Old Mill Jackson Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05869107 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

Old Mill Jackson Limited

Page

Company Information

1

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J R G Stonehouse

S M H Cole

P J Hodge

K C Whitmarsh

P Neate

D B Parkes

I Carlson

S Grimster

A D Moore

J C Banwell

D S Rice

R Haines

M J Neath

T Lerwill

A M Vickery

C Bowles

D R Middle

S Clark

D J Maslen

A Wallwork

N Cox

M L Seager

P S Kirkpatrick

S A Coombe

C F Vickery

L B Bolland

M C Taylor

R C Hobbs

W M Thompson

J A Orchard

C E Tweedie

S J Harrison

J C Gifford

G W Jones

A C Hawes

L J Wylie

V S Vellacott

A J Bradley

M Clark

P Mills

M Phillips

J L Rudge

SECRETARY:

J L Rudge

REGISTERED OFFICE:

Maltravers House

Petters Way

Yeovil

Somerset

BA20 1SH

REGISTERED NUMBER:

05869107 (England and Wales)

FIXED ASSETS

Intangible assets

4

270,989

422,840

Tangible assets

5

625,529

608,780

896,518

1,031,620

CURRENT ASSETS

Debtors

6

2,454,525

2,449,652

Cash at bank

19,961

21,057

2,474,486

2,470,709

CREDITORS

Amounts falling due within one year

7

1,742,758

1,779,041

NET CURRENT ASSETS

731,728

691,668

TOTAL ASSETS LESS CURRENT LIABILITIES

1,628,246

1,723,288

CREDITORS

Amounts falling due after more than one year

8

(135,263

)

(254,238

)

PROVISIONS FOR LIABILITIES

(263,262

)

(251,262

)

NET ASSETS

1,229,721

1,217,788

CAPITAL AND RESERVES

Called up share capital

105

105

Share premium

422,296

422,296

Retained earnings

807,320

795,387

SHAREHOLDERS' FUNDS

1,229,721

1,217,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

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

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 6 December 2019 and were signed on its behalf by:

I Carlson - Director

1.	STATUTORY INFORMATION

Old Mill Jackson 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.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these

financial statements are rounded to the nearest £.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in

exchange for its performance under these contracts. It is measured at the fair value of the right to consideration,

which represents amounts chargeable to clients, including expenses and disbursements but excluding value

added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the

partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual

of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included

in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Goodwill

Acquired goodwill is carried at cost less accumulated amortisation and impairment losses. Amortisation is

calculated over a period of eight years and ten years, but will be reviewed annually for any indication of

impairment.

Tangible fixed assets

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

Leasehold improvements

-

Straight line over 15 years and Straight line over 10 years

Fixtures, fittings & equipment

-

Straight line over 2 - 5 years

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

At each balance sheet date, the company reviews the carrying value of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable

amount of the cash-generating unit to which the asset belongs.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors are initially recognised at the transaction price and

therefore stated at amortised cost using the effective interest method, less impairment losses for bad and

doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated

at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party

or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been

transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party

without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised

at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of

business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If

not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and

subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2018 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

3,271,713

Adjustment

(55,969

)

At 30 June 2019

3,215,744

AMORTISATION

At 1 July 2018

2,848,873

Charge for year

95,882

At 30 June 2019

2,944,755

NET BOOK VALUE

At 30 June 2019

270,989

At 30 June 2018

422,840

5.	TANGIBLE FIXED ASSETS

Fixtures,

Leasehold

fittings

improvements

& equipment

Totals

£

£

£

COST

At 1 July 2018

333,064

1,456,606

1,789,670

Additions

7,095

187,415

194,510

Disposals

-

(32,063

)

(32,063

)

At 30 June 2019

340,159

1,611,958

1,952,117

DEPRECIATION

At 1 July 2018

123,032

1,057,857

1,180,889

Charge for year

25,097

152,665

177,762

Eliminated on disposal

-

(32,063

)

(32,063

)

At 30 June 2019

148,129

1,178,459

1,326,588

NET BOOK VALUE

At 30 June 2019

192,030

433,499

625,529

At 30 June 2018

210,032

398,749

608,781

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

756,936

808,329

Other debtors

1,697,589

1,641,323

2,454,525

2,449,652

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans and overdrafts

62,975

155,462

Trade creditors

452,432

411,039

Taxation and social security

274,618

248,758

Other creditors

952,733

963,782

1,742,758

1,779,041

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans

-

62,975

Other creditors

135,263

191,263

135,263

254,238

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.19

30.6.18

£

£

Bank overdraft

-

29,538

Bank loans

62,975

188,899

62,975

218,437

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

10.	OTHER FINANCIAL COMMITMENTS

At the 30 June 2019, the Company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £3,316,836 (2018 - £2,395,879).

The Company has an unlimited inter-company guarantee with other related parties in respect of a group banking

arrangement.

11.	TRANSACTIONS WITH DIRECTORS

Old Mill Jackson Limited is guarantor for a number of directors who took out personal loans. The maximum

liability that may be incurred by Old Mill Jackson Limited in respect of these loans is £6,647,602.