ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

ADAM JONES AND SONS (BLACKHEATH) LIMITED - Company Information

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2014-08-01 false true 2015-07-312015-07-312015-07-31Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware, and that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information. 00879192 2014-08-01 2015-07-31 00879192 2013-08-01 2014-07-31 00879192 2015-07-31 00879192 2014-07-31 00879192 d:CompanySecretary 2014-08-01 2015-07-31 00879192 c:MotorVehicles 2014-08-01 2015-07-31 00879192 c:FixturesFittingsToolsEquipment 2014-08-01 2015-07-31 00879192 c:MotorVehicles 2014-07-31 00879192 c:MotorVehicles 2015-07-31 00879192 c:FixturesFittingsToolsEquipment 2014-07-31 00879192 c:FixturesFittingsToolsEquipment 2015-07-31 00879192 d:OrdinaryShareClass1 2015-07-31 00879192 d:OrdinaryShareClass1 2014-07-31 00879192 d:OrdinaryShareClass1 2014-08-01 2015-07-31 00879192 d:Director1 2014-08-01 2015-07-31 00879192 d:Director2 2014-08-01 2015-07-31 00879192 d:EntityAccountantsOrAuditors 2015-07-31 00879192 d:AllEntityOfficers 2014-08-01 2015-07-31 00879192 d:AllEntityOfficers 2013-08-01 2014-07-31 00879192 c:PlantMachinery 2014-08-01 2015-07-31 00879192 c:PlantMachinery 2014-07-31 00879192 c:PlantMachinery 2015-07-31 00879192 c:OtherTangibleFixedAssets 2014-08-01 2015-07-31 00879192 c:OtherTangibleFixedAssets 2014-07-31 00879192 c:OtherTangibleFixedAssets 2015-07-31 00879192 d:RegisteredOffice 2014-08-01 2015-07-31 00879192 d:EntityLawyersOrLegalAdvisers 2014-08-01 2015-07-31 00879192 d:EntityBankers 2014-08-01 2015-07-31 00879192 c:OwnedOrFreeholdTangibleFixedAssets 2014-08-01 2015-07-31 00879192 c:OwnedOrFreeholdTangibleFixedAssets 2013-08-01 2014-07-31 00879192 c:LeasedTangibleFixedAssets 2014-08-01 2015-07-31 00879192 c:LeasedTangibleFixedAssets 2013-08-01 2014-07-31 00879192 c:ProvisionsForDeferredTaxation 2013-08-01 00879192 c:ProvisionsForDeferredTaxation 2014-07-31 00879192 c:ProvisionsForDeferredTaxation 2014-08-01 2015-07-31 00879192 c:ProvisionsForDeferredTaxation 2013-08-01 2014-07-31 00879192 c:Subsidiary1 2014-08-01 2015-07-31 00879192 c:Subsidiary2 2014-08-01 2015-07-31 00879192 c:Subsidiary3 2014-08-01 2015-07-31 00879192 c:Subsidiary1 2015-07-31 00879192 c:Subsidiary2 2015-07-31 00879192 c:Subsidiary3 2015-07-31 00879192 d:EntityAccountantsOrAuditors 2013-08-01 2014-07-31 00879192 d:EntityAccountantsOrAuditors 2014-08-01 2015-07-31 00879192 c:ProvisionsForDeferredTaxation 2015-07-31 00879192 c:WithinOneYear 2015-07-31 00879192 c:WithinOneYear 2014-07-31 00879192 c:DividendsPaid d:AllOrdinaryShares 2014-08-01 2015-07-31 00879192 c:DividendsPaid d:AllOrdinaryShares 2013-08-01 2014-07-31 00879192 c:InvestmentInSubsidiaries c:SharesFixedAssetInvestments 2015-07-31 00879192 c:InvestmentInSubsidiaries c:SharesFixedAssetInvestments 2014-07-31 xbrli:shares iso4217:GBP xbrli:pure










ADAM JONES & SONS (BLACKHEATH) LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2015

Registered number: 00879192
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Royston Adam Jones 
Clive Allen Jones 




COMPANY SECRETARY
Clive Allen Jones



REGISTERED NUMBER
00879192



REGISTERED OFFICE
Coombs Wharf
Chancel Way

Halesowen

West Midlands

B62 8RP




INDEPENDENT AUDITORS
Lancaster  Clements Limited
Chartered Certified Accountants & Statutory Auditors

Stanley House

27 Wellington Road

Bilston

West Midlands

WV14 6AH




BANKERS
National Westminster Bank Plc
First Floor, St Johns House

Church Street

Bromsgrove

Worcestershire

B61 8DN




SOLICITORS
George Green LLP
195 High Street

Cradley Heath

West Midlands

B64 5HW




 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 

CONTENTS


Page

 
 
Directors' report
 
 
1 - 2
Independent auditors' report
 
 
3 - 4
Profit and loss account
 
 
5
Balance sheet
 
 
6
Notes to the financial statements
 
 
7 - 15
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2015

 
The directors present their report and the financial statements for the year ended 31 July 2015.
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
 
 
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.
 
 
PRINCIPAL ACTIVITIES
 
 
The principal activity of the company continues to be that of haulage contractors.
 
 
DIRECTORS
 
 
The directors who served during the year were:
 
 
Royston Adam Jones 
Clive Allen Jones 
 
DISCLOSURE OF INFORMATION TO AUDITORS
 
 
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

·so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware, and

·that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
 
 
Page 1
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2015

AUDITORS
 
 
The auditors, Lancaster  Clements Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
 
 
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
 
 
This report was approved by the board on 29 February 2016 and signed on its behalf.
 
 



Clive Allen Jones
Secretary
Page 2
 
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ADAM JONES & SONS (BLACKHEATH) LIMITED
 
We have audited the financial statements of Adam Jones & Sons (Blackheath) Limited for the year ended 31 July 2015, which comprise the Profit and Loss account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
 
 
This report is made solely to the company's members, as a body, 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 as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
 
 
As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
 
 
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
 
 
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate.
 
 
OPINION ON FINANCIAL STATEMENTS
 
 
In our opinion the financial statements:
  
·give a true and fair view of the state of the company's affairs as at 31 July 2015 and of its profit for the year then ended;
  
·have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
   
·have been prepared in accordance with the requirements of the Companies Act 2006.
 
  
 
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
  
 
In our opinion the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
 
 
Page 3

 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ADAM JONES & SONS (BLACKHEATH) LIMITED

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
  
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
 
·adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  
·the financial statements are not in agreement with the accounting records and returns; or
  
·certain disclosures of directors' remuneration specified by law are not made; or
   
·we have not received all the information and explanations we require for our audit; or
 
·the directors were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies' exemption from the requirement to prepare a Strategic report or in preparing the Directors' report.
 
 



Mark Cupitt (senior statutory auditor)
  
for and on behalf of
Lancaster  Clements Limited
 
Chartered Certified Accountants
Statutory Auditors
  
Stanley House
27 Wellington Road
Bilston
West Midlands
WV14 6AH

29 February 2016
Page 4
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2015

        2015
        2014
Note

        £

        £

 
TURNOVER
1
6,232,302
6,027,549
 
Cost of sales

(5,556,910)
(5,329,110)

 
GROSS PROFIT
675,392
698,439
 
Administrative expenses

(465,640)
(420,053)
 
Other operating income
2
149,461
118,174

 
OPERATING PROFIT
3
359,213
396,560
 
Interest receivable and similar income
981
1,550
 
Interest payable and similar charges
(63,838)
(58,971)

 
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

296,356
339,139
 
Tax on profit on ordinary activities
5
(61,984)
(70,238)

 
PROFIT FOR THE FINANCIAL YEAR
 
13
 
 234,372
 268,901




The notes on pages 7 to 15 form part of these financial statements.

Page 5
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
REGISTERED NUMBER: 00879192

BALANCE SHEET
AS AT 31 JULY 2015

2015
2014
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
6
1,076,566
1,066,541
 
Investments
 
7
139,651

139,651








1,216,217

1,206,192
 
CURRENT ASSETS





 
Stocks
38,801
23,754

 
Debtors
8
2,074,546
1,815,445

 
Cash in hand

355
112







 
2,113,702
1,839,311
 
CREDITORS: amounts falling due within one year
9
(2,002,793)
(1,951,599)
 
NET CURRENT ASSETS/(LIABILITIES)


110,909

(112,288)
 
TOTAL ASSETS LESS CURRENT LIABILITIES
1,327,126
1,093,904
 
CREDITORS: amounts falling due after more than one year
10
(155,470)

(137,900)
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
11
(150,340)
(129,060)

NET ASSETS




 1,021,316


 826,944
  
CAPITAL AND RESERVES

 
Called up share capital
12
3,000
3,000
 
Profit and loss account
13
1,018,316
823,944
 
SHAREHOLDERS' FUNDS
 

 1,021,316

 826,944


The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 February 2016.




Royston Adam Jones
Director

The notes on pages 7 to 15 form part of these financial statements.

Page 6
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery
-
10% straight line
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
20% straight line
Commercial vehicles and trailers
-
20% reducing balance

1.4
Investments

Investments held as fixed assets are shown at cost less provision for impairment.

1.5
Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 7
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

1.ACCOUNTING POLICIES (continued)

1.7
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.9
Debt factoring

The company has a invoice discounting debt factoring arrangement, with recourse,  in relation to its trade debtors. The related liability to the factoring company is shown within bank overdrafts of creditors due within one year.


2.OTHER OPERATING INCOME

        2015
        2014
       £

       £

Management charges
149,461
118,174
 

3.OPERATING PROFIT

The operating profit is stated after charging:

        2015
        2014
        £

        £

Depreciation of tangible fixed assets:
- owned by the company
131,569
140,723
- held under finance leases
105,635
91,644
Auditors' remuneration
5,800
5,800
Pension costs
23,194
11,058

Page 8
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

4.DIRECTORS' REMUNERATION

        2015
        2014
       £

       £

Aggregate remuneration

 14,173
 37,325

  
 

5.TAXATION

        2015
        2014
        £

        £

Analysis of tax charge in the year

Current tax

UK corporation tax charge on profit for the year
40,700
26,875
Adjustments in respect of prior periods
4
(12)




Total current tax

40,704
26,863

Deferred tax (see note 11)



Origination and reversal of timing differences
21,280
43,375



Tax on profit on ordinary activities

 61,984
 70,238

Page 9
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

6.TANGIBLE FIXED ASSETS


Plant and machinery
Motor vehicles
Fixtures and fittings
Commercial vehicles and trailers
Total


£

£

£

£

£


Cost 


At 1 August 2014
29,433
82,923
15,259
2,586,881
2,714,496

Additions
977
-
-
270,624
271,601

Disposals
-
-
-
(97,025)
(97,025)


At 31 July 2015

30,410

82,923

15,259

2,760,480

2,889,072



Depreciation


At 1 August 2014
23,665
51,697
12,150
1,560,443
1,647,955

Charge for the year
1,953
6,340
910
228,001
237,204

On disposals
-
-
-
(72,653)
(72,653)


At 31 July 2015

25,618

58,037

13,060

1,715,791

1,812,506








Net book value


At 31 July 2015
 4,792
 24,886
 2,199
 1,044,689
 1,076,566


At 31 July 2014

 5,768

 31,226

 3,109

 1,026,438

 1,066,541

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

        2015
        2014

       £

       £

Commercial vehicles and trailers
 554,055
 496,347


7.FIXED ASSET INVESTMENTS


Investments in subsidiary companies


£


Cost or valuation



At 1 August 2014 and 31 July 2015

139,651




Net book value


At 31 July 2015
 139,651


At 31 July 2014

 139,651

Page 10
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

7.FIXED ASSET INVESTMENTS (continued)

Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name
Class of shares
Holding



R.W Priest (Woodside) Limited
Ordinary £1
99.99%
Eagle Truck Sales Limited
Ordinary £1
100%
Adam Jones Distribution Limited
Ordinary £1
100%

The aggregate of the share capital and reserves as at 31 July 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(loss)

        £
        £



R.W Priest (Woodside) Limited
139,451
-
Eagle Truck Sales Limited
100
-
Adam Jones Distribution Limited
100
-

 
8.DEBTORS
 
        2015
        2014
       £
       £



Trade debtors
1,227,703
1,192,335
Amounts owed by group undertakings
649,299
473,807
Amounts owed by connected companies
Prepayments and accrued income
Other debtors
139,318
57,156
1,070
61,991
65,978
21,334



 2,074,546
 1,815,445
 
Page 11
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

9.CREDITORS:
Amounts falling due within one year

        2015
        2014
       £

       £

Bank overdrafts
905,584
823,217
Net obligations under finance leases and hire purchase contracts
189,032
190,279
Trade creditors
429,302
408,676
Amounts owed to group undertakings
140,751
140,751
Corporation tax
40,700
26,875
Other taxation and social security
237,677
213,808
Directors' accounts
Accruals
Other creditors
-
58,864
883
100,819
46,782
392


 2,002,793
 1,951,599

The bank overdrafts are secured by a fixed and floating charge over all present and future assets of the company. The company is party to a unlimited multilateral guarantee in respect of the bank indebtedness of all the parties forming the Adam Jones Investments group of companies. At the balance sheet date the company had no additional guarantees (2014 nil). The hire purchase liabilities are secured on the assets they relate to as per note 6 to the financial statements. 


 

10.CREDITORS:
Amounts falling due after more than one year
        2015
        2014
       £

       £

Net obligations under finance leases and hire purchase contracts
 155,470
 137,900

The hire purchase liabilities are secured on the assets they relate to as per note 6 to the financial statements. 


11.DEFERRED TAXATION

        2015
        2014
       £
       £





At beginning of year
129,060
85,685
Charge for year (P&L)
21,280
43,375





At end of year

 150,340
 129,060






Page 12
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015
 
11.DEFERRED TAXATION (continued)

The provision for deferred taxation is made up as follows:

        2015
        2014
       £
       £



Accelerated capital allowances
 150,340
 129,060


12.SHARE CAPITAL
        2015
        2014
        £

        £

Allotted, called up and fully paid



3,000 Ordinary shares shares of £1 each
 3,000
 3,000


13.RESERVES

Profit and loss account
£


At 1 August 2014
823,944
Profit for the year
234,372
Dividends: equity capital
(40,000)


At 31 July 2015

 1,018,316



14.DIVIDENDS

        2015
        2014
        £
        £


Dividends paid on equity capital
 40,000
 33,000
 

15.PENSION COMMITMENTS

The company operates a defined contributions pension scheme in respect of the staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £23,194 (2014 £11,058).

Page 13
 
ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

16.OPERATING LEASE COMMITMENTS

At 31 July 2015 the company had annual commitments under non-cancellable operating leases as follows:

2015
2014

£

£

Expiry date:

Within 1 year
35,495
26,013
Between 2 and 5 years
212,223
158,285
 

17.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES

During the year the company made interest-free loans to the director, Royston Adam Jones, totalling £17,548 and received repayments totalling £37,115. At the balance sheet date the director owed the company £nil (2014 £19,567).
 

18.RELATED PARTY TRANSACTIONS


The directors of the company are also directors of the parent company, the ultimate parent company and fellow group  companies  Adam  Jones  Management    Limited,  Midland  Freight  Service  Limited, Adam Jones Distribution Limited, R.H.Baggott Limited and R W Priest (Woodside) Limited and the connected company Adam Jones Properties Limited. During the year the company transacted with related parties on a normal arms length commercial basis. At the balance sheet date the company was owed £2,973 (2014 £2,973) by Adam Jones Management Limited. At the balance sheet date the company owed R W Priest (Woodside) Limited £139,448 (2014 £139,448) and Adam Jones Distribution Limited £1,304 (2014 £1,304). During the year the company made sales to Midland Freight Service Limited of £1,657,223 (2014 £1,627,819) which includes management charges of £174,169 (2014 £118,174) and made purchases from that company of £9,568 (2014 £12,333). At the  balance sheet date Adam Jones &  Sons (Blackheath) Limited was owed £646,327 (2014 £470,834) by that company. During the year the company made sales to Adam Jones Properties Limited of £24,064 (2014 £15,556), made purchases from that company of £19,349 (2014 £33,140) and incurred management charges of £nil (2014 £30,000). At the balance sheet date Adam Jones & Sons (Blackheath) Limited were owed £139,318 (2014 £61,991) by that company. The purchases include rent of £12,000 (2014 £12,000) in relation to the business premises. During the year the company paid dividends totalling £40,000 (2014 £33,000) to the parent company, Adam Jones Group Limited.



19.PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The parent company is Adam Jones Group Limited and the ultimate parent company is Adam Jones Investments Limited, both of which are registered in England and Wales.

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ADAM JONES & SONS (BLACKHEATH) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015

20.LIMITATION OF AUDITORS' LIABILITY


The company has entered into a liability limitation agreement, the principal terms being as follows:-
         
Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out. 
 
The resolution approving this agreement is dated 1 July 2015.
 
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