Jepson Holdings Limited Group accounts (Group and Company)

JEPSON HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02218447

Jepson Holdings Limited

Financial Statements

30 June 2019

Jepson Holdings Limited

Financial Statements

Year ended 30 June 2019

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Consolidated statement of comprehensive income	7

Consolidated statement of financial position	8

Company statement of financial position	9

Consolidated statement of changes in equity	10

Company statement of changes in equity	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

Jepson Holdings Limited

Strategic Report

Year ended 30 June 2019

The directors present their strategic report for the year ended 30th June 2019. Review of the business The principal activity of the group is the manufacture and sale of vehicle number plates and signs. The profit before tax of the group shows consistent profitability in monetary terms over the last two years. The deferred tax movement has led to the tax charge being a credit rather than a charge. Principal Risks and uncertainties The group operates in a mature and price sensitive environment and seeks to mitigate competitive risk by striving to provide quality, service and value into the market place. Competition from other companies operating in the same fields as those in the group mean that margins have been squeezed during the year. Future developments Research and development activities have been ongoing to help the group maintain their competitive edge. A new website for one of the subsidiaries has helped increase the traffic to the website and as a result the sales have increased. Results and performance The group has continued to endeavour to position itself to deliver to its customers the best products, service and value for money by continually innovating and improving its products, service, planning, processes and people. The business environment in which part of the group operates has been difficult during this year with price increases in raw materials affecting the gross margin. By maintaining a strong balance sheet the group is still able to evaluate a variety of strategic options and opportunities as they arise. Key performance indicators of the group Performance indicators are provided by the results of the group for the year, as set out on pages 8 to 13. The results show a profit on ordinary activities before tax of £1.26m (2018 - £1.05m) and a net worth of £13.670m (2018 - £12.848m) on the balance sheet, with in excess of £8.9m in cash (2018 - £8.3m in cash).

This report was approved by the board of directors on 18 March 2020 and signed on behalf of the board by:

Mr P G Jepson

Director

Registered office:

2 Broomgrove Road

Sheffield

S10 2LR

Jepson Holdings Limited

Directors' Report

Year ended 30 June 2019

The directors present their report and the financial statements of the group for the year ended 30 June 2019 .

Directors

The directors who served the company during the year were as follows:

Mr P G Jepson
Miss B A Jepson
Mrs S E Jepson

Dividends

Particulars of recommended dividends are detailed in note 14 to the financial statements.

Disclosure of information in the strategic report

The company has chosen to include information about future developments within the strategic report.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 18 March 2020 and signed on behalf of the board by:

Mr P G Jepson

Director

Registered office:

2 Broomgrove Road

Sheffield

S10 2LR

Jepson Holdings Limited

Independent Auditor's Report to the Members of Jepson Holdings Limited

Year ended 30 June 2019

Opinion

We have audited the financial statements of Jepson Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2019 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 FRS 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 group's and of the parent company's affairs as at 30 June 2019 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 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.

Opinions 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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.

Stephen Allen

(Senior Statutory Auditor)

For and on behalf of

Allen, West and Foster Limited

Chartered accountants & statutory auditor

2 Broomgrove Road

Sheffield

S10 2LR

18 March 2020

Jepson Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 30 June 2019

		2019	2018
Note		£	£
Turnover	4	16,443,969	15,045,274

Cost of sales	12,142,589	11,038,081
	------------	------------
Gross profit	4,301,380	4,007,193

Administrative expenses		3,169,453	3,096,011
Other operating income	5	77,476	74,075
		-----------	-----------
Operating profit	6	1,209,403	985,257

Income from other fixed asset investments	10	( 16,386)	22,286
Other interest receivable and similar income	11	74,709	44,746
Interest payable and similar expenses	12	7,606	–
		-----------	-----------
Profit before taxation		1,260,120	1,052,289

Tax on profit	13	219,115	74,021
		-----------	-----------
Profit for the financial year		1,041,005	978,268
		-----------	-----------

Revaluation of investment property	6,143	–
	-----------	---------
Total comprehensive income for the year	1,047,148	978,268
	-----------	---------

All the activities of the group are from continuing operations.

Jepson Holdings Limited

Consolidated Statement of Financial Position

30 June 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	15	–	2,333
Tangible assets	16	2,432,835	2,329,454
		-----------	-----------
		2,432,835	2,331,787

Current assets

Stocks	17	2,133,422	1,763,524
Debtors	18	2,154,335	2,433,956
Investments	19	506,017	633,136
Cash at bank and in hand		8,958,095	8,374,424
		------------	------------
		13,751,869	13,205,040

Creditors: amounts falling due within one year	20	2,417,279	2,610,187
		------------	------------
Net current assets		11,334,590	10,594,853
		------------	------------
Total assets less current liabilities		13,767,425	12,926,640

Provisions	21	97,362	78,489
		------------	------------
Net assets		13,670,063	12,848,151
		------------	------------

Capital and reserves

Called up share capital	25	446,840	446,840
Revaluation reserve	26	332,713	473,855
Capital redemption reserve	26	571,415	571,415
Other reserves, including the fair value reserve	26	531,123	549,822
Profit and loss account	26	11,787,972	10,806,219
		------------	------------
Shareholders funds		13,670,063	12,848,151
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 18 March 2020 , and are signed on behalf of the board by:

Mr P G Jepson

Director

Company registration number: 02218447

Jepson Holdings Limited

Company Statement of Financial Position

30 June 2019

	2019	2018
Note	£	£

Current assets

Debtors	18	2,089,565	2,089,565
Investments	19	2,089,474	2,089,474
Cash at bank and in hand		770	770
		-----------	-----------
		4,179,809	4,179,809

Creditors: amounts falling due within one year	20	3,145,170	3,145,170
		-----------	-----------
Net current assets		1,034,639	1,034,639
		-----------	-----------
Total assets less current liabilities		1,034,639	1,034,639
		-----------	-----------

Capital and reserves

Called up share capital	25	446,840	446,840
Capital redemption reserve	26	537,806	537,806
Profit and loss account	26	49,993	49,993
		-----------	-----------
Shareholders funds		1,034,639	1,034,639
		-----------	-----------

The profit for the financial year of the parent company was £Nil (2018: £Nil).

These financial statements were approved by the board of directors and authorised for issue on 18 March 2020 , and are signed on behalf of the board by:

Mr P G Jepson

Director

Company registration number: 02218447

Jepson Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 30 June 2019

			Called up share capital	Revaluation reserve	Capital redemption reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
			£	£	£	£	£	£
At 1 July 2017			446,840	571,855	571,415	572,822	9,932,187	12,095,119

Profit for the year							978,268	978,268
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 98,000)	–	–	98,000	–
	Reclassification from fair value reserve to profit and loss account		–	–	–	( 23,000)	23,000	–
			---------	---------	---------	---------	-----------	------------
Total comprehensive income for the year			–	( 98,000)	–	( 23,000)	1,099,268	978,268

Dividends paid and payable		14	–	–	–	–	( 225,236)	( 225,236)
			---------	---------	---------	---------	-----------	------------
Total investments by and distributions to owners			–	–	–	–	( 225,236)	( 225,236)

At 30 June 2018			446,840	473,855	571,415	549,822	10,806,219	12,848,151

Profit for the year							1,041,005	1,041,005
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 141,142)	–	–	141,142	–
	Reclassification from fair value reserve to profit and loss account		–	–	–	( 24,842)	24,842	–
	Revaluation of investment property		–	–	–	6,143	–	6,143
			---------	---------	---------	---------	------------	------------
Total comprehensive income for the year			–	( 141,142)	–	( 18,699)	1,206,989	1,047,148

Jepson Holdings Limited

Consolidated Statement of Changes in Equity (continued)

Year ended 30 June 2019

		Called up share capital	Revaluation reserve	Capital redemption reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
		£	£	£	£	£	£
Dividends paid and payable	14	–	–	–	–	( 225,236)	( 225,236)
		----	----	----	----	---------	---------
Total investments by and distributions to owners		–	–	–	–	( 225,236)	( 225,236)

		---------	---------	---------	---------	------------	------------
At 30 June 2019		446,840	332,713	571,415	531,123	11,787,972	13,670,063
		---------	---------	---------	---------	------------	------------

Jepson Holdings Limited

Company Statement of Changes in Equity

Year ended 30 June 2019

	Called up share capital	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£
At 1 July 2017	446,840	537,806	49,993	1,034,639

Profit for the year			–	–

At 30 June 2018	446,840	537,806	49,993	1,034,639

Profit for the year			–	–

	---------	---------	-------	-----------
At 30 June 2019	446,840	537,806	49,993	1,034,639
	---------	---------	-------	-----------

Jepson Holdings Limited

Consolidated Statement of Cash Flows

Year ended 30 June 2019

	2019	2018
	£	£

Cash flows from operating activities

Profit for the financial year	1,041,005	978,268

Adjustments for:
Depreciation of tangible assets	337,558	248,075
Amortisation of intangible assets	2,333	106,087
Fair value adjustment of investment property	7,143	–
Other interest receivable and similar income	( 74,709)	( 44,746)
Interest payable and similar expenses	7,606	–
Loss/(gains) on disposal of tangible assets	3,693	( 4,776)
Tax on profit	219,115	74,021
Accrued (income)/expenses	( 119,832)	210,785

Changes in:
Stocks	( 369,898)	163,317
Trade and other debtors	279,621	( 94,419)
Trade and other creditors	62,870	( 172,334)
	-----------	-----------
Cash generated from operations	1,396,505	1,464,278

Interest paid	( 7,606)	–
Interest received	74,709	44,746
Tax paid	( 211,188)	( 171,453)
	-----------	-----------
Net cash from operating activities	1,252,420	1,337,571
	-----------	-----------

Cash flows from investing activities

Purchase of tangible assets	( 473,545)	( 134,175)
Proceeds from sale of tangible assets	27,913	39,777
Purchases of other investments	–	( 17,006)
Proceeds from sale of other investments	127,119	–
	-----------	-----------
Net cash used in investing activities	( 318,513)	( 111,404)
	-----------	-----------

Cash flows from financing activities

Dividends paid	( 350,236)	( 100,236)
	-----------	-----------
Net cash used in financing activities	( 350,236)	( 100,236)
	-----------	-----------

Net increase in cash and cash equivalents	583,671	1,125,931
Cash and cash equivalents at beginning of year	8,374,424	7,248,493
	-----------	-----------
Cash and cash equivalents at end of year	8,958,095	8,374,424
	-----------	-----------

Jepson Holdings Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Broomgrove Road, Sheffield, S10 2LR.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of Jepson Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Computer software	-	33 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	4% straight line
Plant and machinery	-	15% reducing balance and 33% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	20% and 33% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2019	2018
	£	£
Sale of goods	16,443,969	15,045,274
	------------	------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2019	2018
	£	£
United Kingdom	14,824,590	13,472,988
Overseas	1,619,379	1,572,286
	------------	------------
	16,443,969	15,045,274
	------------	------------

5. Other operating income

	2019	2018
	£	£
Rental income	77,476	74,075
	-------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2019	2018
	£	£
Amortisation of intangible assets	2,333	106,087
Depreciation of tangible assets	337,558	224,372

Impairment of tangible assets recognised in:

	Administrative expenses	–	23,703
Loss/(gains) on disposal of tangible assets		3,693	( 4,776)
Impairment of trade debtors		(3,904)	6,167
Foreign exchange differences		( 12,154)	( 8,291)
		---------	---------

7. Auditor's remuneration

	2019	2018
	£	£
Fees payable for the audit of the financial statements	17,000	17,000
	-------	-------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2019	2018
	No.	No.
Production staff	33	35
Administrative staff	46	44
Management staff	3	3
	----	----
	82	82
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2019	2018
	£	£
Wages and salaries	2,323,281	2,226,574
Social security costs	203,187	195,700
Other pension costs	54,143	47,334
	-----------	-----------
	2,580,611	2,469,608
	-----------	-----------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2019	2018
	£	£
Remuneration	117,828	119,704
Company contributions to defined contribution pension plans	2,264	2,448
	---------	---------
	120,092	122,152
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2019	2018
	No.	No.
Defined contribution plans	1	1
	----	----

10. Income from other fixed asset investments

	2019	2018
	£	£
(Gain)/loss on FV adj to other fixed asset investments	(16,386)	22,286
	-------	-------

11. Other interest receivable and similar income

	2019	2018
	£	£
Interest on loans and receivables	30,432	28,334
Interest on cash and cash equivalents	8,258	–
Interest on bank deposits	36,019	16,412
	-------	-------
	74,709	44,746
	-------	-------

12. Interest payable and similar expenses

	2019	2018
	£	£
Loss on fair value adjustment of financial assets at fair value through profit or loss	7,143	–
Other interest payable and similar charges	463	–
	------	----
	7,606	–
	------	----

13. Tax on profit

Major components of tax income

	2019	2018
	£	£

Current tax:

UK current tax income	200,242	214,509

Deferred tax:

Origination and reversal of timing differences	18,873	( 140,488)
	---------	---------
Tax on profit	219,115	74,021
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	1,260,120	1,052,289
	-----------	-----------
Profit on ordinary activities by rate of tax	239,423	199,934
Effect of expenses not deductible for tax purposes	–	5,700
Effect of capital allowances and depreciation	( 5,771)	20,886
Effect of different UK tax rates on some earnings	18,874	( 140,488)
Other tax adjustment to increase/(decrease) tax liability	( 33,411)	( 12,011)
	-----------	-----------
Tax on profit	219,115	74,021
	-----------	-----------

14. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2019	2018
	£	£
Dividends	225,236	225,236
	---------	---------

15. Intangible assets

Group	Goodwill	Computer software	Total
	£	£	£
Cost
At 1 July 2018 and 30 June 2019	585,935	21,000	606,935
	---------	-------	---------
Amortisation
At 1 July 2018	585,935	18,667	604,602
Charge for the year	–	2,333	2,333
	---------	-------	---------
At 30 June 2019	585,935	21,000	606,935
	---------	-------	---------
Carrying amount
At 30 June 2019	–	–	–
	---------	-------	---------
At 30 June 2018	–	2,333	2,333
	---------	-------	---------

The company has no intangible assets.

16. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2018	2,071,940	2,786,533	40,744	407,986	217,859	5,525,062
Additions	46,061	325,601	–	101,883	–	473,545
Disposals	–	–	–	( 74,918)	( 131,466)	( 206,384)
Revaluations	( 1,000)	–	–	–	–	( 1,000)
	-----------	-----------	-------	---------	---------	-----------
At 30 Jun 2019	2,117,001	3,112,134	40,744	434,951	86,393	5,791,223
	-----------	-----------	-------	---------	---------	-----------
Depreciation
At 1 Jul 2018	87,281	2,665,635	40,744	192,421	209,527	3,195,608
Charge for the year	31,520	229,430	–	71,461	5,147	337,558
Disposals	–	–	–	( 43,312)	( 131,466)	( 174,778)
	-----------	-----------	-------	---------	---------	-----------
At 30 Jun 2019	118,801	2,895,065	40,744	220,570	83,208	3,358,388
	-----------	-----------	-------	---------	---------	-----------
Carrying amount
At 30 Jun 2019	1,998,200	217,069	–	214,381	3,185	2,432,835
	-----------	-----------	-------	---------	---------	-----------
At 30 Jun 2018	1,984,659	120,898	–	215,565	8,332	2,329,454
	-----------	-----------	-------	---------	---------	-----------

The company has no tangible assets.

The freehold land and buildings were valued on 29 July 2015 on an open market basis by SMC Chartered Surveyors by a FRICS. The investment properties of the company were valued on an open market basis as follows:- 5th November 2014, Unit 2 Meynell Road, Darlington, DL3 0YQ by Carver Commercial Chartered Surveyors and Property Consultants. 22nd July 2014, Unit 1, Gateway Business Park, London, SE28 0EZ by Hindwoods Chartered Surveyors. 20th February 2015, Flat 6, Golden Gates, 1 Ferry Way, Sandbanks, Poole, BH13 7QN by Smith Robinson Higley Chartered Surveyors. 20th October 2014, 39A and 39B Pine Road, Winton, Bournemouth, BH9 1LT by Nettleship Sawyer Chartered Surveyors. 28th August 2014, 1022 Dumbarton Road, Whiteinch, Glasgow, G14 9UL. The valuations were updated by the directors at 30 June 2019 to reflect changes in the open market value of the properties held.

Tangible assets held at valuation

The cost of the freehold property (excluding investment property) is comprising the following:-

	2019	2018
	£	£
Original Cost	349,193	349,193
Valuation in 2002	56,632	56,632
Valuation in 2010	402,176	402,176
Valuation in 2015	(20,000)	(20,000)
	---------	---------
Total	788,001	788,001
	---------	---------

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
At 30 Jun 2019
Aggregate cost	1,065,761	3,112,134	40,744	434,951	82,683	4,736,273
Aggregate depreciation	(256,634)	(2,895,065)	(40,744)	(220,570)	(79,498)	(3,492,511)
	-----------	-----------	-------	---------	-------	-----------
Carrying value	809,127	217,069	–	214,381	3,185	1,243,762
	-----------	-----------	-------	---------	-------	-----------

At 30 Jun 2018
Aggregate cost	1,065,761	2,786,533	40,744	407,986	214,149	4,515,173
Aggregate depreciation	(239,174)	(2,665,635)	(40,744)	(192,421)	(205,817)	(3,343,791)
	-----------	-----------	-------	---------	---------	-----------
Carrying value	826,587	120,898	–	215,565	8,332	1,171,382
	-----------	-----------	-------	---------	---------	-----------

17. Stocks

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Raw materials and consumables	479,002	320,685	–	–
Finished goods and goods for resale	1,654,420	1,442,839	–	–
	-----------	-----------	----	----
	2,133,422	1,763,524	–	–
	-----------	-----------	----	----

18. Debtors

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Trade debtors	1,950,893	2,236,624	–	–
Amounts owed by group undertakings	–	–	2,050,706	2,050,706
Prepayments and accrued income	63,162	58,982	–	–
Other debtors	140,280	138,350	38,859	38,859
	-----------	-----------	-----------	-----------
	2,154,335	2,433,956	2,089,565	2,089,565
	-----------	-----------	-----------	-----------

19. Investments

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Investments in group undertakings	–	–	2,089,474	2,089,474
Investments in bonds	506,017	633,136	–	–
	---------	---------	-----------	-----------
	506,017	633,136	2,089,474	2,089,474
	---------	---------	-----------	-----------

The bonds are included at their market value at each balance sheet date.

The investments in group undertakings are for the companies listed below, all of which are registered in England and Wales. All of these subsidiaries are included within the consolidation. All of the share capital held is for ordinary shares.

		Proportion owned
	Jepson & Co Limited	99
	Jepsons Signs Limited	100
	Degron Limited	100
	Kenric Plastics Limited	99
	NP Screws Limited	99
	Regis Specialised Accessories Limited	100
	National Numbers Limited	100

All of the subsidiaries have 44 East Bank Road, Sheffield, S2 3QN as their registered office, with the exception of National Numbers Limited. National Numbers Limited's registered office is The Grange, PO Box 20, Billingham, TS23 1XY.

20. Creditors: amounts falling due within one year

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Trade creditors	1,159,883	1,037,737	–	–
Amounts owed to group undertakings	–	–	3,145,170	3,145,170
Accruals and deferred income	384,724	504,556	–	–
Corporation tax	200,242	211,188	–	–
Social security and other taxes	288,462	340,278	–	–
Dividends payable	–	125,000	–	–
Other creditors	383,968	391,428	–	–
	-----------	-----------	-----------	-----------
	2,417,279	2,610,187	3,145,170	3,145,170
	-----------	-----------	-----------	-----------

21. Provisions

Group	Deferred tax (note 22)
	£
At 1 July 2018	78,489
Additions	18,873
	-------
At 30 June 2019	97,362
	-------

The company does not have any provisions.

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Included in provisions (note 21)	97,362	78,489	–	–
	-------	-------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Accelerated capital allowances	1,489	1,489	–	–
Revaluation of tangible assets	48,035	54,000	–	–
Fair value adjustment of investment property	47,838	23,000	–	–
	-------	-------	----	----
	97,362	78,489	–	–
	-------	-------	----	----

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 54,143 (2018: £ 47,334 ).

24. Financial instruments

The carrying amount for each category of financial instrument is as follows:

Financial assets measured at fair value through profit or loss

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Financial assets measured at fair value through profit or loss	19,973,813	18,959,808	4,179,809	4,179,809
	------------	------------	-----------	-----------

Financial assets that are debt instruments measured at amortised cost

	Group
	2019	2018
	£	£
Financial assets that are debt instruments measured at amortised cost	2,154,335	2,433,956
	-----------	-----------

Financial liabilities measured at fair value through profit or loss

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Financial liabilities measured at fair value through profit or loss	5,562,449	5,755,357	3,145,170	3,145,170
	-----------	-----------	-----------	-----------

25. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	446,840	446,840	446,840	446,840
	---------	---------	---------	---------

26. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income net of the deferred tax implication. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Fair value reserve

The following movements on the fair value reserve are included within other reserves, including the fair value reserve in the statement of changes in equity:

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
At start of year	549,822	572,822	–	–
Reclassification from fair value reserve to profit and loss account	(24,842)	(23,000)	–	–
Revaluation of investment property	6,143	–	–	–
		---------		----
At end of year		549,822		–
		---------		----

28. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	Group		Company
	2019	2018	2019	2018
	£	£	£	£
Tangible assets	–	29,236	–	–
	----	-------	----	----

29. Controlling party

Control is exercised by the trustees of the G.E. Jepson Discretionary Settlement which controls the majority of the voting share capital. Copies of the group accounts are available from the registered office at 2 Broomgrove Road, Sheffield, S10 2LR.