Joyners Plants Limited - Period Ending 2020-02-29

Joyners Plants Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Joyners Plants Limited

Balance Sheet

29 February 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	1,330,328	1,306,671
Current assets
Stocks		620,000	615,000
Prepayments and accrued income	5	110,804	106,278
Cash at bank and in hand		707,308	479,856
		1,438,112	1,201,134
Creditors: Amounts falling due within one year	6	(1,116,177)	(1,130,928)
Net current assets		321,935	70,206
Total assets less current liabilities		1,652,263	1,376,877
Creditors: Amounts falling due after more than one year	6	(325,069)	(375,304)
Provisions for liabilities		(94,970)	(89,716)
Net assets		1,232,224	911,857
Capital and reserves
Called up share capital	8	20,009	20,009
Profit and loss account		1,212,215	891,848
Total equity		1,232,224	911,857

Joyners Plants Limited

Balance Sheet

29 February 2020

For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 October 2020 and signed on its behalf by:
 

......................................... Mr M R Joyner Director

Company Registration Number: 04135298

Joyners Plants Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Forches Cross
Forches Cross Road
Newton Abbot
Devon
TQ12 6PZ
United Kingdom

These financial statements were authorised for issue by the Board on 4 October 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers. Revenue is recognised on the date of transaction or when the item is despatched.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Joyners Plants Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2020

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land	Not depreciated
Freehold property	2% straight line
Leasehold property	10% straight line
Plant and machinery	20% straight line
Motor vehicles	25% straight line
Computer and office equipment	33.3% straight line

Stocks

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

Joyners Plants Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2020

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 77 (2019 - 75).

Joyners Plants Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2020

5

Debtors

	2020 £	2019 £
Other debtors	59,343	60,217
Prepayments	51,461	46,061
	110,804	106,278

Joyners Plants Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	7	49,333	59,651
Trade creditors		851,645	751,378
Corporation tax		-	88,336
Social security and other taxes		26,121	23,236
Other creditors		83,194	98,553
Accrued expenses		105,884	109,774
		1,116,177	1,130,928

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	325,069	375,304

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	310,852	346,374
HP and finance lease liabilities	14,217	28,930
	325,069	375,304

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	34,619	33,717
Hire purchase contracts	14,714	25,934
	49,333	59,651

Joyners Plants Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A shares of £1 each	20,002	20,002	20,002	20,002
Non-voting convertible 'B' ordinary shares of £1 each	1	1	1	1
Non-voting 'C' ordinary shares of £1 each	2	2	2	2
Non-voting 'D' Ordinary shares of £1 each	1	1	1	1
Non-voting 'E' Ordinary shares of £1 each	1	1	1	1
Ordinary F shares of £1 each	1	1	1	1
Ordinary G shares of £1 each	1	1	1	1
	20,009	20,009	20,009	20,009

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £275,500 (2019 - £36,000).