Old Mill Jackson Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05869107 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

Old Mill Jackson Limited

Page

Company Information

1

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J R G Stonehouse

S M H Cole

P J Hodge

K C Whitmarsh

P Neate

D B Parkes

I Carlson

S Grimster

A D Moore

J C Banwell

D S Rice

R Haines

M J Neath

T Lerwill

A M Vickery

C Bowles

D R Middle

S Clark

D J Maslen

A Wallwork

N Cox

P S Kirkpatrick

S A Coombe

C F Vickery

L B Bolland

R C Hobbs

J A Orchard

C E Tweedie

S J Harrison

J C Gifford

G W Jones

A C Hawes

L J Wylie

V S Vellacott

A J Bradley

Mrs J L Rudge

M Phillips

P Mills

M Clark

Mrs K Smith

SECRETARY:

Mrs J L Rudge

REGISTERED OFFICE:

Maltravers House

Petters Way

Yeovil

Somerset

BA20 1SH

REGISTERED NUMBER:

05869107 (England and Wales)

FIXED ASSETS

Intangible assets

4

192,707

231,848

Tangible assets

5

547,129

702,057

739,836

933,905

CURRENT ASSETS

Debtors

6

1,858,106

2,002,945

Cash at bank

219,100

200,829

2,077,206

2,203,774

CREDITORS

Amounts falling due within one year

7

1,114,726

1,323,422

NET CURRENT ASSETS

962,480

880,352

TOTAL ASSETS LESS CURRENT LIABILITIES

1,702,316

1,814,257

CREDITORS

Amounts falling due after more than one year

8

(172,416

)

(147,486

)

PROVISIONS FOR LIABILITIES

(292,094

)

(356,766

)

NET ASSETS

1,237,806

1,310,005

CAPITAL AND RESERVES

Called up share capital

105

105

Share premium

422,296

422,296

Retained earnings

815,405

887,604

SHAREHOLDERS' FUNDS

1,237,806

1,310,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 8 December 2021 and were signed on its behalf by:

K C Whitmarsh - Director

1.	STATUTORY INFORMATION

Old Mill Jackson 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.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Goodwill

Acquired goodwill is carried at cost less accumulated amortisation and impairment losses. Amortisation is calculated over a period of eight years and ten years, but will be reviewed annually for any indication of impairment.

Tangible fixed assets

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

Leasehold improvements

-

Straight line over 15 years and Straight line over 10 years

Fixtures, fittings & equipment

-

Straight line over 2 - 5 years

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying value of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Government grants

Government grants in respect of furloughed employees are credited to the profit and loss account in the period to which they relate.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2020 - 60 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

3,215,744

Disposals

(72,000

)

At 30 June 2021

3,143,744

AMORTISATION

At 1 July 2020

2,983,896

Charge for year

39,141

Eliminated on disposal

(72,000

)

At 30 June 2021

2,951,037

NET BOOK VALUE

At 30 June 2021

192,707

At 30 June 2020

231,848

5.	TANGIBLE FIXED ASSETS

Fixtures,

Leasehold

fittings

improvements

& equipment

Totals

£

£

£

COST

At 1 July 2020

417,269

1,736,833

2,154,102

Additions

6,134

143,415

149,549

Disposals

(180,630

)

(141,711

)

(322,341

)

At 30 June 2021

242,773

1,738,537

1,981,310

DEPRECIATION

At 1 July 2020

173,579

1,278,466

1,452,045

Charge for year

34,773

171,812

206,585

Eliminated on disposal

(97,899

)

(126,550

)

(224,449

)

At 30 June 2021

110,453

1,323,728

1,434,181

NET BOOK VALUE

At 30 June 2021

132,320

414,809

547,129

At 30 June 2020

243,690

458,367

702,057

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

753,903

715,744

Other debtors

1,104,203

1,287,201

1,858,106

2,002,945

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts

84,790

45,749

Trade creditors

444,758

360,179

Taxation and social security

198,591

428,993

Other creditors

386,587

488,501

1,114,726

1,323,422

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts

92,947

68,017

Other creditors

79,469

79,469

172,416

147,486

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Hire purchase contracts

177,737

113,766

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

Hire purchase contracts are secured against the specific assets purchased under those agreements.

10.	OTHER FINANCIAL COMMITMENTS

At the 30 June 2021, the Company had total commitments under non-cancellable operating leases over the remaining life of those leases of £2,597,149 (2020 - £3,026,202).

The Company has an unlimited inter-company guarantee with other related parties in respect of a group banking arrangement.

11.	TRANSACTIONS WITH DIRECTORS

Old Mill Jackson Limited is guarantor for a number of directors who took out personal loans. The maximum liability that may be incurred by Old Mill Jackson Limited in respect of these loans is £6,172,544 (2020: £6,614,962). As at 25 October 2021, these personal loans have been repaid and Old Mill Jackson Limited no longer acts as a guarantor.