John Toomer and Sons, Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00067133 (England and Wales)

JOHN TOOMER AND SONS,LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr J P Toomer

Mr J C Toomer

Mrs H E Toomer

SECRETARY:

Mr J P Toomer

REGISTERED OFFICE:

Stone Lane

Lydiard Millicent

SWINDON

Wiltshire

SN5 3LD

REGISTERED NUMBER:

00067133 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

Lloyds Bank Plc

5 High Street

SWINDON

Wiltshire

SN1 3EN

FIXED ASSETS

Property, plant and equipment

4

892,675

852,228

CURRENT ASSETS

Inventories

388,874

369,039

Debtors

5

1,160,170

1,021,379

Cash at bank and in hand

851,826

884,177

2,400,870

2,274,595

CREDITORS

Amounts falling due within one year

6

847,102

736,837

NET CURRENT ASSETS

1,553,768

1,537,758

TOTAL ASSETS LESS CURRENT LIABILITIES

2,446,443

2,389,986

PROVISIONS FOR LIABILITIES

28,535

18,236

NET ASSETS

2,417,908

2,371,750

CAPITAL AND RESERVES

Called up share capital

7

15,200

15,200

Retained earnings

2,402,708

2,356,550

SHAREHOLDERS' FUNDS

2,417,908

2,371,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th November 2020 and were signed on its behalf by:

Mr J C Toomer - Director

Mr J P Toomer - Director

1.	STATUTORY INFORMATION

John Toomer and Sons, Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00067133 and the registered office address is Stone Lane, Lydiard Millicent, Swindon, Wiltshire, SN5 3LD.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

In March 2020, the World Health Organization declared the spread of Coronavirus Disease (COVID-19) a worldwide pandemic. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities. Specific to the company, COVID-19 may impact various parts of its 2020 operations and financial results. The directors believe the company is taking appropriate actions to mitigate the negative impact and is optimistic that the company will continue to trade profitably. However, the full impact of COVID-19 is unknown and cannot be reasonably estimated as these events are still developing.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost and 1% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

at variable rates on reducing balance

Computer equipment

-

25% on cost

Government grants

During the year, the company became eligible for grants under the Small Business Grant Fund (SBGF). The amount receivable of £25,000 has been accounted for under the accruals basis.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 28 (2019 - 27 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2019

807,719

242,293

1,050,012

Additions

-

74,813

74,813

At 31st March 2020

807,719

317,106

1,124,825

DEPRECIATION

At 1st April 2019

66,421

131,363

197,784

Charge for year

11,068

23,298

34,366

At 31st March 2020

77,489

154,661

232,150

NET BOOK VALUE

At 31st March 2020

730,230

162,445

892,675

At 31st March 2019

741,298

110,930

852,228

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,103,241

1,001,212

Other debtors

56,929

20,167

1,160,170

1,021,379

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

758,129

618,741

Taxation and social security

47,659

68,313

Other creditors

41,314

49,783

847,102

736,837

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2,800

Ordinary

£5

14,000

14,000

240

Preference

£5

1,200

1,200

15,200

15,200