Company Registration No. 00793335 (England and Wales)
J.B.SCHOFIELD & SONS LIMITED
Unaudited accounts
for the year ended 31 December 2017
J.B.SCHOFIELD & SONS LIMITED
Unaudited accounts
Contents
J.B.SCHOFIELD & SONS LIMITED
Company Information
for the year ended 31 December 2017
Company Number
00793335 (England and Wales)
Registered Office
8 GREENHEAD
LINTHWAITE
HUDDERSFIELD
HD7 5TS
Accountants
JOHN TURNER, CHARTERED ACCOUNTANT
104 PENISTONE ROAD
KIRKBURTON
HUDDERSFIELD
WEST YORKSHIRE
HD8 0TA
J.B.SCHOFIELD & SONS LIMITED
Statement of financial position
as at
31 December 2017
Tangible assets
813,045
804,683
Inventories
903,223
887,622
Cash at bank and in hand
1,933,189
1,798,162
Creditors: amounts falling due within one year
(314,612)
(266,912)
Net current assets
2,903,566
2,692,559
Total assets less current liabilities
3,716,611
3,497,242
Provisions for liabilities
Deferred tax
(16,190)
(7,303)
Net assets
3,700,421
3,489,939
Called up share capital
668
668
Capital redemption reserve
334
334
Profit and loss account
3,699,419
3,488,937
Shareholders' funds
3,700,421
3,489,939
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 1 March 2018.
R M Schofield
Director
Company Registration No. 00793335
J.B.SCHOFIELD & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2017
J.B.SCHOFIELD & SONS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 00793335. The registered office is 8 GREENHEAD, LINTHWAITE, HUDDERSFIELD, HD7 5TS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
0% per annum
Plant & machinery
20% per annum
Motor vehicles
25% per annum
Computer equipment
20% per annum
Other tangible fixed assets
5% per annum
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
J.B.SCHOFIELD & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2017
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2017
725,263
740,918
407,539
31,137
1,904,857
Additions
-
25,150
33,892
-
59,042
Disposals
-
-
(26,970)
-
(26,970)
At 31 December 2017
725,263
766,068
414,461
31,137
1,936,929
At 1 January 2017
49,564
655,942
368,307
26,361
1,100,174
Charge for the year
722
22,025
15,437
1,118
39,302
On disposals
-
-
(15,592)
-
(15,592)
At 31 December 2017
50,286
677,967
368,152
27,479
1,123,884
At 31 December 2017
674,977
88,101
46,309
3,658
813,045
At 31 December 2016
675,699
84,976
39,232
4,776
804,683
The assets of the company have not been re-valued in the accounts. The directors have considered their value, and are satisfied that their aggregate value as at 31 December 2017 was not less than their net book value shown in the accounts.
Raw materials
886,823
871,872
Work in progress
16,400
15,750
Trade debtors
378,112
268,488
Accrued income and prepayments
3,654
5,199
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
240,766
205,110
Taxes and social security
73,846
61,802
8
Transactions with related parties
The director and shareholder of the company is interested in the issued share capital of W Oldcorn Limited, from whom goods and services to the value of £7,200 (2016 £7,474) were purchased during the year. At the financial year end the company owed W Oldcorn Limited £114,632. (2016 £110,406). Mr R M Schofield is a director of Schofield Reclamation Limited, to whom goods and services to the value of £15,190 (2016 £15,186) were sold during the year.
J.B.SCHOFIELD & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2017
9
Average number of employees
During the year the average number of employees was 8 (2016: 8).