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Registration number: 00050647

J & F J Baker & Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

 

J & F J Baker & Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

J & F J Baker & Company Limited

(Registration number: 00050647)
Balance Sheet as at 30 April 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

6

6

Other financial assets

5

52,758

51,273

 

52,764

51,279

Current assets

 

Stocks

6

393,914

371,227

Debtors

7

129,686

162,274

Cash at bank and in hand

 

710,061

553,540

 

1,233,661

1,087,041

Creditors: Amounts falling due within one year

8

(189,677)

(172,150)

Net current assets

 

1,043,984

914,891

Total assets less current liabilities

 

1,096,748

966,170

Creditors: Amounts falling due after more than one year

8

(5,220)

(5,220)

Net assets

 

1,091,528

960,950

Capital and reserves

 

Called up share capital

7,500

7,500

Profit and loss account

1,084,028

953,450

Total equity

 

1,091,528

960,950

 

J & F J Baker & Company Limited

(Registration number: 00050647)
Balance Sheet as at 30 April 2017

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 November 2017 and signed on its behalf by:
 

.........................................

A Parr

Director

.........................................

H E Parr

Company secretary and director

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Hamlyns
Colyton
Devon
EX24 6PD

These financial statements were authorised for issue by the Board on 22 November 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

There have been no changes to accounting policies following the transition to the Financial Reporting Standard 102 Section 1A.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The company transitioned from previously extant UK GAAP to FRS 102 as at 1 May 2015.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

over one year

Plant and machinery

over one year

Motor vehicles

over one year

Research and development

Research and development expenditure is written off as incurred.

Investments

Fixed asset invesments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2016 - 24).

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2016

74,194

76,921

271,686

422,801

Additions

-

3,500

85,575

89,075

At 30 April 2017

74,194

80,421

357,261

511,876

Depreciation

At 1 May 2016

74,190

76,920

271,685

422,795

Charge for the year

-

3,500

85,575

89,075

At 30 April 2017

74,190

80,420

357,260

511,870

Carrying amount

At 30 April 2017

4

1

1

6

At 30 April 2016

4

1

1

6

Included within the net book value of land and buildings above is £4 (2016 - £4) in respect of freehold land and buildings.
 

As explained in the accounting policy, tangible fixed assets are fully depreciated in the year of acquisition. This is not in accordance with FRS102, since the assets concerned are thereby depreciated over periods shorter than their useful economic life.

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Other investments

Cost or valuation

At 1 May 2016

67,730

67,730

At 30 April 2017

67,730

67,730

Impairment

At 1 May 2016

16,457

16,457

Charge for the year

(1,485)

(1,485)

At 30 April 2017

14,972

14,972

Carrying amount

At 30 April 2017

52,758

52,758

At 30 April 2016

51,273

51,273

6

Stocks

2017
£

2016
£

Raw materials and consumables

393,914

371,227

7

Debtors

2017
£

2016
£

Trade debtors

117,971

150,313

Deferred tax

1,080

1,387

Prepayments and accrued income

10,635

10,574

129,686

162,274

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

55,661

57,436

Taxation and social security

 

27,541

36,552

Other creditors

 

69,620

68,688

Accruals and deferred income

 

5,899

6,020

Corporation tax liability

 

30,956

3,454

 

189,677

172,150

Due after one year

 

Loans and borrowings

9

5,220

5,220

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Redeemable preference shares

5,220

5,220

10

Related party transactions

Transactions with directors

Other transactions with directors

During the year ordinary dividends of £3,775 (2016 - £3,775) and preference dividends of £139 (2016 - £139) were paid to a director.

The directors have made a loan to the company of £65,543 (2016 - £65,143). The loan is interest free and repayable on demand.

11

Transition to FRS 102

There have been no numerical changes to the accounts or to previous periods in respect of FRS102 (Section 1A).