John Sutcliffe & Son (Grimsby) Limited - Filleted accounts

JOHN SUTCLIFFE & SON (GRIMSBY) LIMITED - Company Information

Registered number

00317346

John Sutcliffe & Son (Grimsby) Limited

Filleted Accounts

30 September 2017

John Sutcliffe & Son (Grimsby) Limited
Registered number:		00317346
Balance Sheet
as at 30 September 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		18,022			23,170

Current assets
Debtors	3	524,183			397,753
Cash at bank and in hand		280,822			145,979
		805,005			543,732

Creditors: amounts falling due within one year	4	(639,104)			(421,153)

Net current assets			165,901			122,579

Total assets less current liabilities			183,923			145,749


Provisions for liabilities			(451)			-


Net assets			183,472			145,749

Capital and reserves
Called up share capital			150,100			150,100
Profit and loss account			33,372			(4,351)

Shareholders' funds			183,472			145,749

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




A Surfleet
Director
Approved by the board on 21 June 2018

John Sutcliffe & Son (Grimsby) Limited
Notes to the Accounts
for the year ended 30 September 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These are the first financial statements that comply with FRS102 section 1A small entities.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised according to the date on which the services are provided.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Fixtures and equipment	10%, 20% and 25% per annum straight line
	Motor vehicles	20% and 25% per annum straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price).

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	The company operates a defined contribution pension scheme.


2	Tangible fixed assets
		Plant and machinery		Motor vehicles		Total
£			£		£
	Cost
	At 1 October 2016	112,380		8,400		120,780
	At 30 September 2017	112,380		8,400		120,780

	Depreciation
	At 1 October 2016	89,211		8,399		97,610
	Charge for the year	5,148		-		5,148
	At 30 September 2017	94,359		8,399		102,758

	Net book value
	At 30 September 2017	18,021		1		18,022
	At 30 September 2016	23,169		1		23,170


3	Debtors			2017		2016
£					£

	Trade debtors			470,508		349,715
	Prepayments			23,850		31,820
	Other debtors			29,825		16,218
				524,183		397,753


4	Creditors: amounts falling due within one year			2017		2016
£					£

	Trade creditors			346,564		254,460
	Taxation and social security costs			58,351		54,607
	Accruals and deferred income			31,437		10,211
	Other creditors			202,752		101,875
				639,104		421,153


5	Pension commitments

	John Sutcliffe & Son (Grimsby) Limited (the company) operated a defined benefit pension arrangment called the John Sutcliffe & Son (Holdings) Limited Staff Pension and Assurance Scheme (the scheme). During the year to 30th September 2017 the other participating company to the scheme, John Sutcliffe & Son (Holdings) Limited, remained in administration. Contributions into the scheme are currently suspended and the level of future contributions are currently under negotiation with the scheme trustees. The principal assumptions used by the Scheme's actuaries to calculate Scheme liabilities as at 31st March 2016 are based on the last actuarial valuation performed in 2013 and include:

		31st March				31st March
		2016				2015

	Discount rate	3.45% pa	3.20% pa
	Inflation assumption (RPI)	2.90% pa	2.90% pa
	Inflation assumption (CPI)	1.90% pa	1.90% pa
	LPI5% pension increases (RPI)	2.80% pa	2.80% pa

	Mortality assumption	S1PA CMI_2012 (1.5%)	S1PA CMI_2012 (1.5%)


	Tax free cash	Members are assumed to	Members are assumed to
take 20% of their pension as			take 20% of their pension as
tax free cash			tax free cash


	Under the adopted mortality tables, the future life expectancy at age 65 is as follows:

31st March					31st March
	Life expectancy at age 65			2016		2015

	Male currently aged 45			25.2 years	25.1 years
	Female currently aged 45			27.7 years	27.6 years
	Male currently aged 65			22.9 years	22.8 years
	Female currently aged 65			25.3 years	25.2 years

31st March					31st March
				2016		2015

	Long term expected rate of return on the Scheme's			5.30% pa	6.50% pa
	assets for the previous accounting periods

	The expected return on assets is a weighted average of the assumed long-term returns for the various asset classes. Equity returns are developed based on the selection of an appropriate risk premium above the risk free rate which is measured in accordance with the yield on government bonds. Bond returns are selected by reference to the yields on government and corporate debt as appropriate to the Scheme's holdings of these instruments.

	Amounts recognised in the Balance Sheet
31st March					31st March
				2016		2015
£					£

	Fair Value of Assets			3,260,000		3,322,000

	Present Value of Funded Obligations			(6,321,000)		(6,596,000)

	Surplus/ (Deficit)*			(3,061,000)		(3,274,000)

	* Surplus / (Deficit) shown prior to deferred taxation

	The above liability is the total for the John Sutcliffe & Son (Holdings) Limited Staff Pension Scheme. John Sutcliffe & Son (Grimsby) Limited is a contributory member of this scheme. The liability which attaches to John Sutcliffe & Son (Grimsby) Limited was last assessed by the pension scheme trustees at £1,406,000. This deficit is based on the last actuarial valuation peformed in 2013 and the Scheme Actuary has indicated that given changes in market conditions since then, that deficit is likely to have increased since 2013. Contributions into the scheme are currently suspended whilst negotiations are taking place with the Scheme Trustees. The above liability has not been provided for in the accounts as the directors are of the opinion that such provision would adversely effect the current balance sheet strength and show an annual deficit which would not represent the company's real trading position. In this respect, the financial statements have not been prepared in full compliance with FRS102.

	Amounts recognised in the Statement of Total Recognised Gains and Losses as last
	assessed :
31st March					31st March
				2016		2015
£					£

	Actuarial Gain and (Loss) on assets			(159,000)		255,000
	Actuarial Gain and (Loss) due to change in basis			291,000		(1,011,000)
	Actuarial Gain and (Loss) due to experience			-		-

	Total amount recognised in Statement of Total Recognised
	Gains and Losses			132,000		(756,000)

	Amounts recognised in the profit & Loss account over the year as last assessed :

31st March					31st March
				2016		2015
£					£
	Current service cost			-		-
	Interest cost			208,000		230,000
	Expected return on assets			(174,000)		(191,000)
	(Gains)/losses on settlements or curtailments			-		-
	Past Service cost			-		-
	Total			34,000		39,000

	Reconciliation of Assets and Defined Benefit Obligation

	The change in assets over the period as last assessed was :
31st March					31st March
				2016		2015
£					£

	Fair value of assets at the beginning of the period			3,322,000		2,997,000
	Expected return on assets			174,000		191,000
	Company contributions			115,000		115,000
	Contributions by Scheme participants			-		-
	Benefits paid			(192,000)		(236,000)
	Change due to settlements or curtailments			-		-
	Actuarial gain/(loss) on assets			(159,000)		255,000

	Fair value of assets at the end of the period			3,260,000		3,322,000

	The change in the Defined Benefit Obligation over the period as last assessed was :

31st March					31st March
				2016		2015
£					£

	Defined Benefit Obligation at the beginning of the period			6,596,000		5,591,000
	Current service cost			-		-
	Contributions by scheme participants			-		-
	Past Service cost			-		-
	Interest cost			208,000		230,000
	Benefits paid			(192,000)		(236,000)
	Change due to settlements or curtailments			-		-
	Actuarial (gain)/loss due to experience			-		-
	Actuarial (gain)/loss due to change in basis			(291,000)		1,011,000

	Defined Benefit Obligation at the end of the period			6,321,000		6,596,000


	Summary of prior year amounts	31st March	31st March		31st March
		2016		2015		2014
£			£		£

	Present value of Defined Benefit Obligations	(6,321,000)		(6,596,000)		(5,591,000)
	Scheme Assets	3,260,000		3,322,000		2,997,000
	Surplus/(Deficit)	(3,061,000)		(3,274,000)		(2,594,000)
	Experience gains and (losses) on Scheme	-				40,000
	liabilites**
	Changes in assumptions used to value Scheme	291,000		(1,011,000)		188,000
	liabilites
	Experience adjustments on scheme assets	(159,000)		255,000		(133,000)

	**Does not include allowance for changes in assumptions

	The cumulative loss to 31 March 2016 was £2,077,000.


	Cash Flow Information

	The following cashflow information was supplied by our administration team. Historic cashflows
	paid between 31 March 2015 and 31 March 2016 were as follows :
				£

	Company contributions paid			115,000
	Total pensions paid			120,000
	Lump sum and transfer value payments			72,000

	Asset information

	The following asset information was supplied by Legal & General, BNY Mellon Fund Managers
	and the Scheme's administrators. At 31 March 2016 the bid value of the Scheme's assets was
	as follows:

	Asset Class			Bid value	Asset split
£

	Equity/Real Return Funds			2,252,000	69%
	Gilt Funds			163,000	5%
	Bond Funds			805,000	25%
	Cash and other assets			40,000	1%
	Total			3,260,000	100%

	The actual return on the Scheme's assets over the year ending 31 March 2016 was a gain of
	£15,000

6	Contingent liabilities

	The company, its parent and its fellow subsidiary companies have given unlimited cross guarantees in respect of each others bank accounts.


7	Ultimate controlling party

	The company is controlled by its parent company John Sutcliffe & Son (Holdings) Limited, a company incorporated in England & Wales. The parent company remains in Administration.


8	Other information

	John Sutcliffe & Son (Grimsby) Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Sutcliffe House
	Flour Square
	Grimsby
	North East Lincolnshire
	DN31 3LS

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