Jaines & Son (Grimsby) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00438850 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Jaines & Son (Grimsby) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs B A Sparkes

G Olley

S M Little

K Holness

C P Sparkes

SECRETARY:

Mrs B A Sparkes

REGISTERED OFFICE:

Kemp Road

Fish Docks

Grimsby

North East Lincs

DN31 3SY

REGISTERED NUMBER:

00438850 (England and Wales)

FIXED ASSETS

Intangible assets

4

215,002

-

Tangible assets

5

515,087

547,591

730,089

547,591

CURRENT ASSETS

Stocks

107,816

165,970

Debtors

6

1,685,190

1,217,983

Cash at bank

181,488

170,691

1,974,494

1,554,644

CREDITORS

Amounts falling due within one year

7

1,509,362

1,056,351

NET CURRENT ASSETS

465,132

498,293

TOTAL ASSETS LESS CURRENT LIABILITIES

1,195,221

1,045,884

CREDITORS

Amounts falling due after more than one year

8

(310,408

)

(211,148

)

PROVISIONS FOR LIABILITIES

(49,668

)

(40,527

)

ACCRUALS AND DEFERRED INCOME

(98,005

)

(113,348

)

NET ASSETS

737,140

680,861

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

735,140

678,861

737,140

680,861

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2020 and were signed on its behalf by:

C P Sparkes - Director

1.	STATUTORY INFORMATION

Jaines & Son (Grimsby) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, will be

amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

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

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

equity.

Current or deferred taxation assets and liabilities are not discounted.

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

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

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

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2018 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

215,002

At 31 December 2019

215,002

NET BOOK VALUE

At 31 December 2019

215,002

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2019

505,864

335,816

841,680

Additions

-

17,832

17,832

At 31 December 2019

505,864

353,648

859,512

DEPRECIATION

At 1 January 2019

134,085

160,004

294,089

Charge for year

26,533

23,803

50,336

At 31 December 2019

160,618

183,807

344,425

NET BOOK VALUE

At 31 December 2019

345,246

169,841

515,087

At 31 December 2018

371,779

175,812

547,591

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

15,171

At 31 December 2019

15,171

DEPRECIATION

Charge for year

590

At 31 December 2019

590

NET BOOK VALUE

At 31 December 2019

14,581

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

1,102,797

626,826

Other debtors

582,393

591,157

1,685,190

1,217,983

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

57,000

89,542

Hire purchase contracts

4,920

488

Trade creditors

1,009,078

826,092

Taxation and social security

72,996

33,942

Other creditors

365,368

106,287

1,509,362

1,056,351

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

204,250

211,148

Hire purchase contracts

7,224

-

Other creditors

98,934

-

310,408

211,148

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

261,250

300,690

Hire purchase contracts

12,144

488

273,394

301,178

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2019

and the period ended 31 December 2018:

31.12.19

31.12.18

£

£

C P Sparkes and Mrs B A Sparkes

Balance outstanding at start of year

78

(25,122

)

Amounts advanced

61,687

31,103

Amounts repaid

(53,860

)

(5,903

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,905

78

G Olley

Balance outstanding at start of year

118,604

111,699

Amounts advanced

11,250

7,936

Amounts repaid

(9,404

)

(1,031

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

120,450

118,604

S M Little

Balance outstanding at start of year

132,044

122,840

Amounts advanced

11,882

10,422

Amounts repaid

(11,114

)

(1,218

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

132,812

132,044

K Holness

Balance outstanding at start of year

144,232

134,698

Amounts advanced

12,364

10,752

Amounts repaid

(11,114

)

(1,218

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

145,482

144,232

11.	ULTIMATE CONTROLLING PARTY

The controlling party is C P Sparkes.