Jutexpo Ltd Accounts

Jutexpo Ltd Accounts

JUTEXPO LTD - Company Information

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Jutexpo Ltd FILLETED ACCOUNTS COVER
Jutexpo Ltd
Company No. 04346277
Information for Filing with The Registrar
31 July 2019
Jutexpo Ltd DIRECTORS REPORT REGISTRAR
The Directors present their report and the accounts for the year ended 31 July 2019.
Principal activities
The principal activity of the company during the year under review was the sale and marketing of biodegradable bags.
Directors
The Directors who served at any time during the year were as follows:
G.R. Hirshman
R. McGregor
B.J. Turner
L.M. Turner
S.A. Turner
S.A. Turner
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
B.J. Turner
Director
23 April 2020
Jutexpo Ltd BALANCE SHEET REGISTRAR
at
31 July 2019
Company No.
04346277
Notes
2019
2018
£
£
Fixed assets
Intangible assets
4
601,859585,432
Tangible assets
5
69,39322,886
671,252608,318
Current assets
Stocks
6
1,438,3691,276,098
Debtors
7
2,244,8251,987,640
Cash at bank and in hand
115,99261,198
3,799,1863,324,936
Creditors: Amount falling due within one year
8
(3,189,480)
(2,269,885)
Net current assets
609,7061,055,051
Total assets less current liabilities
1,280,9581,663,369
Creditors: Amounts falling due after more than one year
9
(308,444)
(346,667)
Provisions for liabilities
Deferred taxation
11
(7,452)
(710)
Net assets
965,0621,315,992
Capital and reserves
Called up share capital
191,501191,501
Share premium account
12
61,93061,930
Profit and loss account
12
711,6311,062,561
Total equity
965,0621,315,992
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 23 April 2020
And signed on its behalf by:
B.J. Turner
Director
23 April 2020
Jutexpo Ltd NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 31 July 2019
1
General information
Its registered number is: 04346277
Its registered office is:
Lauriston Business & Tech Pk
Pitchill, Salford Priors
Evesham
Worcestershire
WR11 8SN
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Goodwill is amortised over 16 years straight line.
Distribution Rights are amortised over 28 and 25 years straight line.
Development Costs are amortised over 10 years straight line.
Tangible fixed assets and depreciation
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 amount 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.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Leasehold land and buildings
10% straight line
Motor vehicles
20% to 33% straight line
Furniture, fittings and equipment
10% to 33% straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Investments
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs is determined using the first-in, first out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2019
2018
Number
Number
The average number of persons employed during the year :
1920
4
Intangible fixed assets
Goodwill
Develop-ment costs
Other
Total
£
£
£
£
Cost
At 1 August 2018
109,00075,855559,638744,493
Additions
-51,196-51,196
At 31 July 2019
109,000127,051559,638795,689
Amortisation and impairment
At 1 August 2018
106,04937252,640159,061
Charge for the year
2,95111,15220,66634,769
At 31 July 2019
109,00011,52473,306193,830
Net book values
At 31 July 2019
-115,527486,332601,859
At 31 July 2018
2,95175,483506,998585,432
Development costs have been capitalised as they represent a future income stream. The company is still working on the RPET products and it will reflect costs against the future income stream.
5
Tangible fixed assets
Land and buildings
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or revaluation
At 1 August 2018
-11,513209,074220,587
Additions
9,49214,14239,42763,061
Disposals
--
(2,000)
(2,000)
At 31 July 2019
9,49225,655246,501281,648
Depreciation
At 1 August 2018
-11,513186,188197,701
Charge for the year
6333,79310,45814,884
Disposals
--
(330)
(330)
At 31 July 2019
63315,306196,316212,255
Net book values
At 31 July 2019
8,85910,34950,18569,393
At 31 July 2018
--22,88622,886
6
Stocks
2019
2018
£
£
Finished goods
1,438,3691,276,098
1,438,3691,276,098
7
Debtors
2019
2018
£
£
Trade debtors
1,171,834836,338
Amounts owed by group undertakings
698,551894,961
Corporation tax recoverable
53,54636,495
Loans to directors
8,59311,363
Other debtors
149,055124,899
Prepayments and accrued income
163,24683,584
2,244,8251,987,640
8
Creditors:
amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
55,401116,009
Obligations under finance lease and hire purchase contracts
9,508-
Trade creditors
689,3781,015,635
Other taxes and social security
48,46255,567
Loans from directors
94,957-
Other creditors
2,253,8611,071,674
Accruals and deferred income
37,91311,000
3,189,4802,269,885
9
Creditors:
amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
297,778346,667
Obligations under finance lease and hire purchase contracts
10,666-
308,444346,667
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
84,444
133,333
84,444133,333
10
Creditors: secured liabilities
2019
2018
£
£
The aggregate amount of secured liabilities included within creditors
2,252,2951,071,674
11
Provisions for liabilities
Deferred taxation
Accelerated Capital Allowances, Losses and Other Timing Differences
Total
£
£
At 1 August 2018
710
710
Charge to the profit and loss account for the period
6,742
6,742
At 31 July 2019
7,452
7,452
2019
2018
£
£
Accelerated capital allowances
7,452710
7,452710
12
Reserves
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
13
Commitments
Capital commitments
2019
2018
£
£
Other financial commitments
2019
2018
£
£
Total commitments under non-cancellable operating leases:
1,073,5991,117,895
14
Dividends
2019
2018
£
£
Dividends for the period:
Dividends paid in the period
124,000
385,000
124,000385,000
Dividends by type:
Equity dividends
124,000385,000
124,000
385,000
15
Advances and credits to directors
Included within Other debtors are the following loans to directors:
Director
Description
At 1 August 2018
Advanced
Repaid
At 31 July 2019
£
£
£
£
R. McGregorDirector loan account6,8131,780-8,593
L.M. TurnerDirector loan account2,134-
(2,134)
-
S.A. TurnerDirector loan account3,424-
(3,424)
-
12,3711,780
(5,558)
8,593
Jutexpo Ltd0434627731 July 201901 August 2018false23 April 2020BTCSoftware AP Solution 2019 6.4.146.4.14true043462772018-08-012019-07-31043462772019-07-31043462772018-07-3104346277core:WithinOneYear2019-07-3104346277core:WithinOneYear2018-07-3104346277core:AfterOneYear2019-07-3104346277core:AfterOneYear2018-07-3104346277core:ShareCapital2019-07-3104346277core:ShareCapital2018-07-3104346277core:SharePremium2019-07-3104346277core:SharePremium2018-07-3104346277core:RetainedEarningsAccumulatedLosses2019-07-3104346277core:RetainedEarningsAccumulatedLosses2018-07-3104346277bus:RegisteredOffice2018-08-012019-07-3104346277core:LeasedAssetsHeldAsLesseecore:LandBuildings2018-08-012019-07-3104346277core:MotorVehicles2018-08-012019-07-3104346277core:FurnitureFittingsToolsEquipment2018-08-012019-07-31043462772017-08-012018-07-3104346277core:Goodwill2018-08-0104346277core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-08-0104346277core:OtherResidualIntangibleAssets2018-08-01043462772018-08-0104346277core:Goodwill2018-08-012019-07-3104346277core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-08-012019-07-3104346277core:OtherResidualIntangibleAssets2018-08-012019-07-3104346277core:Goodwill2019-07-3104346277core:DevelopmentCostsCapitalisedDevelopmentExpenditure2019-07-3104346277core:OtherResidualIntangibleAssets2019-07-3104346277core:Goodwill2018-07-3104346277core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-07-3104346277core:OtherResidualIntangibleAssets2018-07-3104346277core:LandBuildings2018-08-0104346277core:MotorVehicles2018-08-0104346277core:FurnitureFittingsToolsEquipment2018-08-0104346277core:LandBuildings2018-08-012019-07-3104346277core:LandBuildings2019-07-3104346277core:MotorVehicles2019-07-3104346277core:FurnitureFittingsToolsEquipment2019-07-3104346277core:LandBuildings2018-07-3104346277core:MotorVehicles2018-07-3104346277core:FurnitureFittingsToolsEquipment2018-07-3104346277core:MoreThanFiveYears2019-07-3104346277core:MoreThanFiveYears2018-07-3104346277core:Secured2019-07-3104346277core:Secured2018-07-3104346277core:AcceleratedTaxDepreciationDeferredTax2019-07-3104346277core:AcceleratedTaxDepreciationDeferredTax2018-07-3104346277core:SharePremium2018-08-012019-07-3104346277core:RetainedEarningsAccumulatedLosses2018-08-012019-07-3104346277bus:AllOrdinaryShares2018-08-012019-07-3104346277bus:Director22018-08-012019-07-3104346277bus:Director22018-08-0104346277bus:Director22019-07-3104346277bus:Director42018-08-012019-07-3104346277bus:Director42018-08-0104346277bus:Director42019-07-3104346277bus:Director52018-08-012019-07-3104346277bus:Director52018-08-0104346277bus:Director52019-07-3104346277bus:SmallEntities2018-08-012019-07-3104346277bus:FullAccounts2018-08-012019-07-3104346277bus:AuditExempt-NoAccountantsReport2018-08-012019-07-3104346277bus:Director32018-08-012019-07-3104346277bus:PrivateLimitedCompanyLtd2018-08-012019-07-31iso4217:GBPxbrli:pure