Jack Brunsdon & Son Limited - Limited company accounts 20.1

REGISTERED NUMBER: 00818979 (England and Wales)

Jack Brunsdon & Son Limited

Report of the Directors and

Financial Statements for the Year Ended 31st December 2019

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

M S B Andersson

A D Joergensen

REGISTERED OFFICE:

The Old Mill

Blenheim Sawmills

Combe

Witney

Oxfordshire

OX29 8ET

REGISTERED NUMBER:

00818979 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

BANKERS:

Barclays Bank Plc

Leicester

Leicestershire

LE87 2BB

SOLICITORS:

Freeths LLP

5000 Oxford Business Park South

Oxford

OX4 2BH

The directors present their report with the financial statements of the company for the year ended 31st December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of installation of domestic windows and doors.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2019 to the date of this

report.

M S B Andersson

A D Joergensen

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have

taken as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M S B Andersson - Director

20th May 2020

Opinion

We have audited the financial statements of Jack Brunsdon & Son Limited (the 'company') for the year ended

31st December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes

in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 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 company's affairs as at 31st December 2019 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company 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 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 directors are responsible for the other information. The other information comprises the information in the Report of

the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 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 company or to cease operations, or have no realistic

alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Luke Taylor Bsc (Hons) ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

20th May 2020

TURNOVER

3,217,445

3,611,705

Cost of sales

2,270,755

2,919,764

GROSS PROFIT

946,690

691,941

Distribution costs

-

532

Administrative expenses

645,394

1,807,993

645,394

1,808,525

OPERATING PROFIT/(LOSS)

4

301,296

(1,116,584

)

Interest payable and similar expenses

6

-

1,889

PROFIT/(LOSS) BEFORE TAXATION

301,296

(1,118,473

)

Tax on profit/(loss)

7

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

301,296

(1,118,473

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

301,296

(1,118,473

)

ASSETS

FIXED ASSETS

Tangible assets

8

47,375

58,680

CURRENT ASSETS

Stocks

9

208,307

195,348

Debtors

10

767,698

1,036,845

Cash at bank

-

6,348

976,005

1,238,541

1,023,380

1,297,221

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

11

17,240

17,240

Share premium

12

8,369

8,369

Retained earnings

12

(7,850,702

)

(8,151,998

)

SHAREHOLDERS' FUNDS

(7,825,093

)

(8,126,389

)

CREDITORS

13

8,848,473

9,423,610

1,023,380

1,297,221

The financial statements were approved by the Board of Directors and authorised for issue on 20th May 2020 and were signed on its behalf by:

M S B Andersson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2018

17,240

(7,033,525

)

8,369

(7,007,916

)

Changes in equity

Total comprehensive loss

-

(1,118,473

)

-

(1,118,473

)

Balance at 31st December 2018

17,240

(8,151,998

)

8,369

(8,126,389

)

Changes in equity

Total comprehensive income

-

301,296

-

301,296

Balance at 31st December 2019

17,240

(7,850,702

)

8,369

(7,825,093

)

1.	STATUTORY INFORMATION

Jack Brunsdon & Son 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

The financial statements have been prepared in accordance with applicable accounting standards including

Financial Reporting Standard 102 The financial Reporting Standard applicable in the UK and Republic of Ireland

(FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention, modified to include certain items at fair value.

The financial statements have been prepared on a going concern basis following representations given by

Inwido AB, the immediate parent company of Inwido UK Limited, that it will provide the necessary financial

support to enable the company to meet its financial obligations. This is also with due consideration to the

COVID-19 pandemic.

The directors have additionally considered the economic impact of COVID-19 on the ability of the business to

continue. There is clearly some uncertainty surrounding the future of the wider economy, customers, suppliers

and our staff, but we consider that our core business will remain in the long-term. We have therefore updated

our existing forecasts to allow for the impact of a reduction in trade, whilst also having access to support

currently being offered by the United Kingdom Government. We believe that our assumptions are realistic based

on evidence currently available, and that with the support of the parent company, the company will consequently

have enough headroom to continue for the foreseeable future.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":

•

the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale and install ation of window frames is recognised when significant risks and rewards of

ownership of the goods have transferred to the buyer, the amount of turnover 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. This is usually on final

installation.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment

losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

2-5 years

Fixtures and fittings

2-5 years

Motor vehicles

2-5 years

Stocks

Stocks are stated 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 stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, 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.

Foreign currencies

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

balance sheet 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

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the

expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the

reduction of the outstanding lease liability using the effective interest method. The related obligations, net of

future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight

line basis over the period of the lease.

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 and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

2019

2018

£

£

Wages and salaries

288,670

656,584

Social security costs

34,672

67,978

Other pension costs

10,362

18,184

333,704

742,746

The average number of employees during the year was as follows:

2019

2018

Installation

3

9

Administration

3

12

6

21

2019

2018

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT/(LOSS)

The operating profit (2018 - operating loss) is stated after charging/(crediting):

2019

2018

£

£

Hire of plant and machinery

3,721

10,618

Other operating leases

73,899

141,492

Depreciation - owned assets

10,079

55,667

Auditors' remuneration

10,281

13,550

Foreign exchange differences

(2,979

)

(373

)

5.	EXCEPTIONAL ITEMS

2019

2018

£

£

Restructuring costs

72,819

(435,207

)

Included within the restructuring costs is a profit on disposal of £7,254 (2018: £2,420 loss) and impairment of

fixed assets of £Nil (2018: £152,587). The impairment relates to fixtures and fittings in showrooms closed during

the prior year, but not removed before the 31st December 2018. These were disposed of during 2019.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2019

2018

£

£

Interest payable

-

1,600

Hire purchase interest

-

289

-

1,889

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st December 2019 nor for the year ended

31st December 2018.

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2019

407,485

142,819

114,015

664,319

Disposals

(214,866

)

(72,382

)

(93,110

)

(380,358

)

At 31st December 2019

192,619

70,437

20,905

283,961

DEPRECIATION

At 1st January 2019

357,292

135,879

112,468

605,639

Charge for year

8,972

1,043

64

10,079

Eliminated on disposals

(215,123

)

(72,382

)

(91,627

)

(379,132

)

At 31st December 2019

151,141

64,540

20,905

236,586

NET BOOK VALUE

At 31st December 2019

41,478

5,897

-

47,375

At 31st December 2018

50,193

6,940

1,547

58,680

9.

STOCKS

2019

2018

£

£

Stocks

10,625

10,625

Work-in-progress

197,682

184,723

208,307

195,348

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

142,789

21,948

Other debtors

529,175

866,773

Prepayments

95,734

148,124

767,698

1,036,845

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

15,098

'F' Ordinary

£1

15,098

15,098

2,142

'O' Ordinary

£1

2,142

2,142

17,240

17,240

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1st January 2019

(8,151,998

)

8,369

(8,143,629

)

Profit for the year

301,296

-

301,296

At 31st December 2019

(7,850,702

)

8,369

(7,842,333

)

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

76,981

127,599

Amounts owed to group undertakings

7,463,504

7,881,712

Social security and other taxes

12,292

22,976

VAT

369,210

172,375

Other creditors

215,710

413,524

Deferred income

638,870

754,460

Accruals

71,906

50,964

8,848,473

9,423,610

14.	LEASING AGREEMENTS

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

2019

2018

£

£

Within one year

79,739

109,947

Between one and five years

264,126

157,673

In more than five years

132,125

29,167

475,990

296,787

15.	PENSION COMMITMENTS

Contributions by the company to defined contribution pension schemes for the year amounted to £10,362 (2018:

£18,184). The amounts outstanding at the year end were £1,538 (2018: £2,258).

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

During the year, no remuneration was paid to key management personnel (2018: £Nil).

17.	ULTIMATE PARENT COMPANY

The immediate parent company is Inwido UK Limited, a company incorporated in the United Kingdom. The

ultimate parent company is Inwido AB, a public listed company incorporated in Sweden, these being the smallest

and largest groups into which the company is consolidated. A copy of the ultimate parent company financial

statements is available from the company's registered office at Engelbrektsgatan 15, SE-211 33 Malmo,

Sweden.