John Baxter & Sons Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00469211 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

John Baxter & Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Lockley

R A Smith

A Squire

REGISTERED OFFICE:

11 Boston Road

Leicester

Leicestershire

LE4 1AA

REGISTERED NUMBER:

00469211 (England and Wales)

ACCOUNTANTS:

Curo Chartered Accountants

Curo House

Greenbox

Westonhall Road

Bromsgrove

Worcestershire

B60 4AL

FIXED ASSETS

Tangible assets

3

1,401,495

1,561,062

CURRENT ASSETS

Stocks

47,176

25,996

Debtors

4

1,050,824

1,426,394

Cash at bank and in hand

265

3,666

1,098,265

1,456,056

CREDITORS

Amounts falling due within one year

5

1,063,326

1,354,720

NET CURRENT ASSETS

34,939

101,336

TOTAL ASSETS LESS CURRENT LIABILITIES

1,436,434

1,662,398

CREDITORS

Amounts falling due after more than one year

6

(953,114

)

(893,491

)

PROVISIONS FOR LIABILITIES

(141,713

)

(149,090

)

NET ASSETS

341,607

619,817

CAPITAL AND RESERVES

Called up share capital

7,500

7,500

Retained earnings

334,107

612,317

SHAREHOLDERS' FUNDS

341,607

619,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 13 September 2017 and were signed on its behalf by:

M Lockley - Director

1.	STATUTORY INFORMATION

John Baxter & Sons 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Tangible fixed assets

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

life or, if held under a finance lease, over the lease term, whichever is shorter.

Long leasehold

- over the term of the lease

Plant and machinery

- 10% reducing balance

Motor vehicles

- 20% on cost

Computer equipment

- 20% on cost

Stocks

Stock and work in progress is valued at lower of cost and net realisable value, after making allowances for

obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of

activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the

valuation of work in progress.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate

3.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

32,850

2,374,677

2,407,527

Additions

2,296

12,649

14,945

Disposals

-

(17,443

)

(17,443

)

At 31 December 2016

35,146

2,369,883

2,405,029

DEPRECIATION

At 1 January 2016

19,109

827,356

846,465

Charge for year

3,477

171,035

174,512

Eliminated on disposal

-

(17,443

)

(17,443

)

At 31 December 2016

22,586

980,948

1,003,534

NET BOOK VALUE

At 31 December 2016

12,560

1,388,935

1,401,495

At 31 December 2015

13,741

1,547,321

1,561,062

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2016

1,899,470

Disposals

(17,443

)

At 31 December 2016

1,882,027

DEPRECIATION

At 1 January 2016

505,300

Charge for year

146,800

Eliminated on disposal

(17,443

)

At 31 December 2016

634,657

NET BOOK VALUE

At 31 December 2016

1,247,370

At 31 December 2015

1,394,170

4.

DEBTORS

2016

2015

£

£

Amounts falling due within one year:

Trade debtors

487,912

612,887

Amounts owed by group undertakings

14,551

2,592

Other debtors

21,793

176,132

524,256

791,611

Amounts falling due after more than one year:

Amounts owed by group undertakings

526,568

634,783

Aggregate amounts

1,050,824

1,426,394

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

4,437

-

Hire purchase contracts

199,619

382,535

Trade creditors

323,591

359,474

Amounts owed to group undertakings

20,423

40,162

Taxation and social security

21,282

21,940

Other creditors

493,974

550,609

1,063,326

1,354,720

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

737,310

893,491

Amounts owed to group undertakings

215,804

-

953,114

893,491

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdraft

4,437

-

Hire purchase contracts

936,929

1,276,026

Other creditors

465,925

467,152

1,407,291

1,743,178

Hire purchase liabilities are secured over the assets to which the liabilities relate.

Other creditors are secured by way of a fixed and floating charge over the assets of the company and a charge

over the book debts.

8.	RELATED PARTY DISCLOSURES

All material related party transactions were concluded under normal market conditions.

9.	PARENT COMPANY

The parent company of this subsidiary is MLAK Limited.