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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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J. PREEDY & SONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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J. PREEDY & SONS LIMITED |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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J. PREEDY & SONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants & Registered Auditors |
150 Wharfedale Road |
Winnersh Triangle |
Berkshire |
RG41 5RB |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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PENSION LIABILITY | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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J. Preedy & Sons Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises revenue recognised by the Company in respect of goods and services supplied |
during the year, exclusive of Value Added Tax and trade discounts. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value after making due |
allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate |
proportion of fixed and variable overheads. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events have occurred at the date that will result in an |
obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions. |
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Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of |
fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, |
only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets |
concerned. However, no provision is made where, on the basis of all available evidence at the balance |
sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets |
and charged to tax only where the replacement assets are sold. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date. |
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Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of |
exchange ruling at the balance sheet date. |
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Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the |
transaction. |
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Exchange gains and losses are recognised in the profit and loss account. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed |
assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their |
useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases |
are those where substantially all of the benefits and risks of ownership are assumed by the Company. |
Obligations under such agreements are included in creditors net of the finance charge allocated to |
future periods. The finance element of the rental payment is charged to the profit and loss account so |
as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Pensions |
The company operates a defined benefit pension scheme and the pension charge is based on a full |
actuarial valuation dated 5 April 2017 and updated to 31 March 2019. |
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(a) Staff |
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The Company operates a defined benefits pension scheme that has been closed to new entrants. With |
effect from 30 September 2006, the trustees froze the benefits accruing in the scheme. The Company |
is taking steps to ensure that the scheme will be fully funded up to that date. The assets of the scheme |
are held separately from those of the Company in an independently administered fund. Independent |
actuaries complete a valuation every three years. In accordance with their recommendations, |
contributions are paid to the scheme so as to secure the benefits set out in the rules. The pension |
charge is based on a full actuarial valuation as at 31 March 2019. |
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(b) Staff |
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The Company has made a defined contribution group personal pension plan available to all new |
employees. The funds of the scheme are administered by Trustees and are separate from the |
Company. The pension charge represents contributions payable by the Company for the year. The |
Company's liability is limited to the amount of the contributions. |
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Operating leases |
Rental charges applicable to operating leases where substantially all of the benefits and risks of |
ownership remain with the lessor are charged to the profit and loss account on an accruals basis. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks |
and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at |
present value of the future payments and subsequently at amortised cost using the effective interest |
method. Debt instruments that are payable or receivable within one year, typically trade payables or |
receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other |
consideration expected to be paid or received. However if the arrangements of a short-term instrument |
constitute a financial transaction, like the payment of a trade debt deferred beyond normal business |
terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan |
not at market rate, the financial asset or liability is measured, initially and subsequently, at the present |
value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets, that are measured at cost and amortised cost, are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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National Westminster Bank PLC holds fixed and floating charges dated 3 October 2011 covering all |
the property or undertaking of the company. |
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Rbs Invoice Finance Ltd holds fixed and floating charges dated 26 June 2013 covering all the property |
or undertaking of the company. |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 April 2018 |
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Profit for the year |
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Other recognised gains and |
losses | (69,720 | ) |
At 31 March 2019 |
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Share capital |
Called up share capital reserve represents the nominal value of the shares issued. |
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Retained earnings |
Retained earnings reserve represents cumulative profits and losses, net of dividends paid and |
adjustments. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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12. | EMPLOYEE BENEFIT OBLIGATIONS |
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The company operates a defined benefit scheme in the UK. This is a separate trustee administered |
fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation |
was carried out at 5 April 2017 and updated to 31 March 2019 by a qualified actuary, independent of |
the scheme's sponsoring employer. The major assumptions used by the actuary are shown below. |
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This most recent actuarial valuation showed a deficit of £674,000. The company has agreed with the |
trustees that it will aim to eliminate the deficit over a period of 18 years and 2 months from 5 July 2018 |
by the payment of annual contributions of £42,000, increasing by 3% per annum in respect of the |
deficit. In addition and in accordance with the actuarial valuation, the company has agreed with the |
trustees that it will meet expenses of the scheme and levies to the Pension Protection Fund. |
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The amounts recognised in profit or loss are as follows: |
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Defined benefit |
pension plans |
2019 | 2018 |
£ | £ |
Current service cost |
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Net interest from net defined benefit
asset/liability |
56,000 |
60,000 |
Past service cost |
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56,000 | 60,000 |
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Actual return on plan assets |
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Changes in the present value of the defined benefit obligation are as follows: |
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Defined benefit |
pension plans |
2019 | 2018 |
£ | £ |
Opening defined benefit obligation |
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Interest cost |
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Losses (gains) due to benefit |
changes | 31,000 | - |
Actuarial losses/(gains) |
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( |
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Benefits paid | ( |
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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Changes in the fair value of scheme assets are as follows: |
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Defined benefit |
pension plans |
2019 | 2018 |
£ | £ |
Opening fair value of scheme assets |
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Assets interest | 35,000 | 35,000 |
Contributions by employer |
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Actuarial gains/(losses) |
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Benefits paid | (11,000 | ) | (16,000 | ) |
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The amounts recognised in other comprehensive income are as follows: |
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Defined benefit |
pension plans |
2019 | 2018 |
£ | £ |
Actuarial gains/(losses) | ( |
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(84,000 | ) | 135,000 |
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The major categories of scheme assets as amounts of total scheme assets are as follows: |
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Defined benefit |
pension plans |
2019 | 2018 |
£ | £ |
Equities |
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Fixed interest (mostly gilts) | 330,000 | 208,000 |
Cash and other |
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Property |
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1,424,000 | 1,324,000 |
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Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
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2019 | 2018 |
Discount rate |
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Future salary increases |
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Future pension increases |
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13. | ULTIMATE CONTROLLING PARTY |
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The immediate and the ultimate parent undertaking is J Preedy Holdings Ltd, a company incorporated |
in England and Wales. There is no ultimate controlling party. |