JWG Miller and Company Limited - Accounts to registrar (filleted) - small 18.2

JWG MILLER AND COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

N G Miller

D J Miller

A Miller

SECRETARY:

A Miller

REGISTERED OFFICE:

Yard 1

Turfford Park Industrial Estate

Earlston

TD4 6GZ

REGISTERED NUMBER:

SC317782 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Intangible assets

4

6,156

9,234

Tangible assets

5

11,678

23,227

17,834

32,461

CURRENT ASSETS

Stocks

6

45,686

48,673

Debtors

7

14,027

2,380

59,713

51,053

CREDITORS

Amounts falling due within one year

8

190,161

172,830

NET CURRENT LIABILITIES

(130,448

)

(121,777

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(112,614

)

(89,316

)

CREDITORS

Amounts falling due after more than one year

9

-

10,215

NET LIABILITIES

(112,614

)

(99,531

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(112,617

)

(99,534

)

SHAREHOLDERS' FUNDS

(112,614

)

(99,531

)

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 11th December 2020 and were signed on its behalf by:

D J Miller - Director

N G Miller - Director

1.	STATUTORY INFORMATION

JWG Miller and Company Limited is a private company, limited by shares , registered in Scotland. 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.

Going Concern

The accounts have been prepared on a going concern basis assuming the continued support of the directors.

Turnover

Turnover represents the fair value of the consideration received or receivable for work carried out in respect of plumbing services provided to customers.Turnover is shown net of sales value added tax, rebates and discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 3 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2019

and 31st March 2020

46,170

AMORTISATION

At 1st April 2019

36,936

Amortisation for year

3,078

At 31st March 2020

40,014

NET BOOK VALUE

At 31st March 2020

6,156

At 31st March 2019

9,234

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2019

1,596

15,473

27,163

1,372

45,604

Additions

-

1,200

-

-

1,200

Disposals

-

-

(16,850

)

-

(16,850

)

At 31st March 2020

1,596

16,673

10,313

1,372

29,954

DEPRECIATION

At 1st April 2019

-

6,539

14,861

977

22,377

Charge for year

-

2,505

706

60

3,271

Eliminated on disposal

-

-

(7,372

)

-

(7,372

)

At 31st March 2020

-

9,044

8,195

1,037

18,276

NET BOOK VALUE

At 31st March 2020

1,596

7,629

2,118

335

11,678

At 31st March 2019

1,596

8,934

12,302

395

23,227

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

Motor

vehicles

£

COST

At 1st April 2019

24,763

Disposals

(16,850

)

At 31st March 2020

7,913

DEPRECIATION

At 1st April 2019

12,781

Charge for year

626

Eliminated on disposal

(7,372

)

At 31st March 2020

6,035

NET BOOK VALUE

At 31st March 2020

1,878

At 31st March 2019

11,982

6.

STOCKS

2020

2019

£

£

Stock & work in progress

45,686

48,673

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

14,027

540

Other debtors

-

1,840

14,027

2,380

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

35,558

19,098

Hire purchase contracts

1,499

5,169

Trade creditors

10,060

26,577

Taxation and social security

5,937

3,932

Other creditors

137,107

118,054

190,161

172,830

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

10,215

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

35,558

19,098

Hire purchase contracts

1,499

15,384

37,057

34,482

The Royal Bank of Scotland hold a bond and floating charge over all property and assets of the company, present and future, including uncalled capital.

Hire purchase creditors are secured on the underlying assets.

11.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JWG Miller and Company Limited for the year ended 31st March 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of JWG Miller and Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JWG Miller and Company Limited and state those matters that we have agreed to state to the Board of Directors of JWG Miller and Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that JWG Miller and Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of JWG Miller and Company Limited. You consider that JWG Miller and Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of JWG Miller and Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

11th December 2020