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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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For The Year Ended 31 July 2017 |
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for |
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AJ & CO.(DEVON) LTD |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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For The Year Ended 31 July 2017 |
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for |
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AJ & CO.(DEVON) LTD |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Contents of the Financial Statements |
For The Year Ended 31 JULY 2017 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 9 |
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Other Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 13 |
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Cash Flow Statement | 14 |
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Notes to the Cash Flow Statement | 15 |
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Notes to the Financial Statements | 16 |
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AJ & CO.(DEVON) LTD |
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Company Information |
For The Year Ended 31 JULY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Strategic Report |
For The Year Ended 31 JULY 2017 |
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The directors present their strategic report for the year ended 31 July 2017. |
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REVIEW OF BUSINESS |
AJ & CO. (Devon) Ltd runs Meadowside and St Francis Residential and Nursing Home as well as |
Merafield Nursing Home which provide a total of 69 beds and 40 beds respectively in the South Devon |
area. The Company purchased Merafield Nursing Home in June 2015. |
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The Company has a significant number of private paying residents, in addition to this, a number are |
funded by local authorities. The company is in constant dialogue regarding the negotiation of funding |
levels from local authorities. |
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The measures the company use to monitor it's progress against its objectives are |
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* Occupancy rates, |
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* Fee Levels |
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* Margin |
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* Staff and Agency Costs |
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The business is supported by strong future demand based on the demographics of the UK population. |
The segment of the UK population aged 80 or over is projected to increase from 3,000,000 in 2012 to |
6,100,000 in 2037. |
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The company's growth strategy is to develop and update it's existing facilities and improve the care |
levels it offers. |
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Where possible the company seeks to employ well qualified and experienced staff. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the Company's strategy are subject to a number |
of risks. The key business risks and uncertainties are considered to relate to competition from other |
residential and nursing homes, low local authority fees, staff retention, compliance with care standards |
and interest rate rises. |
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In order to mitigate these risks, the company: maintains its property to a high standard, endeavours to |
maintain a healthy dialogue with the local authorities, seeks to engage well trained and experienced |
staff, and has long term finance in place. |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Strategic Report |
For The Year Ended 31 JULY 2017 |
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KEY PERFORMANCE INDICATORS ("KPIS") |
During the year to 31st July 2017, the turnover increased by 9.4% at Meadowside and St Francis to |
£2,889,138 with occupancy rates increasing from 95.9% to 96.9%. The gross profit margin has |
increased from 25.0% to 27.9%. Wages (excluding administrative and Directors) reduced from 68 % to |
65% of turnover and a net profit before tax of £230,814 was achieved for the year. |
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Merafield Nursing Home increased turnover by 17.8% to £1,426,948 with occupancy rates increasing |
from 94.9% to 98.5%. The gross profit margin has increased significantly from 17.3% to 29.7% . |
Wages (excluding administrative) reduced from 76 % to 65% as the company has significantly reduced |
agency fess by employing more full time staff. Overall a net profit before tax of £118,138 was achieved |
compared to a loss of £60,114. In the previous year. The Directors are very pleased with the progress |
that has been made during the year. |
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ON BEHALF OF THE BOARD: |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Report of the Directors |
For The Year Ended 31 JULY 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 July 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of a Nursing |
and Residential Home. |
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DIVIDENDS |
Interim dividends totalling £121,872 were paid to the ordinary shareholder, Mr David Smallridge. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2016 to the |
date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the |
financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that |
law the directors have elected to prepare the financial statements in accordance with United Kingdom |
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). |
Under company law the directors must not approve the financial statements unless they are satisfied |
that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and |
explain the company's transactions and disclose with reasonable accuracy at any time the financial |
position of the company and enable them to ensure that the financial statements comply with the |
Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence |
for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Report of the Directors |
For The Year Ended 31 JULY 2017 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the |
steps that he or she ought to have taken as a director in order to make himself or herself aware of any |
relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
On 17th November 2017 Potter Baker resigned as auditors, and Baldwins Audit Services Limited were |
appointed on 20th November. Baldwins Audit Services Limited will be proposed for re-appointment at |
the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
AJ & Co.(Devon) Ltd |
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Opinion |
We have audited the financial statements of AJ & Co.(Devon) Ltd (the 'company') for the year ended |
31 July 2017 on pages nine to twenty eight. The financial reporting framework that has been applied in |
their preparation is applicable law and United Kingdom Accounting Standards, including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part |
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the |
company's members those matters we are required to state to them in a Report of the Auditors and for |
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to |
anyone other than the company and the company's members as a body, for our audit work, for this |
report, or for the opinions we have formed. |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 July 2017 and of its profit for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of |
the company in accordance with the ethical requirements that are relevant to our audit of the financial |
statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have |
obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) |
require us to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Report of the Independent Auditors to the Members of |
AJ & Co.(Devon) Ltd |
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Other information |
The directors are responsible for the other information. The other information comprises the |
information in the Strategic Report and the Report of the Directors, but does not include the financial |
statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any |
form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other |
information and, in doing so, consider whether the other information is materially inconsistent with the |
financial statements or our knowledge obtained in the audit or otherwise appears to be materially |
misstated. If, based on the work we have performed, we conclude that there is a material misstatement |
of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with
applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Strategic Report or the Report |
of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires |
us to report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
AJ & Co.(Devon) Ltd |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the |
directors are responsible for the preparation of the financial statements and for being satisfied that they |
give a true and fair view, and for such internal control as the directors determine necessary to enable the |
preparation of financial statements that are free from material misstatement, whether due to fraud or |
error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the |
going concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are |
free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors |
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that |
an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it |
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the |
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the |
basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description |
forms part of our Report of the Auditors. |
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for and on behalf of
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Registered Auditors |
Churchill House |
59 Lichfield Street |
Walsall |
West Midlands |
WS4 2 BX |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Income Statement |
For The Year Ended 31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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433,892 | 114,166 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL
YEAR |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Other Comprehensive Income |
For The Year Ended 31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Deferred tax on property valuation |
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Income tax relating to other
comprehensive income |
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OTHER COMPREHENSIVE
INCOME FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Balance Sheet |
31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
13 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Balance Sheet - continued |
31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 18 |
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Share premium | 19 |
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Revaluation reserve | 19 |
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Capital redemption reserve | 19 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Statement of Changes in Equity |
For The Year Ended 31 JULY 2017 |
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Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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Balance at 1 August 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 July 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 July 2017 |
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Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
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Balance at 1 August 2015 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income |
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Balance at 31 July 2016 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income |
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Balance at 31 July 2017 |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Cash Flow Statement |
For The Year Ended 31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase
payments paid |
( |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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Capital repayments in year |
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Amount withdrawn by directors | - | (20,000 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at
beginning of year |
2 |
(182,429 |
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(57,735 |
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Cash and cash equivalents at end of
year |
2 |
84,703 |
( |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Notes to the Cash Flow Statement |
For The Year Ended 31 JULY 2017 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 84,940 | 89,621 |
Finance income |
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( |
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537,172 | 213,197 |
Decrease in stocks |
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Decrease/(increase) in trade and other debtors |
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( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 July 2017 |
31/7/17 | 1/8/16 |
£ | £ |
Cash and cash equivalents | 84,703 | 2,072 |
Bank overdrafts |
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( |
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84,703 | (182,429 | ) |
Year ended 31 July 2016 |
31/7/16 | 1/8/15 |
£ | £ |
Cash and cash equivalents | 2,072 | 917 |
Bank overdrafts | ( |
) | ( |
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(182,429 | ) | (57,735 | ) |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Notes to the Financial Statements |
For The Year Ended 31 JULY 2017 |
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1. | STATUTORY INFORMATION |
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AJ & Co.(Devon) Ltd is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents gross income from residents and sundry services. The company is not VAT |
registered. |
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Goodwill |
Goodwill, being the amount paid in connection with the purchase of Meadowside and St Francis |
in 2004 is being amortised evenly over it's estimated useful life of twenty years. |
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Goodwill, being the amount paid in connection with the purchase of Merafield in 2015 is being |
amortised evenly over its estimated useful life of 10 years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life. |
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Fixtures, Fittings etc. - 20% on reducing balance |
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Motor Vehicles - 25% on reducing balance |
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No depreciation is charged on the company's properties as depreciation is deemed to be |
immaterial. The buildings are expected to have long economic lives and very high residual |
values.The company's property known as Meadowside/St Francis was revalued in 2012 and this |
is now regarded as "deemed historic cost" under FRS102. |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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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. |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
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3. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
2017 | 2016 |
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Nursing, Catering and Cleaners |
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Administrative |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Goodwill amortisation |
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Auditors' remuneration |
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Taxation compliance services |
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Other non- audit services |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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2017 | 2016 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the
UK of |
69,790 |
4,909 |
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Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
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Expenses not deductible for tax purposes |
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capital allowances |
Difference in tax rates (19 percent & 20 percent) | (1,167 | ) | - |
Deferred Tax |
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Total tax charge | 67,300 | 5,796 |
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Tax effects relating to effects of other comprehensive income |
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2017 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax on property valuation |
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- | 25,932 |
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2016 |
Gross | Tax | Net |
£ | £ | £ |
Deferred Tax re property valuation |
|
7. | DIVIDENDS |
|
Dividends of £121,872 were paid to D Smallridge a director of this company. |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2016 |
and 31 July 2017 |
|
AMORTISATION |
At 1 August 2016 |
|
Amortisation for year |
|
At 31 July 2017 |
|
NET BOOK VALUE |
At 31 July 2017 |
|
At 31 July 2016 |
|
|
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 August 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 July 2017 |
|
|
|
|
|
DEPRECIATION |
At 1 August 2016 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 July 2017 |
|
|
|
|
|
NET BOOK VALUE |
At 31 July 2017 |
|
|
|
|
|
At 31 July 2016 |
|
|
|
|
|
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 31 July 2017 is represented by: |
|
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2012 | 3,375,000 | - | - | - | 3,375,000 |
Cost | 1,015,955 | 552,273 | 41,641 | 43,258 | 1,653,127 |
4,390,955 | 552,273 | 41,641 | 43,258 | 5,028,127 |
|
If Freehold Land and Buildings had not been revalued they would have been included at the |
following historical cost: |
|
2017 | 2016 |
£ | £ |
Cost | 1,748,964 | 1,748,964 |
|
Freehold Land and Buildings were valued on an open market basis on 30 June 2012 by Jones Lang LaSalle |
. |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and |
fittings |
£ |
COST OR VALUATION |
At 1 August 2016 |
and 31 July 2017 |
|
DEPRECIATION |
At 1 August 2016 |
|
Charge for year |
|
At 31 July 2017 |
|
NET BOOK VALUE |
At 31 July 2017 |
|
At 31 July 2016 |
|
|
10. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
|
|
|
11. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts |
|
|
Prepayments and accrued income |
|
|
|
|
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
12. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note
14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
14. | LOANS - continued |
2017 | 2016 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal |
|
|
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
The above debts are secured by a 1st legal charge dated 08/01/2004 over the freehold property of |
Meadowside and St Francis, Plymbridge Road, Plympton and a 1st legal charge dated |
29/05/2015 over the freehold property of Merafield View Nursing Home, Underlane, Plympton. |
|
The debts are also secured against an unlimited debenture dated 19/07/2000 incorporating a fixed |
and floating charge and the right of set off. |
|
17. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
|
|
|
Deferred |
tax |
£ |
Balance at 1 August 2016 |
|
Capital allowances | 4,023 |
Utilisation of Losses | 57,148 |
Revaluation of property | (25,932 | ) |
Balance at 31 July 2017 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £1 |
|
375,013 |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
19. | RESERVES |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
|
At 1 August 2016 |
|
|
|
|
2,271,240 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Revaluation reserve deferred |
tax | - | - | 25,932 | - | 25,932 |
At 31 July 2017 |
|
|
|
|
2,456,952 |
|
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 July 2017 |
and 31 July 2016: |
|
2017 | 2016 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid |
|
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
During the year the company operated a loan account with Mr D Smallridge a Director. The |
loan is interest free and repayable on demand. |
|
£55,000 of the loan to Mr D Smallridge relates to a loan to the directors farming business. |
AJ & CO.(DEVON) LTD (REGISTERED NUMBER: 03943652) |
|
Notes to the Financial Statements - continued |
For The Year Ended 31 JULY 2017 |
|
21. | RELATED PARTY DISCLOSURES |
|
Eggs were supplied on an arms length basis to both Meadowside and Merafield homes during the |
year amounting to £5,490 and £1,125 respectively from 'Ludbrook Ladies'. These were provided |
by a farming business run by Mr D Smallridge, the director of the Company. |
|
Meat was supplied on an arms length basis to both Meadowside and Merafield homes during the |
year amounting to £29,401 and £12,950 respectively from 'Ludbrook Butchers'. This was |
supplied by a business run by Mr B Smallridge, the son of director Mr D Smallridge. |
|
22. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is D J Smallridge. |
|
23. | REVALUATION |
|
The land and buildings known as Meadowside and St Francis were revalued during the year |
ended 31st July 2012 to £3,375,000. If disposed of at this valuation, the corporation tax arising |
would be £147,115. This is now included within the deferred tax provision in accordance with |
FRS 102. |