Jack Brown Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC108442 (Scotland)

Unaudited Financial Statements

for the Period 1 April 2021 to 30 September 2022

for

Jack Brown Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Brown

G Wilson

S Brown

Mrs G E Shanks

Mr N N Robinson

A P Connell

REGISTERED OFFICE:

30 Elder Street

Edinburgh

Midlothian

EH1 3DX

REGISTERED NUMBER:

SC108442 (Scotland)

ACCOUNTANTS:

Douglas Home and Co Ltd

Old Tweed Mill

Dunsdale Road

Selkirk

Selkirkshire

TD7 5DZ

FIXED ASSETS

Property, plant and equipment

4

191,199

214,339

CURRENT ASSETS

Inventories

84,600

76,225

Debtors

5

70,647

31,588

Cash at bank and in hand

16,271

130,328

171,518

238,141

CREDITORS

Amounts falling due within one year

6

295,414

217,158

NET CURRENT (LIABILITIES)/ASSETS

(123,896

)

20,983

TOTAL ASSETS LESS CURRENT LIABILITIES

67,303

235,322

CREDITORS

Amounts falling due after more than one year

7

(45,104

)

(122,586

)

PROVISIONS FOR LIABILITIES

10

(47,500

)

(40,500

)

NET (LIABILITIES)/ASSETS

(25,301

)

72,236

CAPITAL AND RESERVES

Called up share capital

11

73

73

Share premium

36,742

36,742

Capital redemption reserve

35

35

Retained earnings

(62,151

)

35,386

(25,301

)

72,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2022 and were signed on its behalf by:

S Brown - Director

1.	STATUTORY INFORMATION

Jack Brown Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Stocks

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 28 (2021 - 20 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2021

188,504

249,087

437,591

Additions

18,757

2,919

21,676

At 30 September 2022

207,261

252,006

459,267

DEPRECIATION

At 1 April 2021

125,027

98,225

223,252

Charge for period

22,614

22,202

44,816

At 30 September 2022

147,641

120,427

268,068

NET BOOK VALUE

At 30 September 2022

59,620

131,579

191,199

At 31 March 2021

63,477

150,862

214,339

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2021

33,000

92,496

125,496

Transfer to ownership

(33,000

)

-

(33,000

)

At 30 September 2022

-

92,496

92,496

DEPRECIATION

At 1 April 2021

22,186

13,412

35,598

Charge for period

-

11,477

11,477

Transfer to ownership

(22,186

)

-

(22,186

)

At 30 September 2022

-

24,889

24,889

NET BOOK VALUE

At 30 September 2022

-

67,607

67,607

At 31 March 2021

10,814

79,084

89,898

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/22

31/3/21

£

£

Trade debtors

1

1

Other debtors

53,431

20,700

Tax

63

63

VAT

2,640

835

Prepayments and accrued income

14,512

9,989

70,647

31,588

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/22

31/3/21

£

£

Bank loans and overdrafts

50,527

22,103

Hire purchase contracts (see note 8)

27,749

30,000

Trade creditors

105,440

87,697

Tax

73,849

51,169

Social security and other taxes

11,886

16,721

Accruals and deferred income

25,963

9,468

295,414

217,158

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/22

31/3/21

£

£

Bank loans - 1-2 years

26,667

64,777

Hire purchase contracts (see note 8)

18,437

57,809

45,104

122,586

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30/9/22

31/3/21

£

£

Net obligations repayable:

Within one year

27,749

30,000

Between one and five years

18,437

57,809

46,186

87,809

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/22

31/3/21

£

£

Bank overdraft

35,130

-

Bank loans

42,064

86,880

77,194

86,880

The bank overdraft and loans are secured by a floating charge over all the company's assets.

10.	PROVISIONS FOR LIABILITIES

30/9/22

31/3/21

£

£

Deferred tax

47,500

40,500

Deferred

tax

£

Balance at 1 April 2021

40,500

Charge to Income Statement during period

7,000

Balance at 30 September 2022

47,500

11.	CALLED UP SHARE CAPITAL

Allotted, issues and fully paid:

Number:

Class:

Nominal value:

31/03/22

31/03/21

£

£

50

Extra Special A Shares

£0.10

5

5

70

Special C Shares

£0.10

7

7

50

Special D Shares

£0.10

5

5

35

Ordinary F Shares

£0.10

3.5

3.5

50

Ordinary G Shares

£0.10

5

5

70

Ordinary H Shares

£0.10

7

7

40

Ordinary I Shares

£0.10

4

4

50

Ordinary N Shares

£0.10

5

5

70

Ordinary O Shares

£0.10

7

7

50

Ordinary P Shares

£0.10

5

5

35

Ordinary Q Shares

£0.10

3.5

3.5

50

Ordinary R Shares

£0.10

5

5

70

Ordinary S Shares

£0.10

7

7

40

Ordinary T Shares

£0.10

4

4

73

73

12.	RELATED PARTY DISCLOSURES

During the year the company has purchased £98,294 (2021 £53,916) of materials on arms-length terms from Scotlens Limited a company under the control of S Brown, a director of the company. At the balance sheet date £12,178 (2021 £11,287) was owed by the company to Scotlens Limited. This balance is included within trade creditors.