ACCOUNTS - Final Accounts

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

JWT COMMERCIAL LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-07-312017-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseThe principal activity of the company in the year under review was that of freight transport.false2016-08-01 07803885 2016-08-01 2017-07-31 07803885 2017-07-31 07803885 2015-08-01 2016-07-31 07803885 2016-07-31 07803885 c:CompanySecretary1 2016-08-01 2017-07-31 07803885 c:Director1 2016-08-01 2017-07-31 07803885 c:Director2 2016-08-01 2017-07-31 07803885 c:RegisteredOffice 2016-08-01 2017-07-31 07803885 d:PlantMachinery 2016-08-01 2017-07-31 07803885 d:PlantMachinery 2017-07-31 07803885 d:PlantMachinery 2016-07-31 07803885 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 07803885 d:FurnitureFittings 2016-08-01 2017-07-31 07803885 d:FurnitureFittings 2017-07-31 07803885 d:FurnitureFittings 2016-07-31 07803885 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 07803885 d:OfficeEquipment 2016-08-01 2017-07-31 07803885 d:OfficeEquipment 2017-07-31 07803885 d:OfficeEquipment 2016-07-31 07803885 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 07803885 d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 07803885 d:Goodwill 2016-08-01 2017-07-31 07803885 d:Goodwill 2017-07-31 07803885 d:Goodwill 2016-07-31 07803885 d:CurrentFinancialInstruments 2017-07-31 07803885 d:CurrentFinancialInstruments 2016-07-31 07803885 d:CurrentFinancialInstruments 1 2017-07-31 07803885 d:CurrentFinancialInstruments 1 2016-07-31 07803885 d:Non-currentFinancialInstruments 2017-07-31 07803885 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 07803885 d:CurrentFinancialInstruments d:WithinOneYear 2016-07-31 07803885 d:Non-currentFinancialInstruments d:AfterOneYear 2017-07-31 07803885 d:ShareCapital 2017-07-31 07803885 d:ShareCapital 2016-07-31 07803885 d:RetainedEarningsAccumulatedLosses 2017-07-31 07803885 d:RetainedEarningsAccumulatedLosses 2016-07-31 07803885 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-07-31 07803885 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-07-31 07803885 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2017-07-31 07803885 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2016-07-31 07803885 d:AcceleratedTaxDepreciationDeferredTax 2017-07-31 07803885 d:AcceleratedTaxDepreciationDeferredTax 2016-07-31 07803885 c:FRS102 2016-08-01 2017-07-31 07803885 c:AuditExempt-NoAccountantsReport 2016-08-01 2017-07-31 07803885 c:FullAccounts 2016-08-01 2017-07-31 07803885 c:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 07803885 d:HirePurchaseContracts d:WithinOneYear 2017-07-31 07803885 d:HirePurchaseContracts d:BetweenOneFiveYears 2017-07-31 iso4217:GBP

Registered number: 07803885

JWT COMMERCIAL LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

JWT COMMERCIAL LTD

COMPANY INFORMATION

Directors	T Gallagher
	J Whiteley


Company secretary	A Whiteley


Registered number	07803885


Registered office	Trinity Business Park
	Orrell Lane
	Bootle
	Liverpool
	L20 6PB

JWT COMMERCIAL LTD

CONTENTS

	Page
Directors' Report	1
Statement of Comprehensive Income	2
Balance Sheet	3 - 4
Notes to the Financial Statements	5 - 14

JWT COMMERCIAL LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2017

The directors present their report and the financial statements for the year ended 31 July 2017.

Directors

The directors who served during the year were:

T Gallagher

J Whiteley

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 April 2018 and signed on its behalf.

T Gallagher

Director

Page 1

JWT COMMERCIAL LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2017

	2017	2016
Note	£	£


Turnover	7,457,774	6,209,310
Cost of sales	(6,081,677)	(5,193,785)
Gross profit	1,376,097	1,015,525
Administrative expenses	(978,861)	(621,101)
Operating profit	397,236	394,424
Interest payable and expenses	(25,217)	(486)
Profit before tax	372,019	393,938
Tax on profit	(68,297)	(90,180)
Profit for the financial year	303,722	303,758

There were no recognised gains and losses for 2017 or 2016 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2017 (2016:£NIL).

The notes on pages 5 to 14 form part of these financial statements.

Page 2

JWT COMMERCIAL LTD

REGISTERED NUMBER: 07803885

BALANCE SHEET

AS AT 31 JULY 2017

		2017		2016
Note		£		£

Fixed assets
Intangible assets	3		45,099		10,000
Tangible assets	4		682,280		133,034
			727,379		143,034
Current assets
Stocks	5	53,174		6,083
Debtors: amounts falling due within one year	6	1,486,822		1,206,819
Cash at bank and in hand	7	-		19,457
		1,539,996		1,232,359
Creditors: amounts falling due within one year	8	(1,831,543)		(1,237,566)
Net current liabilities			(291,547)		(5,207)
Total assets less current liabilities			435,832		137,827
Creditors: amounts falling due after more than one year			(285,879)		-
Provisions for liabilities
Deferred tax	12	(37,135)		(22,422)
			(37,135)		(22,422)
Net assets			112,818		115,405

Capital and reserves
Called up share capital	100	100
Profit and loss account	112,718	115,305
	112,818	115,405

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2018.

Page 3

JWT COMMERCIAL LTD

REGISTERED NUMBER: 07803885

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2017

T Gallagher

Director

The notes on pages 5 to 14 form part of these financial statements.

Page 4

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 07803885). The address of the registered office is Trinity Business Park Orrell Lane, Bootle, Liverpool, United Kingdom, L20 6PB.
These financial statements present information about the company as an individual undertaking. It is not a member of a group of companies. The principal activity of the company in the year under review was that of freight transport.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	25 % reducing balance
Fixtures and fittings	-	25 % reducing balance
Office equipment	-	20 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.12

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 7

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 8

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

3.	Intangible assets

		Goodwill
		£
	Cost
	At 1 August 2016	50,000
	Additions	56,374
	At 31 July 2017	106,374
	Amortisation
	At 1 August 2016	40,000
	Charge for the year	21,275
	At 31 July 2017	61,275
	Net book value
	At 31 July 2017	45,099
	At 31 July 2016	10,000

Page 9

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2016	87,520	72,563	61,577	221,660
Additions	640,680	982	32,300	673,962
At 31 July 2017	728,200	73,545	93,877	895,622
Depreciation
At 1 August 2016	41,675	23,290	23,661	88,626
Charge for the year on owned assets	98,109	14,043	12,564	124,716
At 31 July 2017	139,784	37,333	36,225	213,342
Net book value
At 31 July 2017	588,416	36,212	57,652	682,280
At 31 July 2016	45,845	49,273	37,916	133,034

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2017	2016
	£	£


Plant and machinery	498,307	-
	498,307	-

Page 10

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

5.	Stocks
		2017	2016
		£	£

Work in progress	39,489	-
Finished goods and goods for resale	13,685	6,083
	53,174	6,083

Debtors

					2017	2016
					£	£


Trade debtors	1,357,487	1,069,120
Other debtors	129,335	137,699
	1,486,822	1,206,819

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	-	19,457
Less: bank overdrafts	(4,296)	-
	(4,296)	19,457

Page 11

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	4,296	-
Trade creditors	470,264	256,032
Corporation tax	128,082	77,403
Other taxation and social security	150,321	181,184
Obligations under finance lease and hire purchase contracts	117,870	-
Proceeds of factored debts	953,210	675,447
Other creditors	-	40,000
Accruals and deferred income	7,500	7,500
	1,831,543	1,237,566

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Net obligations under finance leases and hire purchase contracts	285,879	-
	285,879	-

Secured loans

Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

Within one year	117,870	-
Between 1-5 years	285,879	-
	403,749	-

Page 12

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

11.	Financial instruments
		2017	2016
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	1,486,822	1,226,276
	1,486,822	1,226,276

Financial liabilities
Other financial liabilities measured at fair value through profit or loss	599,930	303,532
	599,930	303,532

	Financial assets measured at fair value through profit or loss comprises trade debtors, other debtors and cash at bank and in hand.
	Other financial liabilities measured at fair value through profit or loss comprises trade creditors, other creditors and accruals.

12.	Deferred taxation

		2017
		£

	At beginning of year	(22,422)
	Charged to profit or loss	(14,713)
	At end of year	(37,135)

The provision for deferred taxation is made up as follows:
	2017	2016
	£	£

	Accelerated capital allowances	(37,135)	(22,422)
		(37,135)	(22,422)

13.	Related party transactions
	No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

Page 13

JWT COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

14.	Controlling party

The company is controlled by A and J Whiteley.

15.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 14