JH Label Solutions LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NC000436 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2019

for

JH Label Solutions LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr Keith Alistair Hamilton

Mr Alan James Hamilton

Mrs Julie Hamilton

Mrs Mary Hamilton

REGISTERED OFFICE:

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

REGISTERED NUMBER:

NC000436 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

Danske Bank

39 Market Street

Lurgan

Co. Armagh

BT66 6AB

SOLICITORS:

Redman Solicitors Ltd

15 Windsor Avenue

Lurgan

Craigavon

Co Armagh

BT67 9BG

FIXED ASSETS

Tangible assets

4

1,396,259

1,649,870

CURRENT ASSETS

Stocks

387,352

411,738

Debtors

5

1,622,598

927,274

Cash in hand

161

111

2,010,111

1,339,123

CREDITORS

Amounts falling due within one year

6

(377,561

)

(366,087

)

NET CURRENT ASSETS

1,632,550

973,036

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,028,809

2,622,906

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

-

104,695

MEMBERS' OTHER INTERESTS

Capital accounts

3,028,809

2,518,211

3,028,809

2,622,906

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

-

104,695

Members' other interests

3,028,809

2,518,211

Amounts due from members

5

(1,016,284

)

(351,469

)

2,012,525

2,271,437

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2019.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the members of the LLP on 29 August 2019 and were signed by:

Mr Keith Alistair Hamilton - Designated member

1.	STATUTORY INFORMATION

JH Label Solutions LLP is registered in Northern Ireland. The LLP's registered number and registered

office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year

and derives from the provision of goods and services falling within the LLP's ordinary activities.

Tangible fixed assets

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

Land and buildings

-

Straight line over 25 years

Plant and machinery etc

-

33% on reducing balance, 20% on cost, 15% on reducing balance and 10% on reducing balance

Stocks

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

obsolete and slow moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension

scheme are charged to profit or loss in the period to which they relate.

Grants

Capital grants and other contributions received towards the cost of tangible fixed assets are included

in creditors as deferred income and credited to the profit and loss account over the life of the asset.

Revenue grants are credited to the profit and loss account so as to match them with the expenditure to

which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 25 (2018 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

218,466

2,461,726

2,680,192

Additions

-

36,770

36,770

Disposals

-

(35,250

)

(35,250

)

At 31 March 2019

218,466

2,463,246

2,681,712

DEPRECIATION

At 1 April 2018

40,966

989,356

1,030,322

Charge for year

8,506

259,463

267,969

Eliminated on disposal

-

(12,838

)

(12,838

)

At 31 March 2019

49,472

1,235,981

1,285,453

NET BOOK VALUE

At 31 March 2019

168,994

1,227,265

1,396,259

At 31 March 2018

177,500

1,472,370

1,649,870

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

591,492

562,529

Other debtors

1,031,106

364,745

1,622,598

927,274

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

168,004

64,447

Trade creditors

147,194

220,246

Taxation and social security

43,740

67,572

Other creditors

18,623

13,822

377,561

366,087

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank overdrafts

168,004

64,447

The bank holds a fixed and floating charge over all property of the LLP.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members will rank equally alongside other unsecured creditors in the

event of a winding up. No additional protection is afforded to other unsecured creditors. There are no

restrictions on the ability of the members to reduce the amount of 'Members' other interests'.

9.	RELATED PARTY DISCLOSURES

During the year, James Hamilton & Company (Lurgan) Ltd, a member of JH Label Solutions LLP,

charged the LLP rent of £60,000, £298,547 for machinery hire and sold goods amounting to £97,862

to the LLP. They also paid expenses of £149,676 on behalf of the LLP. During the year JH Label

Solutions LLP sold goods amounting to £12,945 to James Hamilton & Company (Lurgan) Ltd. At the

year end, JH Label Solutions LLP was owed £1,123 from James Hamilton & Company (Lurgan) Ltd

(2018 - LLP owed £1,609 to James Hamilton & Company (Lurgan) Ltd).