John Beech Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 00775062
John Beech Limited
Filleted Unaudited Financial Statements
31 March 2017
John Beech Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
John Beech Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
407,181
550,912
Current assets
Stocks
6,025
5,498
Debtors
6
3,029,926
2,052,741
Investments
7
62,500
62,500
Cash at bank and in hand
29,414
739
--------------
--------------
3,127,865
2,121,478
Creditors: amounts falling due within one year
8
1,625,187
736,669
--------------
--------------
Net current assets
1,502,678
1,384,809
--------------
--------------
Total assets less current liabilities
1,909,859
1,935,721
Creditors: amounts falling due after more than one year
9
68,006
200,184
Provisions
Taxation including deferred tax
80,220
108,860
--------------
--------------
Net assets
1,761,633
1,626,677
--------------
--------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
1,751,633
1,616,677
--------------
--------------
Shareholders funds
1,761,633
1,626,677
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
John Beech Limited
Statement of Financial Position (continued)
31 March 2017
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 December 2017 , and are signed on behalf of the board by:
Mr. C. J. F. Wainwright
Director
Company registration number: 00775062
John Beech Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dock Road North, Bromborough, Wirral, Merseyside., CH62 4TQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash flow statement
The directors have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement in the accounts on the grounds that the company is small.
Investments
Investments are held at their recorded value.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Work in progress
Work in progress is valued at the lower of cost and net realisable value. Cost consists of direct materials, labour and attributable overheads. Net realisable value is based on estimated selling price, less any further costs of realisation.
Payments received and receivable on account of work done are deducted from the value arrived at on the above basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost. The company includes freehold property in the accounts at existing use value. The directors will review this valuation on an annual basis and will also obtain regular independent valuations.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
30% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
33% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 50 (2016: 23 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2016
760,014
11,235
93,192
21,635
886,076
Additions
25,885
781
26,666
Disposals
( 11,000)
( 11,000)
-----------
---------
-----------
---------
-----------
At 31 March 2017
760,014
11,235
108,077
22,416
901,742
-----------
---------
-----------
---------
-----------
Depreciation
At 1 April 2016
252,512
9,378
51,639
21,635
335,164
Charge for the year
152,250
186
15,997
258
168,691
Disposals
( 9,294)
( 9,294)
-----------
---------
-----------
---------
-----------
At 31 March 2017
404,762
9,564
58,342
21,893
494,561
-----------
---------
-----------
---------
-----------
Carrying amount
At 31 March 2017
355,252
1,671
49,735
523
407,181
-----------
---------
-----------
---------
-----------
At 31 March 2016
507,502
1,857
41,553
550,912
-----------
---------
-----------
---------
-----------
6. Debtors
2017
2016
£
£
Trade debtors
1,311,674
344,772
Amounts owed by group undertakings
1,432,900
1,432,900
Prepayments and accrued income
44,572
26,037
Other debtors
240,780
249,032
--------------
--------------
3,029,926
2,052,741
--------------
--------------
7. Investments
2017
2016
£
£
Other investments
62,500
62,500
---------
---------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
104,977
Trade creditors
1,027,865
248,623
Accruals and deferred income
3,900
18,552
Corporation tax
31,986
Social security and other taxes
134,700
98,895
Obligations under finance leases and hire purchase contracts
106,091
95,021
Director loan accounts
228,869
131,932
Other creditors
91,776
38,669
--------------
-----------
1,625,187
736,669
--------------
-----------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Obligations under finance leases and hire purchase contracts
68,006
200,184
---------
-----------
10. Directors' advances, credits and guarantees
There were no Director's advances or guarantees during the year.
11. Related party transactions
Included in other debtors is a balance of £130,621 (2016 £131,062) due from Obsidian Environmental Limited. Mr. C. J. F. Wainwright is a director and significant shareholder of John Beech Consultants limited. Mr. A. Marley is also a significant in that company. Included in other debtors is a balance of £207 (2016 -£207) due from John Beech Construction Limited. Mr. C. J. F. Wainwright and Mr. A. Marley are directors and equal shareholders of John Beech Construction Limited. At 31 March 2017 an amount of £1,432,900 (2016 £1,432,900) was due from Marley Wainwright Limited, the parent undertaking. This relates to financial assistance given to enable Marley Wainwright Limited to acquire the entire share capital of the company. The loan is interest free and repayable on demand.
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
13. Ultimate parent company
The ultimate parent company is Marley Wainwright Limited, a company incorporated in England.
14. Ultimate controlling party
The ultimate controlling party is Mr. C. J. F. Wainwright, who is a director and controlling shareholder of Marley Wainwright Limited.