Jack Brown Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC108442 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2021

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

214,339

200,722

CURRENT ASSETS

Inventories

76,225

81,953

Debtors

5

31,588

47,436

Cash at bank and in hand

130,328

28,022

238,141

157,411

CREDITORS

Amounts falling due within one year

6

217,158

226,327

NET CURRENT ASSETS/(LIABILITIES)

20,983

(68,916

)

TOTAL ASSETS LESS CURRENT LIABILITIES

235,322

131,806

CREDITORS

Amounts falling due after more than one year

7

(122,586

)

(107,566

)

PROVISIONS FOR LIABILITIES

10

(40,500

)

(36,000

)

NET ASSETS/(LIABILITIES)

72,236

(11,760

)

CAPITAL AND RESERVES

Called up share capital

11

73

82

Share premium

36,742

-

Capital redemption reserve

35

18

Retained earnings

35,386

(11,860

)

72,236

(11,760

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 8 November 2021 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 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.

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 year 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 year was 20 (2020 - 29 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2020

188,504

202,839

391,343

Additions

-

46,248

46,248

At 31 March 2021

188,504

249,087

437,591

DEPRECIATION

At 1 April 2020

109,159

81,462

190,621

Charge for year

15,868

16,763

32,631

At 31 March 2021

125,027

98,225

223,252

NET BOOK VALUE

At 31 March 2021

63,477

150,862

214,339

At 31 March 2020

79,345

121,377

200,722

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 2020

33,000

46,248

79,248

Additions

-

46,248

46,248

At 31 March 2021

33,000

92,496

125,496

DEPRECIATION

At 1 April 2020

22,186

4,625

26,811

Charge for year

-

8,787

8,787

At 31 March 2021

22,186

13,412

35,598

NET BOOK VALUE

At 31 March 2021

10,814

79,084

89,898

At 31 March 2020

10,814

41,623

52,437

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

1

1

Other debtors

20,700

716

Tax

63

63

VAT

835

72

Prepayments and accrued income

9,989

46,584

31,588

47,436

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans and overdrafts

22,103

44,161

Hire purchase contracts (see note 8)

30,000

31,746

Trade creditors

87,697

80,729

Tax

51,169

38,447

Social security and other taxes

16,721

13,796

Accruals and deferred income

9,468

17,448

217,158

226,327

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans - 1-2 years

64,777

26,632

Hire purchase contracts (see note 8)

57,809

80,934

122,586

107,566

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/21

31/3/20

£

£

Net obligations repayable:

Within one year

30,000

31,746

Between one and five years

57,809

80,934

87,809

112,680

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/21

31/3/20

£

£

Bank overdraft

-

18,376

Bank loans

86,880

52,417

86,880

70,793

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

10.	PROVISIONS FOR LIABILITIES

31/3/21

31/3/20

£

£

Deferred tax

40,500

36,000

Deferred

tax

£

Balance at 1 April 2020

36,000

Charge to Income Statement during year

4,500

Balance at 31 March 2021

40,500

11.	CALLED UP SHARE CAPITAL

Allotted, issues and fully paid:

Number:

Class:

Nominal value:

31/03/21

31/03/20

£

£

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

8.5

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

8.5

73

82

On the 31 December 2020 the company purchased 85 ordinary I £0.10 shares and 85 ordinary T £0.10 shares from an existing shareholder for a total of £69,500, from the after tax profits of the year. These shares were placed in Treasury.

On 1 February 2021 the company issued from Treasury 40 ordinary I £0.10 shares and 40 ordinary T shares for a total of £36,750. At the same time the remaining shares in Treasury were cancelled

12.	RELATED PARTY DISCLOSURES

During the year the company has purchased £53,916 (2020 £61,477) 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 £11,287 (2020 £9,791) was owed by the company to Scotlens Limited. This balance is included within trade creditors.