & Son Limited |
Unaudited Financial Statements |
for the period |
1st December 2020 to 29th November 2021 |
REGISTERED NUMBER: |
J. W. Ford & Son Limited |
Unaudited Financial Statements |
for the period |
1st December 2020 to 29th November 2021 |
J. W. Ford & Son Limited (Registered number: SC572224) |
Contents of the Financial Statements |
for the period 1st December 2020 to 29th November 2021 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 6 |
J. W. Ford & Son Limited |
Company Information |
for the period 1st December 2020 to 29th November 2021 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
J. W. Ford & Son Limited (Registered number: SC572224) |
Balance Sheet |
29th November 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
J. W. Ford & Son Limited (Registered number: SC572224) |
Balance Sheet - continued |
29th November 2021 |
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. |
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 |
J. W. Ford & Son Limited (Registered number: SC572224) |
Notes to the Financial Statements |
for the period 1st December 2020 to 29th November 2021 |
1. | Statutory information |
J. W. Ford & Son Limited is a |
2. | Accounting policies |
Basis of 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 arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts. |
Tangible fixed assets |
Equipment | - |
Lorry and trailer | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals and directors' loans. |
Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
J. W. Ford & Son Limited (Registered number: SC572224) |
Notes to the Financial Statements - continued |
for the period 1st December 2020 to 29th November 2021 |
2. | Accounting policies - continued |
Taxation |
Taxation for the period 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. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
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. |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the period was |
J. W. Ford & Son Limited (Registered number: SC572224) |
Notes to the Financial Statements - continued |
for the period 1st December 2020 to 29th November 2021 |
4. | Tangible fixed assets |
Lorry and | Motor |
Equipment | trailer | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1st December 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 29th November 2021 |
Depreciation |
At 1st December 2020 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 29th November 2021 |
Net book value |
At 29th November 2021 |
At 30th November 2020 |
5. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Post balance sheet events |
Since the year end, on 15th March 2022, an interim dividend for the year ended 31st December 2022 of £20 per share has been declared. |
Since the year end, on 31st March 2022, an interim dividend for the year ended 31st December 2022 of £60 per share has been declared. |