John Ware Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01857225 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

JOHN WARE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M S Punni

REGISTERED OFFICE:

Head Office 65 Alcombe Road

Alcombe Minehead

Somerset

TA24 6BD

REGISTERED NUMBER:

01857225 (England and Wales)

ACCOUNTANTS:

Shenward (Leeds) Limited

Chartered Accountants & Business Advisors

Josephs Well, Suite 2C

Hanover Walk

Leeds

West Yorkshire

LS3 1AB

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

1,672,810

1,745,059

Investments

7

10,000

10,000

1,682,810

1,755,059

CURRENT ASSETS

Stocks

417,112

399,641

Debtors

8

1,744,062

1,533,574

Cash at bank and in hand

1,445,570

607,223

3,606,744

2,540,438

CREDITORS

Amounts falling due within one year

9

2,483,491

2,056,612

NET CURRENT ASSETS

1,123,253

483,826

TOTAL ASSETS LESS CURRENT LIABILITIES

2,806,063

2,238,885

CREDITORS

Amounts falling due after more than one year

10

(1,944,853

)

(1,066,422

)

PROVISIONS FOR LIABILITIES

11

(17,655

)

-

NET ASSETS

843,555

1,172,463

CAPITAL AND RESERVES

Called up share capital

12

80

80

Share premium

33,922

33,922

Retained earnings

809,553

1,138,461

SHAREHOLDERS' FUNDS

843,555

1,172,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 29 September 2021 and were signed by:

M S Punni - Director

1.	STATUTORY INFORMATION

John Ware 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Details of these judgements can be found in the accounting policies.

Grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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 each asset over its estimated useful life.

Long leasehold

-

5% on cost

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

5% on cost

Motor vehicles

-

20% on reducing balance and 4% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to the income statement.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting end date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its cost and net realisable value is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party,

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities in payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

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 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.

Provisions for liabilities

Provisions are made when 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 the Income Statement 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.

Going concern

The director has considered the ongoing situation regarding COVID-19 as part of their going concern assessment. The view of the director is that, whilst he acknowledges the significant disruption that the pandemic has brought and will continue to bring over the coming months, he believes that the company is well placed to negotiate the unique set of conditions currently facing the UK economy. However, in assessing the unknown short, medium and long-term effects of this pandemic, they acknowledge there is a material uncertainty.

In reaching his conclusion, the director has considered the post year end trading performance and has also considered the availability of funding both internally and externally.

The company will continue to make use of the various financial support measures announced by the

UK Government where applicable.

After consideration of all factors, the director continues to adopt the going concern basis in preparing the financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2019 - 41 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

257,553

AMORTISATION

At 1 January 2020

and 31 December 2020

257,553

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

6.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST

At 1 January 2020

1,041,488

406,984

579,541

44,604

Additions

-

-

-

-

At 31 December 2020

1,041,488

406,984

579,541

44,604

DEPRECIATION

At 1 January 2020

-

190,808

207,989

40,717

Charge for year

-

20,349

28,977

972

At 31 December 2020

-

211,157

236,966

41,689

NET BOOK VALUE

At 31 December 2020

1,041,488

195,827

342,575

2,915

At 31 December 2019

1,041,488

216,176

371,552

3,887

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2020

430,749

61,606

156,217

2,721,189

Additions

-

-

1,794

1,794

At 31 December 2020

430,749

61,606

158,011

2,722,983

DEPRECIATION

At 1 January 2020

323,983

56,416

156,217

976,130

Charge for year

21,538

1,848

359

74,043

At 31 December 2020

345,521

58,264

156,576

1,050,173

NET BOOK VALUE

At 31 December 2020

85,228

3,342

1,435

1,672,810

At 31 December 2019

106,766

5,190

-

1,745,059

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2020

and 31 December 2020

10,000

NET BOOK VALUE

At 31 December 2020

10,000

At 31 December 2019

10,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,365,404

1,131,850

Other debtors

332,164

336,127

Prepayments

46,494

65,597

1,744,062

1,533,574

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

76,463

246,970

Trade creditors

1,448,705

1,400,440

Wages control

84,254

45,340

Tax

56,601

(11

)

Social security and other taxes

28,505

8,902

VAT

207,566

202,397

Other creditors

128,002

-

Directors' current accounts

-

54,289

Deferred income

412,465

-

Accrued expenses

40,930

98,285

2,483,491

2,056,612

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

76,463

145,228

Bank loans - 2-5 years

229,389

432,644

Bank loans more 5 yr by instal

794,503

488,550

Amounts owed to group undertakings

844,498

-

1,944,853

1,066,422

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

794,503

488,550

11.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

17,655

-

Deferred

tax

£

Provided during year

17,655

Balance at 31 December 2020

17,655

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

80

Ordinary

1

80

80

13.	POST BALANCE SHEET EVENTS

On 30 January 2020, the World Health Organisation (WHO) announced COVID-19 as a global health emergency. On 11 March 2020, it announced that COVID-19 was a global pandemic which has had a significant impact on the worldwide economy. The director is aware of the effects that this may subsequently have on the company and have reviewed and adopted the relevant operational strategies to safeguard the business for the ensuing 12 months.

The first known cases of COVID-19 and the subsequent lockdown of the UK economy arose prior to the year end. Consequently, whilst preparing the financial statements the director has considered the impact of the COVID-19 pandemic on certain disclosures and on the measurement of certain account balances. The director, in line with relevant guidance, have considered the likelihood of any post year end impairment to asset values and have concluded that no such impairment has arisen. Accordingly, there has been no material diminution in asset values following the year end.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bahadur Group Limited by virtue of being the sole shareholder and parent of the company.