Jones & Son Pest Control Supplies Ltd. - Period Ending 2017-08-31

Jones & Son Pest Control Supplies Ltd.

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2017

Registration number: 03727977

Jones & Son Pest Control Supplies Ltd.

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 12

Jones & Son Pest Control Supplies Ltd.

Company Information

Directors

Mr D Jones Mrs K Jones

Company secretary

Mrs K Jones

Registered office

Unit 4 Sabre Buildings Sabre Close Heathfield Industrial Estate Newton Abbot Devon TQ12 6TW

Accountants

Francis Clark Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Page 1

Jones & Son Pest Control Supplies Ltd.

Balance Sheet

31 August 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	4,101	7,409
Tangible assets	5	133,218	210,555
		137,319	217,964
Current assets
Stocks		119,008	91,587
Debtors	6	312,071	192,543
Cash at bank and in hand		19,050	19,135
		450,129	303,265
Creditors: Amounts falling due within one year	7	(238,746)	(230,725)
Net current assets		211,383	72,540
Total assets less current liabilities		348,702	290,504
Creditors: Amounts falling due after more than one year	7	(67,239)	(86,600)
Provisions for liabilities		(8,500)	(6,000)
Net assets		272,963	197,904
Capital and reserves
Called up share capital		4	4
Profit and loss account		272,959	197,900
Total equity		272,963	197,904

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 2

Jones & Son Pest Control Supplies Ltd.

Balance Sheet

31 August 2017

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 May 2018 and signed on its behalf by:
 

.........................................

Mr D Jones

Director

Company Registration Number: 03727977

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 3

Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 4 Sabre Buildings
Sabre Close
Heathfield Industrial Estate
Newton Abbot
Devon
TQ12 6TW

These financial statements were authorised for issue by the Board on 16 May 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 September 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance in given in note 11.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line
Plant and machinery	20% straight line
Fixtures and fittings	15% reducing balance/33.3% straight line
Motor vehicles	25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents	20% straight line
Website	33.3% straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2016 - 17).

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Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

4	Intangible assets

	Patents  £	Website  £	Total £
Cost or valuation
At 1 September 2016	42,870	140,609	183,479
Additions	1,451	700	2,151
Disposals	(5,970)	(18,590)	(24,560)
At 31 August 2017	38,351	122,719	161,070
Amortisation
At 1 September 2016	39,405	136,665	176,070
Amortisation charge	1,917	3,542	5,459
Amortisation eliminated on disposals	(5,970)	(18,590)	(24,560)
At 31 August 2017	35,352	121,617	156,969
Carrying amount
At 31 August 2017	2,999	1,102	4,101
At 31 August 2016	3,465	3,944	7,409

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Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

5	Tangible assets

	Freehold property £	Fixtures and fittings  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 September 2016	200,289	29,358	37,357	192,541	459,545
Additions	-	2,468	-	31,887	34,355
Disposals	(106,076)	(892)	-	-	(106,968)
At 31 August 2017	94,213	30,934	37,357	224,428	386,932
Depreciation
At 1 September 2016	32,544	23,329	21,599	171,518	248,990
Charge for the year	1,484	2,354	3,940	14,184	21,962
Eliminated on disposal	(16,495)	(743)	-	-	(17,238)
At 31 August 2017	17,533	24,940	25,539	185,702	253,714
Carrying amount
At 31 August 2017	76,680	5,994	11,818	38,726	133,218
At 31 August 2016	167,745	6,029	15,758	21,023	210,555

Leased assets
Included within the net book value of tangible fixed assets is £8,974 (2016 - £11,965) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £2,991 (2016 - £3,988).

Page 9

Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

6

Debtors

	2017  £	2016  £
Trade debtors	109,270	85,190
Other debtors	148,848	98,192
Prepayments	53,953	9,161
	312,071	192,543

7

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	55,825	24,390
Trade creditors		91,951	77,345
Social security and other taxes		14,888	47,620
Outstanding defined contribution pension costs		160	-
Other creditors		24,550	18,250
Accrued expenses		8,706	10,775
Corporation tax		42,666	52,345
		238,746	230,725
Due after one year
Loans and borrowings	8	67,239	86,600

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	67,239	86,600

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Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	55,825	19,521
Hire purchase agreements	-	4,869
	55,825	24,390

Bank borrowings
Bank loans are secured on assets held by the company.

Hire purchase agreements
Hire purchase agreements are secured on the individual assets taken out on hire purchase.

9	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £139,800 (2016 - £-).

10	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	4	4	4	4

11	Related party transactions

Advances to directors

2017	At 1 September 2016 £	Advances to director £	Repayments by director £	At 31 August 2017 £
Mr D Jones and Mrs K Jones
Loan to director	98,192	255,862	(205,206)	148,848

2016	At 1 September 2015 £	Advances to director £	Repayments by director £	At 31 August 2016 £
Mr D Jones and Mrs K Jones
Loan to director	108,794	202,023	(212,625)	98,192

Page 11

Jones & Son Pest Control Supplies Ltd.

Notes to the Financial Statements

Year Ended 31 August 2017

12	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 September 2015.

There were no changes to previously stated equity as at 1 September 2015 and 31 August 2016 or in the profit for the year ended 31 August 2016 as a result of this transition.

Website costs have been reclassified from tangible fixed assets to intangible fixed assets and is for presentation purposes only.

Page 12