ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
COMPANY INFORMATION
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J C THOMAS & SONS LIMITED
CONTENTS
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J C THOMAS & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
The directors present their strategic report for the year ended 31 March 2020.
We consider that the key performance indicators are turnover, gross margin and net assets. Together these demonstrate the financial performance and strength of the company.These indicators for the current and prior year are given below.
The company maintained a strong financial position, with net assets growing by £312,000.
As for most companies in the country, the business environment in which we operate continues to be challenging. The scrap market is increasingly competitive and the volatility of prices makes long-term prediction of performance difficult. In addition, the continuing impact of Brexit upon the company's operations still remains uncertain and may take years to become clear.
However, the diversity of our supplier and customer bases provides a measure of resilience and we continue to invest in new plant in order to maintain and improve our operational efficiency. The company will remain flexible so as to react quickly to any unforeseen future events beyond its control. The directors continue to monitor performance and a re confident that the company will be able to continue to trade profitably throughout the years ahead. Covid-19 As recycling was a permitted activity under the Government’s lockdown rules, the company has been able to continue to trade through these uncertain times. Debt collection decreased immediately after lockdown, but arrangements are now in place to bring this back in line with pre-lockdown levels. Whilst trading activity has reduced post year end, the company remains profitable and results are continuing to recover. This has been helped by the directors taking measures to help reduce the impact of Covid-19 on the business, which include:
1)Placing 60% of staff on furlough. We are pleased to announce all our staff have returned to work as of July 2020.
2)Reduced spending on machinery and vehicles to help maintain a healthy cashflow
3)Acquisition of DJ Howe Ltd. This purchase has strengthened our market share in Somerset, increasing the tonnage of scrap being processed.
These actions have allowed the business to continue trading without any short-term cash or liquidity concerns. The directors continue to monitor the impact from Covid-19 and are prepared to take further action should the risks and uncertainties change.
The company's key performance indicators during the year were as follows:
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J C THOMAS & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
This report was approved by the board on 24 March 2021 and signed on its behalf.
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J C THOMAS & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
The directors present their report and the financial statements for the year ended 31 March 2020.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £762,034 (2019: £1,223,439).
Dividends of £450,000 (2019: £450,000) were declared and paid during the year.
The directors who served during the year were:
The company continues to maintain and upgrade their plant to provide efficiencies in oprations. In addition the directors are constantly looking for suitable opportunities to diversify and remain open to further investment opportunites.
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
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J C THOMAS & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
Details of the impact of the Covid-19 pandemic are included within the Strategic Report. On 9 April 2020 the company purchased 100% of the called up share capital in D.J. Howe (Weston) Ltd for a total consideration of £2,441,533. There have been no other significant post balance sheet events.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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J C THOMAS & SONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS & SONS LIMITED
We have audited the financial statements of J C Thomas & Sons Limited (the 'Company') for the year ended 31 March 2020, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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J C THOMAS & SONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS & SONS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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J C THOMAS & SONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS & SONS LIMITED (CONTINUED)
This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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J C THOMAS & SONS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
REGISTERED NUMBER:04468731
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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J C THOMAS & SONS LIMITED
REGISTERED NUMBER:04468731
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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J C THOMAS & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
J C Thomas & Sons Limited is a private limited company, limited by shares, incorporated and registered in
England within the United Kingdom. The registered office address is 16 Queen Square, Bristol, BS1 4NT and the registered number is 04468731.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
As recycling was a permitted activity under the Government’s lockdown rules, the company has been able to continue to trade through these uncertain times. Debt collection decreased immediately after lockdown, but arrangements are now in place to bring this back in line with pre-lockdown levels.
Whilst trading activity has reduced post year end, the company remains profitable and results are continuing to recover into quarter two. This has been helped by the directors taking measures to help reduce the impact of Covid-19 on the business, which include:
1)Placing 60% of staff on furlough. We are pleased to announce all our staff have returned to work as of July 2020.
2)Reduced spending on machinery and vehicles to help maintain a healthy cashflow
3)Acquisition of DJ Howe Ltd. This purchase has strengthened our market share in Somerset, increasing the tonnage of scrap being processed.
These actions have allowed the business to continue trading without any short-term cash or liquidity concerns. The directors continue to monitor the impact from Covid-19 and are prepared to take further action should the risks and uncertainties change. As a result the directors believe that the company has sufficient resources to continue to trade for the forseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Interest income is recognised in profit or loss using the effective interest method.
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (continued)
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.ACCOUNTING POLICIES (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Analysis of turnover by country of destination:
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
There were no factors that may affect future tax charges.
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The 2020 valuations were made by the directors, on an open market value for existing use basis.
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,447 (2019: £4,950). Contributions totalling £Nil (2019: £317) were payable to the fund at the reporting date and are included in creditors.
During 2018 a loan of £200,000 was granted to J C Thomas, a director, with an interest rate of 2.5% being charged on the balance outstanding. Interest of £4,584 (2019: £4,915) interest was charged in the year. Repayments of £24,000 have been made in the year leaving a balance of £176,033 outstanding at the year-end (2019: £195,449).
At the year end Mr J C Thomas owed the company £2,267 (2019: £3,930 owed by the company). Interest has been charged at 2.5% and there is no fixed date for repayment.
At the year end Mr M P Thomas owed the company £589 (2019: £5,617). This amount is interest free with no fixed date for repayment.
At the year end Mr A M Thomas was owed £815 (2019: £1,544) by the company. This amount is interest free with no fixed date for repayment. This amount is included in other creditors. During the year the directors received dividends totalling £450,000 (2019: £450,000).
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J C THOMAS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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