JH Label Solutions LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NC000436 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2018

for

JH Label Solutions LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr Keith Alistair Hamilton

Mr Alan James Hamilton

Mrs Julie Hamilton

Mrs Mary Hamilton

REGISTERED OFFICE:

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

REGISTERED NUMBER:

NC000436 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

Danske Bank

39 Market Street

Lurgan

Co. Armagh

BT66 6AB

SOLICITORS:

Redman Solicitors Ltd

15 Windsor Avenue

Lurgan

Craigavon

Co Armagh

BT67 9BG

FIXED ASSETS

Tangible assets

4

1,649,870

1,729,661

CURRENT ASSETS

Stocks

411,738

360,119

Debtors

5

927,274

640,900

Cash in hand

111

111

1,339,123

1,001,130

CREDITORS

Amounts falling due within one year

6

(366,087

)

(321,348

)

NET CURRENT ASSETS

973,036

679,782

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,622,906

2,409,443

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

104,695

207,461

MEMBERS' OTHER INTERESTS

Capital accounts

2,518,211

2,201,982

2,622,906

2,409,443

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

104,695

207,461

Members' other interests

2,518,211

2,201,982

Amounts due from members

5

(351,469

)

(30,204

)

2,271,437

2,379,239

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2018.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the members of the LLP on 29 October 2018 and were signed by:

Mr Keith Alistair Hamilton - Designated member

1.	STATUTORY INFORMATION

JH Label Solutions LLP is registered in Northern Ireland. The LLP's registered number and registered

office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year

and derives from the provision of goods and services falling within the LLP's ordinary activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Straight line over 25 years

Plant and machinery etc

-

33% on reducing balance, 20% on cost, 15% on reducing balance and 10% 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension

scheme are charged to profit or loss in the period to which they relate.

Grants

Capital grants and other contributions received towards the cost of tangible fixed assets are included

in creditors as deferred income and credited to the profit and loss account over the life of the asset.

Revenue grants are credited to the profit and loss account so as to match them with the expenditure to

which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 24 (2017 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

202,594

2,352,761

2,555,355

Additions

15,872

278,628

294,500

Disposals

-

(169,663

)

(169,663

)

At 31 March 2018

218,466

2,461,726

2,680,192

DEPRECIATION

At 1 April 2017

32,460

793,234

825,694

Charge for year

8,506

287,341

295,847

Eliminated on disposal

-

(91,219

)

(91,219

)

At 31 March 2018

40,966

989,356

1,030,322

NET BOOK VALUE

At 31 March 2018

177,500

1,472,370

1,649,870

At 31 March 2017

170,134

1,559,527

1,729,661

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

562,529

608,787

Other debtors

364,745

32,113

927,274

640,900

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

64,447

119,679

Trade creditors

220,246

139,171

Taxation and social security

67,572

51,641

Other creditors

13,822

10,857

366,087

321,348

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdrafts

64,447

119,679

The bank holds a fixed and floating charge over all property of the LLP.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members will rank equally alongside other unsecured creditors in the

event of a winding up. No additional protection is afforded to other unsecured creditors. There are no

restrictions on the ability of the members to reduce the amount of 'Members' other interests'.

9.	RELATED PARTY DISCLOSURES

During the year, James Hamilton & Company (Lurgan) Ltd, a member of JH Label Solutions LLP,

charged the LLP rent of £60,000. They also paid expenses of £503,623 on behalf of the LLP. During

the year JH Label Solutions LLP sold goods amounting to £22,509 to James Hamilton & Company

(Lurgan) Ltd. At the year end, JH Label Solutions LLP owed James Hamilton & Company (Lurgan)

Ltd £1,609 (2017 - £2,010).