Registration number:
J.H.Ashworth & Son Limited
for the Year Ended 31 December 2017
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU
J.H.Ashworth & Son Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
J.H.Ashworth & Son Limited
Company Information
Directors |
Ms Charlotte Ashworth Ms Elizabeth Ashworth Mr John David Ashworth Mr Roger Frank Ashworth |
Company secretary |
Ms Charlotte Ashworth |
Registered office |
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Accountants |
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Page 1 |
J.H.Ashworth & Son Limited
(Registration number: 416786)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
5,079 |
3,739 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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.
Page 2 |
J.H.Ashworth & Son Limited
(Registration number: 416786)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Ms Elizabeth Ashworth
Director
Page 3 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The presentation currency is £ sterling.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Page 4 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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 |
Short leasehold land & buildings |
6 years straight line |
Plant & machinery |
20% reducing balance / 10% straight line / 7 years straight line |
Fixtures & fittings |
20% reducing balance / 25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Page 6 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Financial instruments
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Included within the net book value of land and buildings above is £15,898 (2016 - £19,871) in respect of short leasehold land and buildings.
Page 7 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Other financial assets (current and non-current) |
Financial assets at amortised cost |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 January 2017 |
3,739 |
3,739 |
Revaluations |
1,340 |
1,340 |
At 31 December 2017 |
5,079 |
5,079 |
Carrying amount |
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At 31 December 2017 |
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5,079 |
Stocks |
2017 |
2016 |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
61,675 |
62,065 |
Other debtors |
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Total current trade and other debtors |
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Page 8 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Owed by/(from) parent undertakings |
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Directors loan accounts |
7,952 |
3,158 |
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PAYE and NIC creditor |
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VAT Control account |
35,431 |
6,519 |
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Pensions contributions unpaid |
24,480 |
19,630 |
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Wages and salaries control |
1,576 |
1,379 |
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Income tax liability |
45,193 |
51,294 |
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Accruals |
56,769 |
50,688 |
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Deferred income - government grants |
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- |
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Government grants
During the year J. H. Ashworth & Son Ltd received a grant for £18,750 from the Regional Growth Fund. This capital grant was used to purchase machinery and has been accounted for under the accrual model, thus income will be recognised on a systematic basis over the expected useful life of the asset.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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950 |
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950 |
Dividends |
2017 |
2016 |
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£ |
£ |
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Dividends paid |
169,420 |
201,000 |
Page 9 |
J.H.Ashworth & Son Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments in respect of capital commitments and operating leases as at 31st December 2017 was £
The total amount of financial commitments not included in the balance sheet concerning pensions is £24,061 (2016 - £19,668).
Related party transactions |
Transactions with directors |
2017 |
At 1 January 2017 |
Advances to directors |
Repayments by director |
Other payments made to company by director |
At 31 December 2017 |
Directors loan account |
611 |
( |
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(611) |
- |
On 27th January 2017 the company advanced £25,000 to one of the directors. This directors loan was unsecured, interest free and repayable on demand. The loan was fully repaid on 28th July 2017.
The maximum liability during the year was £25,000.
Summary of transactions with parent
An intercompany dividend of £169,420 was paid during the period between Ashworth Filament Yarns Limited and JH Ashworth & Son Limited.
At the balance sheet date the amount due to Ashworth Filament Yarns Limited was £36 (2016: £36).
Ashworth Filament Yarns Limited has the same registered office as JH Ashworth & Son Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is
Page 10 |