Jointine Products (Lincoln) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03839929 (England and Wales)

Financial Statements

for the Year Ended 31 October 2019

for

Jointine Products (Lincoln) Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T J Coffey

Mrs M Coffey

Mrs J A Smith

Mr D Hewett

SECRETARY:

Mrs M Coffey

REGISTERED OFFICE:

Station Road

North Hykeham

LINCOLN

Lincolnshire

LN6 9AU

REGISTERED NUMBER:

03839929 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

NatWest Corporate and Commercial Banking

3rd Floor

General Buildings

Brayford Wharf East

LINCOLN

Lincolnshire

LN5 7DS

FIXED ASSETS

Intangible assets

4

1,417

671

Tangible assets

5

164,744

187,425

166,161

188,096

CURRENT ASSETS

Stocks

464,592

456,780

Debtors

380,671

487,278

Cash at bank and in hand

1,083,659

1,086,190

1,928,922

2,030,248

CREDITORS

Amounts falling due within one year

286,176

456,747

NET CURRENT ASSETS

1,642,746

1,573,501

TOTAL ASSETS LESS CURRENT LIABILITIES

1,808,907

1,761,597

PROVISIONS FOR LIABILITIES

17,235

20,297

NET ASSETS

1,791,672

1,741,300

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

204,000

204,000

Retained earnings

1,586,672

1,536,300

SHAREHOLDERS' FUNDS

1,791,672

1,741,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 October 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 March 2020 and were signed on its behalf by:

Mr T J Coffey - Director

Mrs J A Smith - Director

1.	STATUTORY INFORMATION

Jointine Products (Lincoln) Limited is a private company, limited by shares , registered in England

and Wales. 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

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10

years.

Trademarks

Trademark registration is written off in equal instalments over its useful economic life of 5 years.

Tangible fixed assets

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

Short leasehold

-

Straight line over 15 years

Plant and machinery

-

Straight line over 20 years

Fixtures and fittings

-

25% on reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value. Cost is

computed on a first in first out basis.

The cost of work in progress and finished goods includes all production overheads and

depreciation and the attributable proportion of indirect overheads based on the normal level of

activity.

Net realisable value is based on estimated selling price less the estimated cost of disposal.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the statement of financial position 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.

Foreign currencies

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

ruling at the statement of financial position 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.

Leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over

the lease term.

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.

Debtors

The company assigns its trade debts to a factor and receives payments from the factor in respect

of the assigned debts but retains all significant risks. Trade debtors and amounts received from

the factor are separately disclosed in debtors respectively. All interest and factoring costs are

charged to income as they accrue.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial

liabilities are recognised in the accounts only when the entity becomes party to the contractual

provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt

instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments,

and are measured at amortised cost. Where a financial liability constitutes a financing transaction

it is initially and subsequently measures at the present value of future payments, discounted at a

market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2018 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2018

13,322

Additions

1,233

At 31 October 2019

14,555

AMORTISATION

At 1 November 2018

12,651

Amortisation for year

487

At 31 October 2019

13,138

NET BOOK VALUE

At 31 October 2019

1,417

At 31 October 2018

671

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2018

557,657

Additions

8,329

At 31 October 2019

565,986

DEPRECIATION

At 1 November 2018

370,232

Charge for year

31,010

At 31 October 2019

401,242

NET BOOK VALUE

At 31 October 2019

164,744

At 31 October 2018

187,425

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

115,811

116,393

Between one and five years

445,000

457,285

In more than five years

712,500

826,000

1,273,311

1,399,678

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other creditors

77,355

152,016

The secured debts above relate to the factoring of sales invoices and are secured on the book

debts of the company.