Company Registration No. 00326561 (England and Wales)
JAMES LAW (CHEMICALS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
JAMES LAW (CHEMICALS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JAMES LAW (CHEMICALS) LIMITED
BALANCE SHEET
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,693
63,874
Current assets
Stocks
48,768
53,590
Debtors
5
128,379
128,726
Cash at bank and in hand
32
-
177,179
182,316
Creditors: amounts falling due within one year
6
(147,153)
(162,198)
Net current assets
30,026
20,118
Total assets less current liabilities
73,719
83,992
Provisions for liabilities
(7,428)
(10,859)
Net assets
66,291
73,133
Capital and reserves
Called up share capital
7
3,300
3,300
Share premium account
930
930
Profit and loss reserves
62,061
68,903
Total equity
66,291
73,133
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
JAMES LAW (CHEMICALS) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2018 and are signed on its behalf by:
Mr S Wilkinson
Mr T M Jefferson
Director
Director
Company Registration No. 00326561
JAMES LAW (CHEMICALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
1
Accounting policies
Company information
James Law (Chemicals) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Crossley Street Works, Crossley Street, Smallbridge, Rochdale, Lancashire, OL16 2QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% straight line
Office equipment
33% straight line
Motor vehicles
20% straight line
Improvements to property
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
JAMES LAW (CHEMICALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
JAMES LAW (CHEMICALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6
).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2017 and 31 May 2018
19,410
Amortisation and impairment
At 1 June 2017 and 31 May 2018
19,410
Carrying amount
At 31 May 2018
-
At 31 May 2017
-
4
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Improvements to property
Total
£
£
£
£
£
Cost
At 1 June 2017 and 31 May 2018
42,644
5,711
100,943
7,135
156,433
Depreciation and impairment
At 1 June 2017
29,552
4,948
55,400
2,659
92,559
Depreciation charged in the year
2,994
635
15,832
720
20,181
At 31 May 2018
32,546
5,583
71,232
3,379
112,740
Carrying amount
At 31 May 2018
10,098
128
29,711
3,756
43,693
At 31 May 2017
13,092
763
45,543
4,476
63,874
JAMES LAW (CHEMICALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
123,972
125,294
Other debtors
36
36
Prepayments and accrued income
4,371
3,396
128,379
128,726
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
43,198
82,873
Trade creditors
69,946
56,109
Amounts due to group undertakings
3,902
1,941
Corporation tax
13,074
10,733
Other taxation and social security
11,849
7,991
Other creditors
5,184
2,551
147,153
162,198
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2,370 Ordinary shares of £1 each
3,300
3,300
3,300
3,300