JH Label Solutions LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NC000436 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2021

for

JH Label Solutions LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr Keith Alistair Hamilton

Mr Alan James Hamilton

Mrs Julie Hamilton

Mrs Mary Hamilton

REGISTERED OFFICE:

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

REGISTERED NUMBER:

NC000436 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

Danske Bank

39 Market Street

Lurgan

Co. Armagh

BT66 6AB

SOLICITORS:

Redman Solicitors Ltd

15 Windsor Avenue

Lurgan

Craigavon

Co Armagh

BT67 9BG

FIXED ASSETS

Tangible assets

4

939,820

1,223,921

CURRENT ASSETS

Stocks

243,964

304,859

Debtors

5

2,720,851

2,167,621

Cash at bank and in hand

122,755

211

3,087,570

2,472,691

CREDITORS

Amounts falling due within one year

6

480,556

272,304

NET CURRENT ASSETS

2,607,014

2,200,387

TOTAL ASSETS LESS CURRENT LIABILITIES

3,546,834

3,424,308

CREDITORS

Amounts falling due after more than one year

7

9,973

26,561

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,536,861

3,397,747

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

3,536,861

3,397,747

3,536,861

3,397,747

TOTAL MEMBERS' INTERESTS

Members' other interests

3,536,861

3,397,747

Amounts due from members

5

(1,951,835

)

(1,536,710

)

1,585,026

1,861,037

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2021.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 September 2021 and were signed by:

Mr Keith Alistair Hamilton - Designated member

1.	STATUTORY INFORMATION

JH Label Solutions LLP is registered in Northern Ireland. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the LLP's ordinary activities.

Tangible fixed assets

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

Land and buildings

-

Straight line over 25 years

Plant and machinery etc

-

33% on reducing balance, 20% on cost, 15% on reducing balance and 10% 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Grants

Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 22 (2020 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

218,466

2,459,650

2,678,116

Additions

-

2,500

2,500

Disposals

-

(11,700

)

(11,700

)

At 31 March 2021

218,466

2,450,450

2,668,916

DEPRECIATION

At 1 April 2020

51,451

1,402,744

1,454,195

Charge for year

8,506

275,783

284,289

Eliminated on disposal

-

(9,388

)

(9,388

)

At 31 March 2021

59,957

1,669,139

1,729,096

NET BOOK VALUE

At 31 March 2021

158,509

781,311

939,820

At 31 March 2020

167,015

1,056,906

1,223,921

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

761,242

621,895

Other debtors

1,959,609

1,545,726

2,720,851

2,167,621

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

-

44,106

Hire purchase contracts

16,588

15,965

Trade creditors

346,477

116,377

Taxation and social security

101,294

77,201

Other creditors

16,197

18,655

480,556

272,304

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Hire purchase contracts

9,973

26,561

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank overdraft

-

44,106

The bank holds a fixed and floating charge over all property of the LLP.

9.	RELATED PARTY DISCLOSURES

During the year, James Hamilton & Company (Lurgan) Ltd, a member of JH Label Solutions LLP, charged the LLP rent of £60,000, £244,871 for machinery hire and carriage charges amounting to £33,887. The company also paid expenses of £277,487 on behalf of the LLP. At the year end a trade creditor balance of £1,043 was owed by the LLP (2020: trade debtor of £393 owed to LLP).

10.	LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members will rank equally alongside other unsecured creditors in the event of a winding up. No additional protection is afforded to other unsecured creditors. There are no restrictions on the ability of the members to reduce the amount of 'Members' other interests'.

11.	GOING CONCERN

Although the LLP continues to make losses, the members are confident performance will improve. James Hamilton & Company (Lurgan) Limited, a corporate member, will continue to support the business and it will be able to continue as a going concern for the foreseeable future.