JRM Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC195459 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2018

for

JRM Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Seaton

Mrs J Seaton

SECRETARY:

R Seaton

REGISTERED OFFICE:

Douglas Home & Co

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

REGISTERED NUMBER:

SC195459 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

1

1

Property, plant and equipment

5

411,354

405,530

411,355

405,531

CURRENT ASSETS

Inventories

207,612

157,276

Debtors

6

251,226

213,067

Prepayments and accrued income

10,330

10,601

Cash at bank

1,440,530

1,032,184

1,909,698

1,413,128

CREDITORS

Amounts falling due within one year

7

196,076

139,258

NET CURRENT ASSETS

1,713,622

1,273,870

TOTAL ASSETS LESS CURRENT LIABILITIES

2,124,977

1,679,401

PROVISIONS FOR LIABILITIES

(17,000

)

(13,000

)

ACCRUALS AND DEFERRED INCOME

(14,770

)

(7,935

)

NET ASSETS

2,093,207

1,658,466

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,093,107

1,658,366

SHAREHOLDERS' FUNDS

2,093,207

1,658,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 17 June 2019 and were signed on its behalf by:

R Seaton - Director

Mrs J Seaton - Director

1.	STATUTORY INFORMATION

JRM Products Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

and 30 September 2018

1

NET BOOK VALUE

At 30 September 2018

1

At 30 September 2017

1

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2017

471,389

806,761

6,200

120,742

1,405,092

Additions

-

63,586

-

-

63,586

At 30 September 2018

471,389

870,347

6,200

120,742

1,468,678

DEPRECIATION

At 1 October 2017

162,414

745,785

6,200

85,163

999,562

Charge for year

9,427

37,196

-

11,139

57,762

At 30 September 2018

171,841

782,981

6,200

96,302

1,057,324

NET BOOK VALUE

At 30 September 2018

299,548

87,366

-

24,440

411,354

At 30 September 2017

308,975

60,976

-

35,579

405,530

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

£

£

Trade debtors

193,329

107,228

Directors' loan accounts

-

62,910

VAT

57,897

42,929

251,226

213,067

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

£

£

Trade creditors

82,695

39,198

Tax

81,406

63,716

Social security and other taxes

8,131

7,399

Other creditors

6,961

28,945

Directors' loan accounts

16,883

-

196,076

139,258

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2018 and

30 September 2017:

30/9/18

30/9/17

£

£

R Seaton and Mrs J Seaton

Balance outstanding at start of year

62,910

87,158

Amounts advanced

74,207

115,752

Amounts repaid

(154,000

)

(140,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(16,883

)

62,910

The company owed the directors £16,883 at 30 September 2019. ( £62,910 owed to the company at 30.9.17).

The company charges interest on the average overdrawn loan balance at the HMRC official rate of interest of

3%. An amount of £680 has been charged in this year.The loan is repayable upon demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is R Seaton.