Jointine Products (Lincoln) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03839929 (England and Wales)

Financial Statements

for the Year Ended 31 October 2021

for

Jointine Products (Lincoln) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T J Coffey

Mrs M Coffey

Mrs J A Smith

Mr C A Ramsay

SECRETARY:

Mrs M Coffey

REGISTERED OFFICE:

Station Road

North Hykeham

LINCOLN

Lincolnshire

LN6 9AU

REGISTERED NUMBER:

03839929 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

NatWest Corporate and Commercial Banking

3rd Floor

General Buildings

Brayford Wharf East

LINCOLN

Lincolnshire

LN5 7DS

FIXED ASSETS

Intangible assets

4

1,006

930

Tangible assets

5

210,231

221,002

211,237

221,932

CURRENT ASSETS

Stocks

558,595

411,049

Debtors

6

705,305

455,618

Cash at bank and in hand

723,834

1,074,715

1,987,734

1,941,382

CREDITORS

Amounts falling due within one year

7

426,365

356,268

NET CURRENT ASSETS

1,561,369

1,585,114

TOTAL ASSETS LESS CURRENT LIABILITIES

1,772,606

1,807,046

PROVISIONS FOR LIABILITIES

28,261

29,124

NET ASSETS

1,744,345

1,777,922

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

204,000

204,000

Retained earnings

1,539,345

1,572,922

SHAREHOLDERS' FUNDS

1,744,345

1,777,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2022 and were signed on its behalf by:

Mr T J Coffey - Director

Mrs J A Smith - Director

1.	STATUTORY INFORMATION

Jointine Products (Lincoln) Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

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

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years.

Trademarks

Trademark registration is written off in equal instalments over its useful economic life of 5 years.

Tangible fixed assets

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

Short leasehold

-

Straight line over 15 years

Plant and machinery

-

Straight line over 20 years

Fixtures and fittings

-

25% on reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis.

The cost of work in progress and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity.

Net realisable value is based on estimated selling price less the estimated cost of disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

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

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.

Debtors

The company assigns its trade debts to a factor and receives payments from the factor in respect of the assigned debts but retains all significant risks. Trade debtors and amounts received from the factor are separately disclosed in debtors respectively. All interest and factoring costs are charged to income as they accrue.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Trademarks

Totals

£

£

£

COST

At 1 November 2020

3,000

11,555

14,555

Additions

-

600

600

At 31 October 2021

3,000

12,155

15,155

AMORTISATION

At 1 November 2020

3,000

10,625

13,625

Amortisation for year

-

524

524

At 31 October 2021

3,000

11,149

14,149

NET BOOK VALUE

At 31 October 2021

-

1,006

1,006

At 31 October 2020

-

930

930

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 November 2020

134,936

458,748

47,874

641,558

Additions

-

3,890

6,104

9,994

Disposals

-

(157

)

-

(157

)

At 31 October 2021

134,936

462,481

53,978

651,395

DEPRECIATION

At 1 November 2020

69,397

321,075

30,084

420,556

Charge for year

5,835

9,523

5,278

20,636

Eliminated on disposal

-

(28

)

-

(28

)

At 31 October 2021

75,232

330,570

35,362

441,164

NET BOOK VALUE

At 31 October 2021

59,704

131,911

18,616

210,231

At 31 October 2020

65,539

137,673

17,790

221,002

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

498,429

320,935

Other debtors

1,006

-

Tax

1,779

1,779

VAT

26,998

-

Prepayments and accrued income

177,093

132,904

705,305

455,618

Included in trade debtors are factored debts amounting to £194,587 (2020 £199,382).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

370,071

169,406

Tax

5,904

-

Social security and other taxes

13,468

12,216

Pension fund

3,032

2,798

VAT

-

6,085

Other creditors

-

141,662

Directors' current accounts

1,121

1,121

Accruals and deferred income

32,769

22,980

426,365

356,268

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

109,000

107,500

Between one and five years

451,000

445,000

In more than five years

475,000

590,000

1,035,000

1,142,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other creditors

-

141,662

The secured debts above relate to the factoring of sales invoices and are secured on the book debts of the company.