JAMES_LABELS_&_SUPPLIES_L - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

James Labels & Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 2 - 3 Plantation Mill, Market Street, Bacup, Lancashire, OL13 0BN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.true

Whilst the director has adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid -19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.

Turnover represents amounts receivable for label manufacturing, printing and supplying net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The tax expense represents the sum of the tax currently payable and deferred tax.

The average monthly number of persons (including directors) employed by the company during the year was 11 (2019 - 11).

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

The following are the deferred tax liabilities recognised by the company and movements thereon:

Advances or credits have been granted by the company to its director as follows:

Mr A P James' maximum overdrawn balance during the year was £240,211.