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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 2018

 

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 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

6

6

Other financial assets

5

43,124

52,758

 

43,130

52,764

Current assets

 

Stocks

6

363,989

393,914

Debtors

7

139,045

128,606

Cash at bank and in hand

 

866,475

710,061

 

1,369,509

1,232,581

Creditors: Amounts falling due within one year

8

(178,589)

(189,677)

Net current assets

 

1,190,920

1,042,904

Total assets less current liabilities

 

1,234,050

1,095,668

Creditors: Amounts falling due after more than one year

8

(5,220)

(5,220)

Provisions for liabilities

885

1,080

Net assets

 

1,229,715

1,091,528

Capital and reserves

 

Called up share capital

7,500

7,500

Profit and loss account

1,222,215

1,084,028

Total equity

 

1,229,715

1,091,528

 

J & F J Baker & Company Limited

(Registration number: 00050647)
Balance Sheet as at 30 April 2018

For the financial year ending 30 April 2018 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 14 November 2018 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 2018

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 14 November 2018.

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.

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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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

Development costs

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 2018

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 23 (2017 - 24).

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2017

74,194

80,421

357,261

511,876

Additions

-

-

25,758

25,758

At 30 April 2018

74,194

80,421

383,019

537,634

Depreciation

At 1 May 2017

74,190

80,420

357,260

511,870

Charge for the year

-

-

25,758

25,758

At 30 April 2018

74,190

80,420

383,018

537,628

Carrying amount

At 30 April 2018

4

1

1

6

At 30 April 2017

4

1

1

6

Included within the net book value of land and buildings above is £4 (2017 - £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 2018

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2017

67,730

67,730

At 30 April 2018

67,730

67,730

Impairment

At 1 May 2017

14,972

14,972

Charge for the year

9,634

9,634

At 30 April 2018

24,606

24,606

Carrying amount

At 30 April 2018

43,124

43,124

6

Stocks

2018
£

2017
£

Raw materials and consumables

363,989

393,914

7

Debtors

2018
£

2017
£

Trade debtors

128,815

117,971

Prepayments and accrued income

10,230

10,635

139,045

128,606

 

J & F J Baker & Company Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

65,094

55,661

Taxation and social security

 

36,109

27,541

Other creditors

 

38,478

69,620

Accruals and deferred income

 

5,730

5,899

Coporatiotion tax liability

 

33,178

30,956

 

178,589

189,677

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

5,220

5,220

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Redeemable preference shares

5,220

5,220

10

Related party transactions

Other transactions with directors

During the year ordinary dividends of £3,775 (2017 - £3,775) and preference dividends of £139 (2017 - £139) were paid to a director.

The directors have made a loan to the company of £38,479 (2017 - £65,543). The loan is interest free and repayable on demand.