JOHN_P_KUMMER_LIMITED - Accounts

JOHN P KUMMER LIMITED - Company Information

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Company Registration No. 02353721 (England and Wales)

JOHN P KUMMER LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

JOHN P KUMMER LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 7

JOHN P KUMMER LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JOHN P KUMMER LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John P Kummer Limited for the year ended 31 December 2014 set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of John P Kummer Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of John P Kummer Limited and state those matters that we have agreed to state to the Board of Directors of John P Kummer Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John P Kummer Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that John P Kummer 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 profit of John P Kummer Limited. You consider that John P Kummer 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 John P Kummer 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.

Moore and Smalley LLP

Chartered Accountants

Priory Close

St Marys Gate

Lancaster

LA1 1XB

2 June 2015

JOHN P KUMMER LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 2 -

2014

2013

Notes

Fixed assets

Tangible assets

421,821

485,142

Investments

169,672

24,422

591,493

509,564

Current assets

Stocks

14,613

78,925

Debtors

403,148

240,204

Cash at bank and in hand

874,230

233,966

1,291,991

553,095

Creditors: amounts falling due within one year

(467,982)

(238,101)

Net current assets

824,009

314,994

Total assets less current liabilities

1,415,502

824,558

Creditors: amounts falling due after more than one year

(291,212)

(316,692)

Provisions for liabilities

(3,562)

(11,438)

1,120,728

496,428

Capital and reserves

Called up share capital

4,400

Share premium account

109,490

Other reserves

20,000

Profit and loss account

986,838

362,538

Shareholders' funds

1,120,728

496,428

JOHN P KUMMER LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 3 -

For the financial year ended 31 December 2014 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 financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

Approved by the Board for issue on 19 May 2015

Mr R H Sandbach

Mrs R M Sandbach

Director

Company Registration No. 02353721

JOHN P KUMMER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts to the extent that the company has a right to consideration arising for the performance of its contractual arrangements.

1.4

Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation. Amortisation is calculated so as to write off the cost of the asset, less its estimated residual value, over their useful economic life of 10 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold property

2% straight line

Plant and machinery

20% straight line

Fixtures, fittings & equipment

15% - 25% straight line

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.8

Stock

Stock is valued at the lower of cost and net realisable value.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.10

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

JOHN P KUMMER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

Accounting policies

(Continued)

- 5 -

1.11

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 January 2014

83,181

607,740

24,422

715,343

Additions

15,083

830,001

845,084

Disposals

(134,356)

(684,751)

(819,107)

At 31 December 2014

83,181

488,467

169,672

741,320

Depreciation

At 1 January 2014

83,181

122,598

205,779

On disposals

(72,606)

Charge for the year

16,654

At 31 December 2014

83,181

66,646

149,827

Net book value

At 31 December 2014

421,821

169,672

591,493

At 31 December 2013

485,142

24,422

509,564

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Participating interests

John P. Kummer AG

Switzerland

Ordinary

33.33

JOHN P KUMMER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

Fixed assets

(Continued)

- 6 -

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

John P. Kummer AG

Distribution of speciality adhesives.

(52,163)

(118,524)

Debtors

Debtors include an amount of £46,870 (2013 - £32,879) which is due after more than one year.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £25,480 (2013 - £24,116).

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

174,040

205,794

The aggregate amount of creditors for which security has been given amounted to £291,212 (2013 - £316,692).

Share capital

2014

2013

Allotted, called up and fully paid

4,400 Ordinary shares of £1 each

4,400

JOHN P KUMMER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 7 -

Directors' benefits: Advances, credits and guarantees

Mr R H Sandbach’s director’s loan account with the company became overdrawn on 4 April 2014 and the overdrawn balance at 31 December 2014 was £9,989. During the year cash advances totalling £25,703 were made to Mr R H Sandbach and the loan account was credited with £1. The maximum overdrawn balance during the year on the loan was £9,990.

In the comparative year Mr R H Sandbach’s director’s loan account with the company remained in credit for the full period.

Mrs R M Sandbach’s director’s loan account with the company became overdrawn on 4 April 2014 and the overdrawn balance at 31 December 2014 was £10,000. During the year cash advances totalling £12,500 were made to Mrs R M Sandbach and the loan account was credited with reinvested dividends of £2,500. The maximum overdrawn balance during the year on the loan was £10,000.

In the comparative year there were no transactions with Mrs R M Sandbach.

The loans were unsecured and no interest has been charged by the company for the period when the loan accounts were overdrawn.

Ultimate parent company

The ultimate controlling party is J P Kummer Holdings Limited.

J P Kummer Holdings Limited is a company incorporated in the UK and was under the control of Mr R Sandbach, the director and a shareholder, throughout the year.