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Logo On Report
Registered Number: 02326575
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

ANGLIA FACTORS (IPSWICH) LIMITED

Director Daniel Barr
Registered Number 02326575
Registered Office 34 Gloster Road
Martlesham Heath
Ipswich
IP5 3RD
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 31 December 2023
Principal activities
The principal activity of the company during the financial year was the manufacture and sale of bespoke kitchens and bathrooms
Director
The director who served the company throughout the year was as follows:
Daniel Barr
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
- select suitable accounting policies and then apply them consistently
- make judgements and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Daniel Barr
Director

Date approved: 17 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 83,886    97,200 
83,886    97,200 
Current assets      
Stocks 4 279,094    252,040 
Debtors 5 223,437    305,079 
Cash at bank and in hand 243,652    208,763 
746,183    765,882 
Creditors: amount falling due within one year 6 (396,986)   (437,630)
Net current assets 349,197    328,252 
 
Total assets less current liabilities 433,083    425,452 
Creditors: amount falling due after more than one year 7 (47,725)   (92,941)
Provisions for liabilities 8 (12,726)   (14,077)
Net assets 372,632    318,434 
 

Capital and reserves
     
Called up share capital 500    500 
Profit and loss account 372,132    317,934 
Shareholder's funds 372,632    318,434 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 17 February 2024 and were signed by:


-------------------------------
Daniel Barr
Director
3
General Information
Anglia Factors (Ipswich) Limited is a private company, limited by shares, registered in England and Wales, registration number 02326575, registration address 34 Gloster Road, Martlesham Heath, Ipswich, IP5 3RD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Land and Buildings 10% Straight Line
Plant and Machinery 20% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
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 costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 21 (2022 : 21).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 January 2023 51,184    362,119    141,381    554,684 
Additions   12,780      12,780 
Disposals      
At 31 December 2023 51,184    374,899    141,381    567,464 
Depreciation
At 01 January 2023 46,062    362,119    49,303    457,484 
Charge for year 5,122    2,556    18,416    26,094 
On disposals      
At 31 December 2023 51,184    364,675    67,719    483,578 
Net book values
Closing balance as at 31 December 2023   10,224    73,662    83,886 
Opening balance as at 01 January 2023 5,122      92,078    97,200 

The net book value of Motor Vehicles includes £ 24,718 (2022 £30,898) in respect of assets leased under finance leases or hire purchase contracts.

4.

Stocks

2023
£
  2022
£
Stocks 279,094    252,040 
279,094    252,040 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 208,376    290,783 
Prepayments & Accrued Income 15,061    14,296 
223,437    305,079 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 242,842    282,467 
Bank Loans & Overdrafts 30,000    30,000 
Corporation Tax 24,074    20,035 
PAYE & Social Security 26,095    23,081 
Accrued Expenses 1,986    1,800 
Other Creditors 699    986 
Obligations under HP/Financial Leases 15,215    15,215 
VAT 56,075    64,046 
396,986    437,630 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 40,000    70,000 
Obligations Under HP/Financial Leases 7,725    22,941 
47,725    92,941 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 12,726    14,077 
12,726    14,077 

4