JWG Miller and Company Limited - Accounts to registrar (filleted) - small 17.3

JWG MILLER AND COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

N G Miller

D J Miller

A Miller

SECRETARY:

A Miller

REGISTERED OFFICE:

Yard 1

Turfford Park Industrial Estate

Earlston

TD4 6GZ

REGISTERED NUMBER:

SC317782 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Intangible assets

4

15,390

18,468

Tangible assets

5

11,005

14,057

26,395

32,525

CURRENT ASSETS

Stocks

6

44,655

30,207

Debtors

7

11,261

21,646

55,916

51,853

CREDITORS

Amounts falling due within one year

8

170,966

143,284

NET CURRENT LIABILITIES

(115,050

)

(91,431

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(88,655

)

(58,906

)

CREDITORS

Amounts falling due after more than one year

9

5,097

6,896

NET LIABILITIES

(93,752

)

(65,802

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(93,755

)

(65,805

)

SHAREHOLDERS' FUNDS

(93,752

)

(65,802

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 23rd January 2018 and were signed on its behalf by:

D J Miller - Director

N G Miller - Director

1.	STATUTORY INFORMATION

JWG Miller and Company Limited is a private company, limited by shares , registered in Scotland.

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.

Going Concern

The accounts have been prepared on a going concern basis assuming the continued support of the

directors.

Turnover

Turnover represents the fair value of the consideration received or receivable for work carried out in

respect of plumbing services provided to customers.Turnover is shown net of sales value added tax,

rebates and discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of fifteen 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at

transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of

impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire

or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction

price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. These are classed as current liabilities as payment is due within one

year or less. If not they are presented as non-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

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

the shorter.

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

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

46,170

AMORTISATION

At 1st April 2016

27,702

Amortisation for year

3,078

At 31st March 2017

30,780

NET BOOK VALUE

At 31st March 2017

15,390

At 31st March 2016

18,468

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2016

and 31st March 2017

1,596

4,652

20,025

1,372

27,645

DEPRECIATION

At 1st April 2016

-

2,600

10,259

729

13,588

Charge for year

-

513

2,442

97

3,052

At 31st March 2017

-

3,113

12,701

826

16,640

NET BOOK VALUE

At 31st March 2017

1,596

1,539

7,324

546

11,005

At 31st March 2016

1,596

2,052

9,766

643

14,057

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

Motor

vehicles

£

COST

Reclassification/transfer

7,913

At 31st March 2017

7,913

DEPRECIATION

Charge for year

1,484

Reclassification/transfer

1,978

At 31st March 2017

3,462

NET BOOK VALUE

At 31st March 2017

4,451

6.

STOCKS

2017

2016

£

£

Stock & work in progress

44,655

30,207

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

11,261

21,646

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

16,322

6,819

Hire purchase contracts

1,799

1,799

Trade creditors

25,727

13,890

Taxation and social security

8,820

8,998

Other creditors

118,298

111,778

170,966

143,284

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

5,097

6,896

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

16,322

6,819

Hire purchase contracts

6,896

-

23,218

6,819

The Royal Bank of Scotland hold a bond and floating charge over all property and assets of the

company, present and future, including uncalled capital.

Hire purchase creditors are secured on the underlying assets.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Each of the directors loaned the company varying levels of funds upon incorporation. These loans are

interest free and there are no fixed repayment terms.

At the year end the company was due £54,046 N Miller (Director) (2016 £55,164), £14,523 to D

Miller (Director) (2016: £15,641) and £12,451 to A Miller (Director) (2016 £7,069).

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of JWG Miller and Company Limited for the year ended 31st March 2017

which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of JWG Miller and Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JWG Miller and Company Limited and state those matters that we have agreed to state to the Board of Directors of JWG Miller and Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that JWG Miller and Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of JWG Miller and Company Limited. You consider that JWG Miller and Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of JWG Miller and Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JRW

Chartered Accountants

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

23rd January 2018