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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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J.g. Paxton And Sons Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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J.g. Paxton And Sons Limited |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Cash Flow Statement | 9 |
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Notes to the Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 |
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J.g. Paxton And Sons Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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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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AUDITORS: |
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Chartered Accountants |
1st Floor, Portland House |
Belmont Business Park |
Durham |
DH1 1TW |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Strategic Report |
for the Year Ended 31 December 2018 |
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The directors present their strategic report for the year ended 31 December 2018. |
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REVIEW OF BUSINESS |
2018 saw a very sound performance from our company. The Sales Department experienced tremendous demand all year |
and the Parts & Workshop Departments also performed well achieving many of the targets set. |
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The Directors were pleased with the overall performance of the company. |
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The Company's key financial performance indicators for the year were: |
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2018 | 2017 | % Movement |
Turnover | 26,352,842 | 21,737,510 | 21.23% |
Operating Profit | 349,226 | 249,559 | 39.94% |
Profit after Taxation | 228,786 | 148,731 | 53.83% |
Shareholders' Funds | 5,009,677 | 4,780,891 | 4.79% |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The mood regarding Brexit finally started to affect our business toward late 2018 and has continued into 2019. There is |
currently much uncertainty and most of our suppliers are equally concerned. The industry really needs to know both |
how Brexit will affect the importation of machinery and how SFPs will work in the medium term so that investment in |
machinery can continue to be undertaken by our customers. |
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Grain prices are currently lower than ideal too so we must be on our guard in controlling orders placed. |
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Price Risk, Credit Risk, Liquidity Risk and Cash Flow Risk. |
As always cash flow remains our biggest risk but we are sticking rigidly to the new policies we set up last year in our |
endeavour to keep things firmly under control. Prices of machinery continue to rise despite uncertainty as advances in |
technology are applied to products both legally (reference emissions) and to aid productivity and efficiency. Products |
sold with long term warranty are beginning to hinder profitability too due to the constraints imposed by our suppliers. |
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We police debtors thoroughly to prevent unnecessary exposure. Constant monitoring and reviewing keeps everything |
under control. |
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ON BEHALF OF THE BOARD: |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale and servicing of agricultural |
machinery. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this |
report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to |
have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
the company's auditors are aware of that information. |
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AUDITORS |
The auditors, JN Straughan & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
J.g. Paxton And Sons Limited |
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Opinion |
We have audited the financial statements of J.g. Paxton And Sons Limited (the 'company') for the year ended |
31 December 2018 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in |
Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a |
summary of significant accounting policies. The financial reporting framework that has been applied in their preparation |
is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
J.g. Paxton And Sons Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
1st Floor, Portland House |
Belmont Business Park |
Durham |
DH1 1TW |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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342,754 | 240,060 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Property, plant and equipment | 9 |
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CURRENT ASSETS |
Inventories | 10 |
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Debtors | 11 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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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 |
13 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Share premium | 19 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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W J Paxton - Director | Mrs C P Paxton - Director |
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P J Tallentire - Director |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2018 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 January 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Cash Flow Statement |
for the Year Ended 31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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Capital repayments in year | ( |
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Amount introduced by directors |
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Amount withdrawn by directors | ( |
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Net cash from financing activities | ( |
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Decrease in cash and cash equivalents | ( |
) | ( |
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Cash and cash equivalents at beginning of
year |
2 |
(904,324 |
) |
(790,071 |
) |
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Cash and cash equivalents at end of year | 2 | ( |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2018 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 59,489 | 56,397 |
518,318 | 395,296 |
Increase in inventories | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 1,550 | 1,550 |
Bank overdrafts | ( |
) | ( |
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(908,899 | ) | (904,324 | ) |
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 1,550 | 1,550 |
Bank overdrafts | ( |
) | ( |
) |
(904,324 | ) | (790,071 | ) |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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J.g. Paxton And Sons Limited 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 presentation currency is £ sterling. |
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Turnover and income recognition |
The company's turnover represents the value, excluding discounts, rebates and value added tax, of goods and |
services supplied to customers during the year. |
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Income is recognised when goods have been delivered to customers such that risks and rewards of ownership |
have been transferred to them. |
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Goodwill |
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The above-mentioned useful life has been carried forward upon application of FRS 102 as the directors believe |
that such a period is consistent with the nature of the business acquired in 2012. |
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Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to |
the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer |
apply. |
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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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Property, plant and equipment - depreciation |
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Freehold property | - |
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Leasehold Property Improvements | - |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment |
losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working |
condition for its intended use. |
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In accordance with generally accepted accounting principles, depreciation is not provided on Payments on |
Account. |
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The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each |
reporting period. The effect of any change is accounted for prospectively. |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised |
as an expense in the period in which the related revenue is recognised. |
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Cost is determined on a basis which approximates to the first-in, first-out (FIFO) method. Cost includes the |
purchase price, including taxes and duties and transport and handling directly attributable to bringing the |
inventory to its present location and condition. |
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At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, |
the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is |
recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge |
is reversed, up to the original impairment loss, and is recognised as a credit |
in the profit and loss account. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, 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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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 contributes to personal pension schemes in respect of certain employees. Contributions are |
charged to the Profit and Loss Account as incurred. |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
(i) Financial assets |
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Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised |
at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured |
at the present value of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other payables and bank loans are initially recognised at |
transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Borrowing costs |
Borrowing costs are recognised in profit or loss in the period in which they are incurred. |
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Leased assets |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charged against profit as incurred. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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2018 | 2017 |
£ | £ |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Office and Management | 7 | 6 |
Sales, Fitters and Wagon Driver | 46 | 46 |
Stores | 12 | 12 |
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J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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2018 | 2017 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
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Goodwill amortisation |
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Auditors' Remuneration |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest |
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Bank loan interest |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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UK corporation tax has been charged at 19% (2017 - 19.25%). |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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7. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2018 | 2017 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2017 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
rate of Corporation Tax |
and reversal of timing |
Deferred tax - Origination and reversal of timing differences | 13,613 | 9,789 |
Total tax charge | 60,951 | 44,431 |
|
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
|
AMORTISATION |
At 1 January 2018 |
|
Amortisation for year |
|
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
J.g. Paxton And Sons Limited (Registered number: 01696152) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
9. | PROPERTY, PLANT AND EQUIPMENT |
Leasehold |
Freehold | Property | Long |
property | Improvements | leasehold |
£ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
At 31 December 2018 |
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
Transfer to ownership | - | - | - |
At 31 December 2018 |
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
At 31 December 2017 |
|
|
|
|
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
Transfer to ownership | - | - | 28,949 | 28,949 |
At 31 December 2018 |
|
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
Transfer to ownership | - | - | 28,948 | 28,948 |
At 31 December 2018 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
|
At 31 December 2017 |
|
|
|
|
J.g. Paxton And Sons Limited (Registered number: 01696152) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
9. | PROPERTY, PLANT AND EQUIPMENT - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2018 |
|
Additions |
|
Transfer to ownership | (110,822 | ) |
At 31 December 2018 |
|
DEPRECIATION |
At 1 January 2018 |
|
Charge for year |
|
Transfer to ownership | (14,072 | ) |
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
Hire Purchase creditors are secured on related assets. |
|
|
10. | INVENTORIES |
2018 | 2017 |
£ | £ |
Finished Goods for Resale |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
J.g. Paxton And Sons Limited (Registered number: 01696152) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social Security and Other Taxation |
|
|
VAT |
|
|
Other creditors |
|
|
Payments received on account |
|
|
Directors' current accounts |
|
|
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans (see note 14) |
|
|
Accruals and deferred income |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank Loan |
|
|
J.g. Paxton And Sons Limited (Registered number: 01696152) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
14. | LOANS - continued |
|
The Company meets its day to day working capital requirements through an overdraft facility with Barclays |
Bank plc, which is repayable on demand. The Company expects to operate within the facility currently agreed. |
This view is based on the company's forecasts and takes account of recent discussions with its bankers. |
Inherently, however, there can be no certainty in relation to those views. |
|
Bank Loans are subject to interest of 3.5% per annum above 3M Libor. The term is a committed term of 5 |
years with 10 year amortisation. Repayments are currently at the rate of £25,000 per quarter (before the effect |
of interest charges). |
|
One of the covenants in place in respect of the above facilities requires that 1.75 times the value of Trade |
Debtors less than or equal to 90 days to be greater than two times the bank overdraft balance. This covenant |
was met throughout the financial year and, at the date that these financial statements were authorised for issue, |
the covenant was also met. |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2018 | 2017 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
|
Finance charges repayable: |
Within one year |
|
|
|
Net obligations repayable: |
Within one year |
|
|
|
Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
|
|
In more than five years |
|
|
|
|
J.g. Paxton And Sons Limited (Registered number: 01696152) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
Hire purchase contracts | 132,204 | 91,812 |
|
|
|
Barclays Bank plc hold legal charges \on the bank's standard form dated 2 April 2014\ against the following |
property owned by the Company: |
|
Freehold Land and Property at Abbey Road, Pity Me, Durham |
Long Leasehold Land and Property at Lionheart Enterprise Park, Alnwick |
Freehold Land and Property at Bentham, near Lancaster, North Yorkshire |
|
The carrying value of Freehold property at 31 December 2018 was £2,495,494 [2017 £2,525,863]. |
|
The carrying value of Long Leasehold property at 31 December 2018 £386,158 [2016 £393,202]. |
|
Additionally Barclays Bank plc hold a debenture (on the bank's standard form dated 27 March 2014). |
|
17. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 74,731 | 61,118 |
|
Deferred |
tax |
£ |
Balance at 1 January 2018 |
|
Provided during year |
|
Balance at 31 December 2018 |
|
|
The above deferred tax provision relates wholly to the origination and reversal of timing differences. |
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 100,000 | 100,000 |
|
Each ordinary share is entitled to one vote in any circumstances. Each share has equal rights to dividends and |
each share is entitled to particpate in a distribution arising from a winding up of the Company. |
J.g. Paxton And Sons Limited (Registered number: 01696152) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
19. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 January 2018 |
|
|
4,680,891 |
Profit for the year |
|
|
At 31 December 2018 |
|
|
4,909,677 |
|
20. | PENSION COMMITMENTS |
|
Defined Contribution Scheme |
|
At the end of the financial year, amounts accrued in respect of employee contributions were £1,376 (2017 |
£2,807). |
|
21. | RELATED PARTY DISCLOSURES |
|
amount of rent charged to the profit and loss account during the year was £ |