James C Brett (Yarn Merchants) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08568073 (England and Wales)

James C Brett (Yarn Merchants) Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Brett

J T Brett

E G McBrien

REGISTERED OFFICE:

c/o Walkers Accountants Ltd

Suite 3, Aireside House

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

REGISTERED NUMBER:

08568073 (England and Wales)

ACCOUNTANTS:

Walkers Accountants Limited

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

FIXED ASSETS

Intangible assets

4

371,250

398,750

Tangible assets

5

123,644

149,256

494,894

548,006

CURRENT ASSETS

Stocks

1,334,719

1,370,353

Debtors

6

809,443

850,476

Cash at bank and in hand

807,748

672,041

2,951,910

2,892,870

CREDITORS

Amounts falling due within one year

7

775,171

1,107,620

NET CURRENT ASSETS

2,176,739

1,785,250

TOTAL ASSETS LESS CURRENT LIABILITIES

2,671,633

2,333,256

CREDITORS

Amounts falling due after more than one year

8

-

10,464

NET ASSETS

2,671,633

2,322,792

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

2,671,433

2,322,592

SHAREHOLDERS' FUNDS

2,671,633

2,322,792

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 11 March 2020 and were signed on its behalf by:

J C Brett - Director

J T Brett - Director

E G McBrien - Director

1.	STATUTORY INFORMATION

James C Brett (Yarn Merchants) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal place of business is Monarch Mill, Clyde Street, Bingley, West Yorkshire BD16 2NT.

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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable from sale of goods excluding

value added tax. Revenue is reduced for estimated customer returns, rebates and other similar allowance.

Revenue is recognised when goods are despatched and legal title has passed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

All tangible fixed assets are at cost less accumulated depreciation. 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.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using a mixture of methods. The depreciation bases are as follows:-

- Plant 10% straight line

- Motor Vehicles 25% reducing balance

- Computer equipment 25% straight line

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 disposal are determined by comparing the proceeds with the carrying amount and are

credited or charged to the income statement.

Impairment of fixed assets

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to

determine whether there is any indication that any items of property, plant and equipment have suffered an

impairment loss. If any such indications 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.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the

asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss

been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income

immediately.

Stocks

Stocks are measured at the lower of cost and net realisable value. Cost is determined on a first in first out basis.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for

costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks.

At each reporting 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. Impairment loss is recognised immediately in the profit and

loss.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under

finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire

purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of teh

benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in

creditors net of the finance charge allocated to future periods. The finance element of the rental payment is

charged to the profit and loss so as to produce a constant periodic rate of charge on the net obligation outstanding

in each period.

Pension costs and other post-retirement benefits

Contributions are paid to a combination of personal defined contribution schemes in the case of directors and

NEST with respect to other workers under the auto-enrolment regime. Contributions payable to these pension

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2018 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

550,000

AMORTISATION

At 1 January 2019

151,250

Charge for year

27,500

At 31 December 2019

178,750

NET BOOK VALUE

At 31 December 2019

371,250

At 31 December 2018

398,750

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

239,555

Additions

16,297

At 31 December 2019

255,852

DEPRECIATION

At 1 January 2019

90,299

Charge for year

41,909

At 31 December 2019

132,208

NET BOOK VALUE

At 31 December 2019

123,644

At 31 December 2018

149,256

Assets with a net book value of £81,863 (2018: £109,152) are under hire purchase contract

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

683,852

713,025

Other debtors

125,591

137,451

809,443

850,476

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

10,464

29,259

Trade creditors

459,788

546,294

Taxation and social security

209,447

260,737

Other creditors

95,472

271,330

775,171

1,107,620

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

-

10,464

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

31.12.19

31.12.18

£

£

J C Brett

Balance outstanding at start of year

44,609

77,225

Amounts advanced

17,163

61,884

Amounts repaid

-

(94,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

61,772

44,609

The loan is interest free and repayable on demand.