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REGISTERED NUMBER:
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Jack Sayers Products Ltd |
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Unaudited Financial Statements |
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for the Year Ended |
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31st December 2017 |
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REGISTERED NUMBER:
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Jack Sayers Products Ltd |
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Unaudited Financial Statements |
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for the Year Ended |
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31st December 2017 |
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Jack Sayers Products Ltd (Registered number: 01429668) |
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Contents of the Financial Statements |
for the Year Ended 31st December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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Jack Sayers Products Ltd |
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Company Information |
for the Year Ended 31st December 2017 |
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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 |
97 Yarmouth Road |
Norwich |
Norfolk |
NR7 0HF |
Jack Sayers Products Ltd (Registered number: 01429668) |
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Balance Sheet |
31st December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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Retained earnings | 10 | ( |
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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. |
Jack Sayers Products Ltd (Registered number: 01429668) |
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Balance Sheet - continued |
31st December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Jack Sayers Products Ltd (Registered number: 01429668) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2017 |
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1. | STATUTORY INFORMATION |
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Jack Sayers Products Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis on the understanding that the |
company will continue to receive the financial support of the directors. The directors have made a |
commitment not to seek repayment of their loans within the foreseeable future. |
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The company meets its day-to-day working capital requirements through the provision of an overdraft facility |
and substantial support from the directors. |
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The financial statements do not include any adjustments that would result from a withdrawal of support |
from the directors. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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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Jack Sayers Products Ltd (Registered number: 01429668) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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2. | 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. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under |
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Jack Sayers Products Ltd (Registered number: 01429668) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st January 2017 |
and 31st December 2017 |
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DEPRECIATION |
At 1st January 2017 |
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Charge for year |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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Cost or valuation at 31st December 2017 is represented by: |
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Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Valuation in 1983 | 27,700 | - | 27,700 |
Cost | 177,230 | 526,367 | 703,597 |
204,930 | 526,367 | 731,297 |
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If freehold land and buildings had not been revalued it would have been included at the following historical |
cost: |
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2017 | 2016 |
£ | £ |
Cost | 177,230 | 177,230 |
Aggregate depreciation | 70,617 | 70,617 |
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Freehold land and buildings were valued on an open market basis basis on 31st July 1983 by the directors . |
Jack Sayers Products Ltd (Registered number: 01429668) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1st January 2017 |
and 31st December 2017 |
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DEPRECIATION |
At 1st January 2017 |
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Charge for year |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
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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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other creditors |
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Jack Sayers Products Ltd (Registered number: 01429668) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 122,040 | 136,302 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts | - | 17,374 |
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Bank borrowings are secured by a fixed and floating charge dated 26 September 2003 and a specific legal |
charge dated 28 January 2004 over the company's freehold property. |
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Hire purchase contracts are secured on the asset concerned. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary share capital | 1 | 1,000 | 1,000 |
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10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1st January 2017 | ( |
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(28,158 | ) |
Deficit for the year | ( |
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At 31st December 2017 | ( |
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(35,117 | ) |
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11. | RELATED PARTY DISCLOSURES |
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Included in creditors is £78,719 (2016: £80,789) payable to the directors M R Sayers and Mrs G Hayhoe. This |
is interest free and there are no fixed repayment terms. |