ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

JAMES A. JOBLING AND COMPANY LIMITED - Company Information

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Registered number: 01253632

JAMES A. JOBLING AND COMPANY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

JAMES A. JOBLING AND COMPANY LIMITED

COMPANY INFORMATION

Directors	T E Jobling - Purser
	Mrs A I Jobling - Purser
	E W Jobling - Purser
	D E Jobling - Purser
	J McCreary


Company secretary	J McCreary


Registered number	01253632


Registered office	Paradise Works
	Scotswood Road
	Newcastle upon Tyne
	Tyne and Wear
	NE15 6BZ


Independent auditors	Ryecroft Glenton
	Chartered Accountants & Statutory Auditors
	32 Portland Terrace
	Newcastle upon Tyne
	Tyne and Wear
	NE2 1QP

JAMES A. JOBLING AND COMPANY LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 4
Independent Auditors' Report	5 - 7
Statement of Income and Retained Earnings	8
Balance Sheet	9 - 10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 27

JAMES A. JOBLING AND COMPANY LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2018

Introduction

The directors present their Strategic Report for the year ended 31 December 2018.

Business review and key performance indicators

Turnover for the year increased by 12.8% from the previous year.

As in recent years, we have continued to benefit from highway infrastructure maintenance. Following the establishment in March 2017 of our stone coating plant, at Hespin Wood just north of Carlisle, it's contribution to the company's profitability in 2018 is most pleasing.

We continue to put resources into growing our Export sales to Europe and beyond.

The directors continue to invest in new product development, for use in applications both at home and abroad.

Full details of the 2018 results are shown on page 8 of our Financial Statements.

The company’s key performance indicators show an approximate £200k increase in gross profit.

Principal risks and uncertainties

Financial risks
Management ensures that top priority is given to the constant application within the business of robust credit control and cash collection systems, which are continually reviewed, with the aim of seeking to mitigate liquidity risk. These policies are designed to avoid the main financial risk of any organisation, namely that it may have difficulty in meeting its financial obligations.
Credit risk
Management routinely reviews the level of credit which we afford our customers in the interest of minimising the exposure of the business to bad debts.
Commodity price risk
Systems and procedures are in place to ensure that so far as possible our buyers are constantly aware of the price competition which exists in the market place.

This report was approved by the board on 24 September 2019 and signed on its behalf.

................................................

T E Jobling - Purser

Director

Page 1

JAMES A. JOBLING AND COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2018

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

Principal activity

The principal activity of the company continued to be that of the manufacture of bituminous products, asphalts, macadams, anti-corrosive materials and specialist surfacing materials as well as the holding of investments in subsidiary undertakings. These subsidiaries were all dormant during the year.

Directors

The directors who served during the year were:

T E Jobling - Purser

Mrs A I Jobling - Purser

E W Jobling - Purser

D E Jobling - Purser

J McCreary

Results and dividends

The profit for the year, after taxation, amounted to £2,894,872 (2017 - £3,153,380).

The directors recommend that a final dividend of £2,000,000 be paid in respect of the year ended 31 December 2018.

Page 2

JAMES A. JOBLING AND COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2018

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙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 to 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 and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Future developments

The directors believe that the company possesses both the financial and managerial resources in order to capitalise on the opportunities which shall come its way in the future.

Research and development activities

The directors are mindful of the benefit of both refreshing and expanding the company’s product range, and they actively promote the area of Research and Development with both the financial support and the management time required to carry this out successfully.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

JAMES A. JOBLING AND COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2018

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 September 2019 and signed on its behalf.

................................................

T E Jobling - Purser

Director

Page 4

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF JAMES A. JOBLING AND COMPANY LIMITED

Opinion

We have audited the financial statements of James A. Jobling and Company Limited (the 'Company') for the year ended 31 December 2018, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 profit 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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

Page 5

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF JAMES A. JOBLING AND COMPANY LIMITED (CONTINUED)

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.

Opinion 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 have 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 in relation to which 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 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 on page 3, 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.

Page 6

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF JAMES A. JOBLING AND COMPANY LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

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.

Grahame Maughan (Senior Statutory Auditor)

for and on behalf of

Ryecroft Glenton

Chartered Accountants

Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

Tyne and Wear

NE2 1QP

24 September 2019

Page 7

JAMES A. JOBLING AND COMPANY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2018

	2018	2017
Note	£	£


Turnover	3	20,490,623	18,165,432
Cost of sales		(11,818,162)	(9,714,342)
Gross profit		8,672,461	8,451,090
Distribution costs		(1,330,839)	(1,172,402)
Administrative expenses		(3,927,185)	(3,463,660)
Other operating income	4	77,522	48,288
Operating profit	5	3,491,959	3,863,316
Interest receivable and similar income	9	58,415	21,980
Interest payable and expenses	10	(27,611)	(18,004)
Profit before tax		3,522,763	3,867,292
Tax on profit	11	(627,891)	(713,912)
Profit after tax		2,894,872	3,153,380



Retained earnings at the beginning of the year	5,495,576	5,342,196
Profit for the year	2,894,872	3,153,380
Dividends declared and paid	-	(3,000,000)
Retained earnings at the end of the year	8,390,448	5,495,576

The notes on pages 12 to 27 form part of these financial statements.

Page 8

JAMES A. JOBLING AND COMPANY LIMITED

REGISTERED NUMBER: 01253632

BALANCE SHEET

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	13		4,208,281		4,722,218
Investments	14		300,000		300,000
			4,508,281		5,022,218
Current assets
Stocks	15	859,647		741,282
Debtors: amounts falling due within one year	16	2,866,827		2,959,908
Cash at bank and in hand	17	7,928,333		5,360,046
		11,654,807		9,061,236
Creditors: amounts falling due within one year	18	(6,004,385)		(6,371,190)
Net current assets			5,650,422		2,690,046
Total assets less current liabilities			10,158,703		7,712,264
Creditors: amounts falling due after more than one year	19		(1,356,792)		(1,809,842)
Provisions for liabilities
Deferred tax	23	(261,463)		(256,846)
			(261,463)		(256,846)
Net assets			8,540,448		5,645,576

Capital and reserves
Called up share capital	24	150,000	150,000
Profit and loss account	25	8,390,448	5,495,576
		8,540,448	5,645,576

Page 9

JAMES A. JOBLING AND COMPANY LIMITED

REGISTERED NUMBER: 01253632

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2018

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2019.

................................................

T E Jobling - Purser

Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

JAMES A. JOBLING AND COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2018

			2018	2017
			£	£

Cash flows from operating activities
Profit for the financial year	2,894,872	3,153,380
Adjustments for:
Depreciation of tangible assets	654,919	661,666
Interest paid	27,611	18,004
Interest received	(58,415)	(21,980)
Taxation charge	627,891	713,912
(Increase) in stocks	(118,366)	(247,339)
Decrease/(increase) in debtors	96,601	(58,136)
(Decrease)/increase in creditors	(288,571)	743,921
Corporation tax (paid)	(611,756)	(867,113)
Net cash generated from operating activities	3,224,786	4,096,315

Cash flows from investing activities
Purchase of tangible fixed assets	(218,993)	(1,898,643)
Sale of tangible fixed assets	78,011	86,547
Interest received	58,415	21,980
Net cash from investing activities	(82,567)	(1,790,116)
Cash flows from financing activities
Repayment of loans	(103,338)	(135,353)
Repayment of/new finance leases	(442,983)	1,793,258
Dividends paid	-	(3,000,000)
Interest paid	(27,611)	(18,004)
Net cash used in financing activities	(573,932)	(1,360,099)
Net increase in cash and cash equivalents	2,568,287	946,100
Cash and cash equivalents at beginning of year	5,360,046	4,413,946
Cash and cash equivalents at the end of year	7,928,333	5,360,046

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	7,928,333	5,360,046
	7,928,333	5,360,046

Page 11

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Paradise Works, Scotswood Road, Newcastle upon Tyne, Tyne and Wear, NE15 6BZ. The company number is 01253632.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Going concern

The company has considerable financial resources and, as a consequence, the directors believe the company is well placed to manage its business risks successfully and continue in existence for the foreseeable future.

2.3

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 12

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

L/Term Leasehold Property	-	4% straight line basis
Plant & machinery	-	10% straight line basis
Motor vehicles	-	25% straight line basis
Fixtures & fittings	-	15% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and 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.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 14

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.15

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.16

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 15

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Turnover

Analysis of turnover by country of destination:

					2018	2017
					£	£

United Kingdom	19,618,673	16,918,307
Rest of the world	871,950	1,247,125
	20,490,623	18,165,432

Page 16

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

4.	Other operating income
		2018	2017
		£	£

Net rents receivable	38,959	5,041
Sundry income	18,563	23,247
Fees receivable	20,000	20,000
	77,522	48,288

Research & development charged as an expense	200,957	170,739
Depreciation of tangible fixed assets	654,919	661,666
Other operating lease rentals	196,750	190,570

6.	Auditors' remuneration
		2018	2017
		£	£

	Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts	15,450	14,740

Page 17

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Wages and salaries	2,497,470	2,200,903
Social security costs	286,647	247,278
Cost of defined contribution scheme	47,234	33,241
	2,831,351	2,481,422

The average monthly number of employees, including the directors, during the year was as follows:

	2018	2017
	No.	No.

Production and administration	53	53

8.	Directors' remuneration
		2018	2017
		£	£

Directors' emoluments	1,034,491	834,179
Company contributions to defined contribution pension schemes	20,684	20,522
	1,055,175	854,701

	During the year retirement benefits were accruing to 2 directors (2017 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £373,906 (2017 - £290,995).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2017 - £10,261).

9.	Interest receivable
		2018	2017
		£	£

Other interest receivable

58,415

21,980

Page 18

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

10.	Interest payable and similar expenses
		2018	2017
		£	£

	Bank interest payable	27,611	18,004
		27,611	18,004

Corporation tax
Current tax on profits for the year	632,420	701,072
Adjustments in respect of previous periods	(9,146)	(18,031)
	623,274	683,041

Total current tax	623,274	683,041

Deferred tax
Origination and reversal of timing differences	4,617	30,871
Total deferred tax	4,617	30,871


	Taxation on profit on ordinary activities	627,891	713,912

Page 19

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

11.Taxation (continued)

Profit on ordinary activities before tax

3,522,763

3,867,292

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2017 - 19.25%)	669,325	744,321
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	9,602	9,724
Capital allowances for year in excess of depreciation	8,289	10,680
Adjustments to tax charge in respect of prior periods	(9,146)	(18,794)
Short term timing difference leading to an increase (decrease) in taxation	(543)	(3,551)
Other timing differences leading to an increase (decrease) in taxation	-	5,144
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(49,636)	(33,612)
Total tax charge for the year	627,891	713,912

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2018	2017
		£	£

Final

3,000,000

Page 20

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

13.	Tangible fixed assets

	L/Term Leasehold Property	Plant & machinery	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2018	1,090,873	5,379,158	402,032	243,034	7,115,097
Additions	-	115,952	102,728	313	218,993
Disposals	-	-	(133,595)	-	(133,595)
At 31 December 2018	1,090,873	5,495,110	371,165	243,347	7,200,495
Depreciation
At 1 January 2018	71,136	1,953,132	227,256	141,355	2,392,879
Charge for the year on owned assets	43,635	519,688	69,340	22,256	654,919
Disposals	-	-	(55,584)	-	(55,584)
At 31 December 2018	114,771	2,472,820	241,012	163,611	2,992,214
Net book value
At 31 December 2018	976,102	3,022,290	130,153	79,736	4,208,281
At 31 December 2017	1,019,737	3,426,026	174,776	101,679	4,722,218

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2018	2017
	£	£


Plant and machinery	1,974,300	2,420,060
	1,974,300	2,420,060

Page 21

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

14.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2018	811,572
	At 31 December 2018	811,572
	Impairment
	At 1 January 2018	511,572
	At 31 December 2018	511,572
	Net book value
	At 31 December 2018	300,000
	At 31 December 2017	300,000

Page 22

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

14.Fixed asset investments (continued)

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

Jobling Purser Limited	Ordinary	100%	Dormant
Aeronavia Limited	Ordinary	100%	Dormant
Readers Specialist Tours Limited	Ordinary	100%	Dormant
Carbon Research Limited	Ordinary	100%	Dormant

None of the subsidiaries traded in the year.
The investment in Jobling Purser Limited is held at cost as at 31 December 2018. Provision for the diminution in the net assets of the other subsidiaries since the date of acquisition have been fully reflected in the balance sheet of James A. Jobling and Company Limited at 31 December 2018 and 31 December 2017.
In the opinion of the directors the investments are worth at least the value at which they are stated in the balance sheet. The company has not prepared group accounts on the basis that all of its subsidiary undertakings are dormant and consolidation would not have a material impact on these financial statements.

	The aggregate of the share capital and reserves as at 31 December 2018 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
		Aggregate of share capital and reserves
		£

	Jobling Purser Limited	300,000
	Aeronavia Limited	(119,881)
	Readers Specialist Tours Limited	(3,988)
	Carbon Research Limited	(415,400)

15.	Stocks
		2018	2017
		£	£

Raw materials and consumables	565,494	447,719
Finished goods and goods for resale	294,153	293,563
	859,647	741,282

Page 23

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

16.

Debtors

					2018	2017
					£	£


Trade debtors	2,722,058	2,835,866
Other debtors	27,305	7,848
Prepayments and accrued income	117,464	116,194
	2,866,827	2,959,908

17.	Cash and cash equivalents
		2018	2017
		£	£

	Cash at bank and in hand	7,928,333	5,360,046

18.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank loans	-	103,338
Trade creditors	2,082,624	1,561,855
Corporation tax	276,235	261,198
Other taxation and social security	619,841	565,080
Obligations under finance lease and hire purchase contracts	488,050	477,983
Other creditors	2,274,058	3,115,631
Accruals and deferred income	263,577	286,105
	6,004,385	6,371,190

19.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Other loans	300,000	300,000
Net obligations under finance leases and hire purchase contracts	1,056,792	1,509,842
	1,356,792	1,809,842

Hire purchase creditors are secured on the assets to which they relate.

Page 24

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Amounts falling due within one year
Bank loans	-	103,338
Amounts falling due 1-2 years
Other loans	300,000	300,000


	300,000	403,338

Within one year	488,050	477,983
Between 1-5 years	1,056,792	1,509,842
	1,544,842	1,987,825

22.	Financial instruments
		2018	2017
		£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	2,749,363	2,843,714

	Financial liabilities
	Financial liabilities measured at amortised cost	(4,151,443)	(4,194,572)

	Financial assets measured at amortised cost comprise trade debtors and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, bank loans, other loans, hire purchase contracts and accruals.

Page 25

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

23.	Deferred taxation

		2018
		£

	At beginning of year	(256,846)
	Charged to the profit or loss	(4,617)
	At end of year	(261,463)

The provision for deferred taxation is made up as follows:
	2018	2017
	£	£

Accelerated capital allowances

(261,463)

(256,846)

24.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

150,000 (2017 - 150,000) Ordinary shares shares of £1.00 each	150,000	150,000

25.

Reserves

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

26.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,234 (2017 - £33,241). Contributions totaling £nil (2017 - £nil) were payable to the fund at the balance sheet date.

Page 26

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

27.

Related party transactions

The company levied a charge for management and administration services on the James A Jobling & Co Limited Retirement and Death Benefit Scheme of £20,000 (2017 - £20,000). There are no outstanding balances at the year end relating to this transaction (2017 - £nil).
Rent of £157,000 (2017 - £157,000) was paid to The Trustees of James A Jobling & Co Limited Retirement and Death Benefit Scheme during the year. A further £9,750 (2017 - £9,750) was paid for right of way access. There are no outstanding balances at the year end relating to these transactions (2017 - £nil).
At 31 December 2018, the company had a current account of £509,483 (2017 - £550,262) owing to T E Jobling - Purser.
At 31 December 2018 the company had a current account of £903,317 (2017 - £1,304,334) owing to D E Jobling - Purser.
At 31 December 2018 the company had a current account of £861,258 (2017 - £1,261,036) owing to E W Jobling - Purser.
IDuring the year dividends of £Nil (2017 - £500,000), £Nil (2017 - £1,250,000) and £Nil (2017 - £1,250,000) were paid to T E Jobling - Purser, D E Jobling - Purser and E W Jobling - Purser respectively.
The directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals is £1,055,175 (2017 - £854,701).

28.	Controlling party

The ultimate controlling party is T E Jobling - Purser, a director of the company.

Page 27