John Norton & Son (Sheffield) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03325425 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

JOHN NORTON & SON (SHEFFIELD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mrs M Sayles

REGISTERED OFFICE:

169 Rutland Road

Sheffield

South Yorkshire

S3 9PT

REGISTERED NUMBER:

03325425 (England and Wales)

ACCOUNTANTS:

Procter and Co Accountants Ltd

Chartered Accountants

21A Sandygate Road

Sheffield

South Yorkshire

S10 5NG

FIXED ASSETS

Tangible assets

4

392,261

407,710

CURRENT ASSETS

Stocks

214,326

170,260

Debtors

5

71,911

103,673

Cash at bank and in hand

42,780

88,951

329,017

362,884

CREDITORS

Amounts falling due within one year

6

(213,228

)

(248,925

)

NET CURRENT ASSETS

115,789

113,959

TOTAL ASSETS LESS CURRENT LIABILITIES

508,050

521,669

CREDITORS

Amounts falling due after more than one year

7

(45,947

)

(78,044

)

PROVISIONS FOR LIABILITIES

(44,943

)

(46,508

)

NET ASSETS

417,160

397,117

CAPITAL AND RESERVES

Called up share capital

10

2

2

Revaluation reserve

11

171,234

175,412

Retained earnings

245,924

221,703

SHAREHOLDERS' FUNDS

417,160

397,117

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director on 22 August 2018 and were signed by:

Mrs M Sayles - Director

1.	STATUTORY INFORMATION

John Norton & Son (Sheffield) 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 as modified by the revaluation of certain assets.

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 the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% 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.

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 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 8 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2017

400,000

79,469

39,941

519,410

Additions

-

711

-

711

At 31 March 2018

400,000

80,180

39,941

520,121

DEPRECIATION

At 1 April 2017

32,000

60,733

18,967

111,700

Charge for year

8,000

2,917

5,243

16,160

At 31 March 2018

40,000

63,650

24,210

127,860

NET BOOK VALUE

At 31 March 2018

360,000

16,530

15,731

392,261

At 31 March 2017

368,000

18,736

20,974

407,710

Cost or valuation at 31 March 2018 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Valuation in 2006

24,300

-

-

24,300

Valuation in 2005

130,378

-

-

130,378

Valuation in 2004

54,199

-

-

54,199

Cost

191,123

80,180

39,941

311,244

400,000

80,180

39,941

520,121

If freehold property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

191,123

191,123

Aggregate depreciation

42,046

38,225

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

Motor

vehicles

£

COST OR VALUATION

At 1 April 2017

and 31 March 2018

11,233

DEPRECIATION

At 1 April 2017

2,808

Charge for year

2,106

At 31 March 2018

4,914

NET BOOK VALUE

At 31 March 2018

6,319

At 31 March 2017

8,425

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

60,835

93,436

Other debtors

11,076

10,237

71,911

103,673

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

28,435

27,808

Hire purchase contracts (see note 8)

3,714

3,714

Trade creditors

61,751

72,473

Taxation and social security

22,309

26,401

Other creditors

97,019

118,529

213,228

248,925

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

41,774

70,466

Hire purchase contracts (see note 8)

4,173

7,578

45,947

78,044

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

3,714

3,714

Between one and five years

4,173

7,578

7,887

11,292

Non-cancellable

operating leases

2018

2017

£

£

Between one and five years

840

1,560

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans and overdraft

70,209

98,274

Hire purchase

7,887

11,292

78,096

109,566

The bank loan is secured by a fixed charge on the freehold property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Revaluation

reserve

£

At 1 April 2017

175,412

Revaluation release

(4,178

)

At 31 March 2018

171,234

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs M Sayles.

The following reproduces the text of the report prepared for the director 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 Director 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 John Norton & Son (Sheffield) Limited for the year ended 31 March 2018 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of John Norton & Son (Sheffield) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of John Norton & Son (Sheffield) Limited and state those matters that we have agreed to state to the director of John Norton & Son (Sheffield) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Norton & Son (Sheffield) Limited and its director for our work or for this report.

It is your duty to ensure that John Norton & Son (Sheffield) 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 profit of John Norton & Son (Sheffield) Limited. You consider that John Norton & Son (Sheffield) 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 John Norton & Son (Sheffield) 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.

Procter and Co Accountants Ltd

Chartered Accountants

21A Sandygate Road

Sheffield

South Yorkshire

S10 5NG

22 August 2018