JRM Products Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC195459 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

JRM Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Seaton

Mrs J Seaton

SECRETARY:

R Seaton

REGISTERED OFFICE:

Douglas Home & Co

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

REGISTERED NUMBER:

SC195459 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

1

1

Property, plant and equipment

5

405,530

424,452

405,531

424,453

CURRENT ASSETS

Inventories

157,276

134,599

Debtors

6

213,067

354,077

Prepayments and accrued income

10,601

10,804

Cash at bank

1,032,184

829,393

1,413,128

1,328,873

CREDITORS

Amounts falling due within one year

7

139,258

115,031

NET CURRENT ASSETS

1,273,870

1,213,842

TOTAL ASSETS LESS CURRENT LIABILITIES

1,679,401

1,638,295

PROVISIONS FOR LIABILITIES

(13,000

)

(14,000

)

ACCRUALS AND DEFERRED INCOME

(7,935

)

(6,755

)

NET ASSETS

1,658,466

1,617,540

CAPITAL AND RESERVES

Called up share capital

100

2

Retained earnings

1,658,366

1,617,538

SHAREHOLDERS' FUNDS

1,658,466

1,617,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 9 April 2018 and were signed on its behalf by:

R Seaton - Director

Mrs J Seaton - Director

1.	STATUTORY INFORMATION

JRM Products 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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

1

NET BOOK VALUE

At 30 September 2017

1

At 30 September 2016

1

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2016

471,389

789,461

6,200

83,394

1,350,444

Additions

-

17,300

-

37,348

54,648

At 30 September 2017

471,389

806,761

6,200

120,742

1,405,092

DEPRECIATION

At 1 October 2016

152,986

693,476

6,200

73,330

925,992

Charge for year

9,428

52,309

-

11,833

73,570

At 30 September 2017

162,414

745,785

6,200

85,163

999,562

NET BOOK VALUE

At 30 September 2017

308,975

60,976

-

35,579

405,530

At 30 September 2016

318,403

95,985

-

10,064

424,452

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade debtors

107,228

154,560

Directors' loan accounts

62,910

87,158

Tax

-

70,369

VAT

42,929

41,990

213,067

354,077

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade creditors

39,198

103,349

Tax

63,716

-

Social security and other taxes

7,399

7,975

Other creditors

28,945

3,707

139,258

115,031

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2017 and

30 September 2016:

30/9/17

30/9/16

£

£

R Seaton

Balance outstanding at start of year

87,158

(909

)

Amounts advanced

115,752

151,695

Amounts repaid

(140,000

)

(63,628

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,910

87,158

The directors owed the company £62,910 at 30 September 2017. ( £87,158 at 30.9.16). The company charges

interest on the average loan balance at the HMRC official rate of interest of 3%. An amount of £2,220 has been

charged in this year.The loan is repayable upon demand and will be repaid within 9 months of the year end.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is R Seaton.