John Weaver (Contractors) Limited 31/12/2018 iXBRL

JOHN WEAVER (CONTRACTORS) LIMITED - Company Information

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Company registration number: 00919641

John Weaver (Contractors) Limited

Financial statements

31 December 2018

John Weaver (Contractors) Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

John Weaver (Contractors) Limited

Directors and other information


	Directors	Mr R G Burgess
		Mr T Edwards
		Mr R G Griffiths


	Secretary	Miss A M Harris


	Company number	00919641


	Registered office	126 Neath Road
		Hafod
		Swansea
		SA1 2JW


	Auditor	Morgan Hemp
		103-104 Walter Road
		Swansea
		SA1 5QF


	Accountants	Morgan Hemp
		103-104 Walter road
		Swansea
		SA1 5QF

John Weaver (Contractors) Limited

Strategic report

Year ended 31 December 2018

The Directors present their strategic report for the year ended 31st December 2018.

Principal activity

The principal activity of the company is building contractors.

Fair review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

The directors are disappointed with the results of the company this year showing a loss. This is owing to one large client in the private sector going into liquidation resulting in a one- off bad debt of £437,935. However, the investment in the conservation side of the business is continuing to generate winning tenders, which is enabling the company to specialise in this area.

Principal risks and uncertainties

The principal risk and uncertainty is the impact on the construction industry from the UK's decision to leave the European Union.

On an operational level the key risk is the pricing of contract tenders and the skills shortage in the construction industry.

Financial key performance indicators

The key performance indicators are set out below:

2018 2017 Variance

Turnover £15.0m £16.2m (£1.2m)

Gross loss/ profit £1.3m £1.2m £100k

Gross loss/ profit % 8.7% 8.0% 0.7%

Loss/ profit before taxation (£328k) £278k (£606k)

Loss/ profit before taxation % (2.2%) 1.7% (3.9%)

This report was approved by the board of directors on 21st March 2019 and signed on behalf of the board by:

Mr R G Griffiths

Director

John Weaver (Contractors) Limited

Directors report

Year ended 31 December 2018

The directors present their report and the financial statements of the company for the year ended 31 December 2018.

Directors

The directors who served the company during the year were as follows:

Mr R G Burgess

Mr T Edwards

Mr R G Griffiths

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The company plans to maintain its relationships with its customers and suppliers and continue its expansion into the conservation sector, with a focus on larger projects. The company also plans to diversify into the private developer sector, but need to ensure stringent credit checks are carried out.

Financial instruments

The company operates a number of risk management policies designed to minimise its exposure to financial risk.

Price Risk:

The company activity manages price risk through regular monitoring of contracts and through controlled tendering for certain contracts.

Credit risk:

The company operates a number of policies and controls to minimise credit risk. All customers are subject to a credit review prior to terms being agreed. Regular payment certificates are issued on large contracts during construction to mitigate credit risk.

Liquidity and cash flow risk:

The company produces detailed monthly reports which enables the directors to monitor the cash position and to ensure there is sufficient liquidity to minimise the risk of the company being unable to pay its debts as they fall due.

Disclosure of information in the strategic report.

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

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 (United Kingdom Accounting Standards and applicable law). 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 judgments and accounting estimates that are reasonable and prudent; 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 company's 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

A resolution to reappoint Morgan Hemp as auditor will be proposed at the forthcoming Annual General Meeting.

This report was approved by the board of directors on 21 March 2019 and signed on behalf of the board by:

Mr R G Griffiths

Director

John Weaver (Contractors) Limited

Independent auditor's report to the members of

John Weaver (Contractors) Limited

Year ended 31 December 2018

Opinion

We have audited the financial statements of John Weaver (Contractors) Limited for the year ended 31 December 2018 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Mr Richard John Cory Morgan FCCA (Senior Statutory Auditor)

For and on behalf of

Morgan Hemp

Chartered Certified Accountants & Statutory Auditor

103-104 Walter Road

Swansea

SA1 5QF

21 March 2019

John Weaver (Contractors) Limited

Statement of comprehensive income

Year ended 31 December 2018

		2018	2017
	Note	£	£


Turnover	4	15,023,649	16,261,836
Cost of sales		( 13,713,113)	( 14,967,977)
		_______	_______
Gross profit		1,310,536	1,293,859

Administrative expenses		( 1,573,984)	( 1,142,753)
		_______	_______
Operating (loss)/profit	5	( 263,448)	151,106

Income from other fixed asset investments	8	( 64,108)	131,278
Other interest receivable and similar income	9	5,882	2,676
Interest payable and similar expenses	10	( 6,811)	( 6,672)
		_______	_______
(Loss)/profit before taxation		( 328,485)	278,388

Tax on (loss)/profit	11	60,740	( 41,779)
		_______	_______
(Loss)/profit for the financial year and total comprehensive income		( 267,745)	236,609
		_______	_______

All the activities of the company are from continuing operations.

John Weaver (Contractors) Limited

Statement of financial position

31 December 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	12	27,813		42,939
Investments	13	10,000		10,000
		_______		_______
			37,813		52,939

Current assets
Stocks	14	159		9,400
Debtors	15	3,636,026		2,894,380
Investments	16	1,659,642		1,730,555
Cash at bank and in hand		1,234,289		878,744
		_______		_______
		6,530,116		5,513,079
Creditors: amounts falling due
within one year	18	( 3,958,026)		( 2,658,674)
		_______		_______
Net current assets			2,572,090		2,854,405
			_______		_______
Total assets less current liabilities			2,609,903		2,907,344

Creditors: amounts falling due
after more than one year	19		-		( 1,728)

Provisions for liabilities			-		( 27,968)

			_______		_______
Net assets			2,609,903		2,877,648
			_______		_______

Capital and reserves
Called up share capital			10,000		10,000
Profit and loss account	22		2,599,903		2,867,648
			_______		_______
Shareholders funds			2,609,903		2,877,648
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 21 March 2019 , and are signed on behalf of the board by:

Mr R G Griffiths Mr T Edwards

Director Director

Company registration number: 00919641

John Weaver (Contractors) Limited

Statement of changes in equity

Year ended 31 December 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2017	10,000	2,631,039	2,641,039

(Loss)/profit for the year		236,609	236,609
	_______	_______	_______
Total comprehensive income for the year	-	236,609	236,609

	_______	_______	_______
At 31 December 2017 and 1 January 2018	10,000	2,867,648	2,877,648

(Loss)/profit for the year		( 267,745)	( 267,745)
	_______	_______	_______
Total comprehensive income for the year	-	( 267,745)	( 267,745)

	_______	_______	_______
At 31 December 2018	10,000	2,599,903	2,609,903
	_______	_______	_______

John Weaver (Contractors) Limited

Statement of cash flows

Year ended 31 December 2018

		2018	2017
	Note	£	£

Cash flows from operating activities
(Loss)/profit for the financial year		( 267,745)	236,609

Adjustments for:
Depreciation of tangible assets		12,567	15,415
Income from other fixed asset investments		64,108	( 131,278)
Other interest receivable and similar income		( 5,882)	( 2,676)
Interest payable and similar expenses		6,811	6,672
Gain/(loss) on disposal of tangible assets		( 919)	( 2,199)
Tax on loss/profit		( 60,740)	41,779
Accrued expenses/(income)		1,095,592	( 728,367)

Changes in:
Stocks		9,241	( 150)
Trade and other debtors		( 708,874)	357,883
Trade and other creditors		85,254	( 265,889)
		_______	_______
Cash generated from operations		229,413	( 472,201)

Interest paid		( 6)	( 6,672)
Interest received		5,882	2,676
Tax paid		( 27,346)	( 111,106)
		_______	_______
Net cash from/(used in) operating activities		207,943	( 587,303)
		_______	_______

Cash flows from investing activities
Purchase of tangible assets		( 142)	( 25,640)
Proceeds from sale of tangible assets		3,620	2,201
Purchase of other investments		-	( 33,729)
Proceeds from sale of other investments		-	40,400
		_______	_______
Net cash from/(used in) investing activities		3,478	( 16,768)
		_______	_______
Net increase/(decrease) in cash and cash equivalents		211,421	( 604,071)
Cash and cash equivalents at beginning of year	17	878,744	1,482,815
		_______	_______
Cash and cash equivalents at end of year	17	1,090,165	878,744
		_______	_______

John Weaver (Contractors) Limited

Notes to the financial statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Morfa House, 126 Neath Road, Hafod, Swansea, SA1 2JW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThe judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:Useful economic lives of tangible assetsThe annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed periodically.Accrued income/unbilled work doneThe value of unbilled work done at the year end is subject to estimation uncertainty due to the nature of construction work. The values are reviewed by key management with experience in valuing these types of works .

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

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

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2018	2017
	£	£
Construction contracts	15,023,649	16,261,836
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating loss/profit

Operating loss/profit is stated after charging/(crediting):

	2018	2017
	£	£
Depreciation of tangible assets	12,567	15,415
(Gain)/loss on disposal of tangible assets	( 919)	( 2,199)
Impairment of trade debtors	437,935	-
Operating lease rentals	21,280	17,356
Fees payable for the audit of the financial statements	9,120	9,280
	_______	_______

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2018	2017
Production staff	44	57
Administrative staff	32	29
	_______	_______
	76	86
	_______	_______

The aggregate payroll costs incurred during the year were:

	2018	2017
	£	£
Wages and salaries	2,884,869	3,038,784
	_______	_______

7. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2018	2017
	£	£
Remuneration	150,620	211,035
	_______	_______

Remuneration of the highest paid directors in respect of qualifying services:

	2018	2017
	£	£
Aggregate remuneration	88,601	86,091
Company contributions to pension plans in respect of qualifying services	1,551	-
	_______	_______
	90,152	86,091
	_______	_______

8. Income from other fixed asset investments

	2018	2017
	£	£
Gain/loss on disposal of other FA investments	690	33,729
Gain/loss on FV adj to other FA investments	(64,798)	96,515
Other income from other FA investments	(-)	1,034
	_______	_______
	( 64,108)	131,278
	_______	_______

9. Other interest receivable and similar income

	2018	2017
	£	£
Bank deposits	5,882	2,676
	_______	_______

10. Interest payable and similar expenses

	2018	2017
	£	£
Other interest payable and similar expenses	6,811	6,672
	_______	_______

11. Tax on loss/profit

Major components of tax income/expense

	2018	2017
	£	£
Current tax:
UK current tax income/expense	( 27,347)	27,346
Adjustments in respect of previous periods	-	( 6,991)
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 33,393)	21,424
	_______	_______
Tax on loss/profit	( 60,740)	41,779
	_______	_______

Reconciliation of tax income/expense

The tax assessed on the loss/profit for the year is higher than (2017: lower than) the standard rate of corporation tax in the UK of 19.00 % (2017: 19.25%).

	2018	2017
	£	£
(Loss)/profit before taxation	( 328,485)	278,388
	_______	_______

(Loss)/profit multiplied by rate of tax	( 62,412)	53,590
Adjustments in respect of prior periods	-	( 6,991)
Utilisation of tax losses	( 355)	-
Indexation allowance on Capital Gains	-	( 4,150)
Tax increase (decrease) from effect of dividends from UK companies	-	( 199)
Future deferred tax provided for at 19%	223	( 471)
Tax losses utilised against joint venture profit	1,804	-
	_______	_______
Tax on loss/profit	( 60,740)	41,779
	_______	_______

12. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2018	145,527	24,799	99,135	269,461
Additions	-	142	-	142
Disposals	-	-	( 25,900)	( 25,900)
	_______	_______	_______	_______
At 31 December 2018	145,527	24,941	73,235	243,703
	_______	_______	_______	_______
Depreciation
At 1 January 2018	145,527	20,789	60,206	226,522
Charge for the year	-	1,348	11,219	12,567
Disposals	-	-	( 23,199)	( 23,199)
	_______	_______	_______	_______
At 31 December 2018	145,527	22,137	48,226	215,890
	_______	_______	_______	_______
Carrying amount
At 31 December 2018	-	2,804	25,009	27,813
	_______	_______	_______	_______
At 31 December 2017	-	4,010	38,929	42,939
	_______	_______	_______	_______

13. Investments

	Participating interests	Total
	£	£
Cost
At 1 January 2018 and 31 December 2018	10,000	10,000
	_______	_______
Impairment
At 1 January 2018 and 31 December 2018	-	-
	_______	_______
Carrying amount
At 31 December 2018	10,000	10,000
	_______	_______
At 31 December 2017	10,000	10,000
	_______	_______

Investments in joint ventures

	2018	2017
	£	£

	_______	_______
Carrying amount of investments in joint ventures	10,000	10,000
	_______	_______

14. Stocks

	2018	2017
	£	£
Raw materials and consumables	159	9,400
	_______	_______

15. Debtors

	2018	2017
	£	£
Trade debtors	3,392,179	2,674,540
Amounts owed by group undertakings	158,961	151,843
Deferred tax asset (note 20)	5,425	-
Prepayments and accrued income	52,286	50,466
Other debtors	27,175	17,531
	_______	_______
	3,636,026	2,894,380
	_______	_______

The debtors above include the following amounts falling due after more than one year:

Debtors falling due after one year are as follows:

	2018	2017
	£	£
Amounts owed by customers on construction contracts	385,561	237,577
	_______	_______

16. Investments

	2018	2017
	£	£
Other investments	1,659,642	1,730,555
	_______	_______

17. Cash and cash equivalents

	2018	2017
	£	£
Cash at bank and in hand	1,234,289	878,744
Bank overdrafts	( 144,124)	-
	_______	_______
	1,090,165	878,744
	_______	_______

18. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	144,124	-
Trade creditors	1,184,372	1,035,280
Accruals and deferred income	2,447,940	1,352,348
Corporation tax	-	27,346
Social security and other taxes	161,518	243,700
Director loan accounts	1,728	-
Other creditors	18,344	-
	_______	_______
	3,958,026	2,658,674
	_______	_______

19. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Director loan accounts	-	1,728
	_______	_______

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in debtors (note 15)	5,425	-
Included in provisions	-	( 27,968)
	_______	_______
	5,425	( 27,968)
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	( 1,902)	( 3,271)
Fair value adjustment of financial assets	( 10,616)	( 24,697)
Unused tax losses	17,943	-
	_______	_______
	5,425	(27,968)
	_______	_______

21. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2018	2017
	£	£
Financial assets measured at fair value through profit or loss
Listed investments	1,659,642	1,730,555
	_______	_______

22. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

23. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	34,716	36,263
	_______	_______

24. Contingent assets and liabilities

The bank guarantees on building contracts was £330,000 (2017: £330,000).

25. Related party transactions

During the year, monies amounting to £25,000 (2017: £25,000) was paid to R G Burgess, a director, in respect of rent for the company offices. During the year, John Weaver (Contractors) Ltd received 50% profit share from its joint venture in Local Consortium Wales LLP, a UK incorporated company with a year end of 31st October 2018. During the year John Weaver (Contractors) Limited invoiced £59,200 of goods and services to the Local Consortium Wales LLP.Amounts outstanding to directors at year end amounted to £1,728 (2017: £1,728).

26. Parent undertaking

The company's immediate parent is John Weaver (Holdings) Ltd, incorporated in England & Wales.