Company Registration No. 02999887 (England and Wales)
J. H. LAVENDER & COMPANY LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
J. H. LAVENDER & COMPANY LTD
COMPANY INFORMATION
Directors
Dr A J Rose
Mr J M Warner
Mr I M Timings
Mr A V Taylor
(Appointed 19 May 2019)
Secretary
Mr A V Taylor
Company number
02999887
Registered office
Hall Green Works
Crankhall Lane
West Bromwich
West Midlands
B71 3JZ
Auditor
Baldwins Audit Services
Ventura House
Ventura Park Road
Tamworth
Staffordshire
B78 3HL
J. H. LAVENDER & COMPANY LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
J. H. LAVENDER & COMPANY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
- 1 -
The directors present the strategic report for the year ended 31 October 2019.
Fair review of the business
Year End Position as at 31
st
October 2019
2019 was a very challenging year on several fronts due to on-going Brexit and other related issues, further uncertainty in the automotive sector has arisen due to the proposed demise of combustion engine sales by 2040 resulting in the need for advancement of electrification programmes. The continued trade wars between China and the USA, the 2 largest and most influential economies in the world also causes concern as this friction fuels a lack of consumer confidence.
All of these factors have had a negative impact on the demand for aluminium castings particularly in the UK where a number of OEM’s have taken extended shutdown periods.
Taking all of this into consideration, the Board remain extremely positive regarding the performance of the business in the last 12 months. Sales achieved in 2019 were £8,353,306, in comparison to £8,821,582 in 2018 and £8,362,826 in 2017. So even though this reflects a £468,276 (5.3%) reduction, £270,000 of this can be accounted for due to the reduction in aluminium prices during the year. This therefore demonstrates that overall sales have been consistent with the previous 2 years and the anticipated slump in sales has been mitigated.
At the start of the year the Board adopted the realistic view that this year was very much going to be a year of consolidation and therefore the profit before tax target was break-even. As the figures show, a nominal profit before tax figure of £32,295 was actually achieved, which is in line with expectations. In addition this further strengthens the company's balance sheet by 6.7% increasing from £3,107,234 to £3,315,368.
During the year, the company has incurred significant additional costs in re-locating both existing and new CNC equipment into the new machining facility. The strategic plan that has been followed has been key to ensuring this facility is set-up utilising world class manufacturing techniques to optimize resources and maximize processing efficiency.
Further significant costs have been incurred in the year in relation to the casting of new light weight high strength “exotic” alloys. The resources allocated to this have been on a two-fold basis, firstly in order to sample and approve newly secured components used in the PHEV and pure EV markets, which become production items in 2020 and secondly to assist a major tier 1 automotive company in developing a new alloy specific to their requirements.
In summary the Directors are more than pleased to be able to report a profit in what has been a most turbulent year, whilst also continuing to finance investment in new technologies and facilities for the future.
Principal risks and uncertainties
Price Risk
The price of aluminium over the last 12 months has reduced by over 20% from £1,475 to £1,175 per metric ton. There is uncertainty in the future cost of aluminium, however this is mitigated by agreements that allows the company to pass on any movements in price to the customer.
Interest Rate Risk
The company's invoice discounting facility is linked to the Bank of England base rate and although it has been stable at historic lows for several years now, the inevitable rise in rates in coming years, will expose the company to an element of interest rate risk.
Economy Risk
As was seen in 2009, an economic downturn within the UK and the rest of Europe can severely impact on the trading ability of the company.
J. H. LAVENDER & COMPANY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
Key performance indicators
Analysis using key performance indicators:
Profit ratio
Pre-tax profit margin 0.39% (2018: 3.19%)
Liquidity ratio
Current ratio 1.07 (2018: 1.03)
Capital ratio
Interest cover 1.37 (2018: 4.13)
Events after the reporting period
COVID-19
Towards the end of March 2020, the increasing threat of COVID-19 within the UK began to have a significant impact on sales as companies suspended trading in light of the Government lockdown restrictions. With very short notice customers cancelled orders resulting in sales for the month of April 2020 being reduced dramatically. The Board therefore took the difficult decision to close the business from the 1
st
April 2020 for a three week period. All employees, apart from key members of the management team, were put on furlough in line with Government legislation.
During this time, the Board were successful in securing a CBILS loan supported by the Government via its bankers HSBC. This funding not only provided the immediate working capital required to finance the business in the short-term, but based on extremely pessimistic sales forecasts, it supports our cash flow position for the long-term.
Due to requirements from customers operating in the medical and gas industries the business re-opened on 22
nd
April 2020. Despite this demand, May was still a subdued month, with sales again reduced by approximately 85%. However, from June onwards sales increased to 60% of pre-COVID-19 levels and the Board are pleased to confirm this trend is set to continue based on sales forecasts provided by customers and will be up to approximately 80% of previous forecasted sales levels for the remainder of the current financial year.
Going Concern
The directors have prepared financial forecasts for a period of 12 months from the date sign off signature of the accounts and considered the banking facilities available to the group. The company forecasts a substantial reduction in turnover during the current financial year which will result in a loss. However, cash flow is strong and so too is the order book for 2021, as not only are previous sales levels returning, but also new projects are due to commence. The directors are confident that the business has positioned itself well to evolve out of the COVID-19 pandemic with a strong future. Accordingly they are satisfied that it is appropriate that the accounts are prepared on a going concern basis.
Mr I M Timings
Director
27 August 2020
J. H. LAVENDER & COMPANY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2019.
Principal activities
The principal activity of the company continued to be that of
aluminium pressure and gravity diecasters and machinists.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr A J Rose
Mr J M Warner
Mr I M Timings
Mr A V Taylor
(Appointed 19 May 2019)
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £90,660. The directors do not recommend payment of a further dividend.
Research and development
The company incurs on-going expenditure in various areas of research and development. A complete tooling design and manufacturing service is offered, utilising our extensive engineering experience. The Technical and Quality staff are involved with assisting customers from the inception of their design right through to the manufacture of production parts. Input, advice and feedback from sampling procedures all assist the product engineers with making sure the final product is as per specification and fit for purpose.
The same resources are also applied to achieve optimum manufacturing and quality standards for existing parts. Frequent design modifications to components are undertaken along with modifications to improve both quality and the casting process itself. The development of production techniques are refined and modified accordingly to ensure all objectives are met.
The Board of Directors view this item of expenditure as essential in developing customer relations and in ensuring that the casting process is as efficient and robust as possible, to maintain quality of product for the customer and to maintain margins for the Company itself.
Future developments
Due to the factors mentioned in the opening paragraph of the strategic report the Directors anticipated 2020 to prove to be a challenging year similar to that of 2019. However, with the outbreak of COVID-19, challenging is somewhat of a massive understatement based on the impact that the virus has had on businesses of all types throughout the world.
The company has secured contracts for the supply of fully machined and assembled castings on a tier 1 basis to a number of major automotive OEM’s. However, due to the impact of COVID-19 production start dates have now been delayed until 2021 in most cases. This means that a majority of the new contracts will now commence full production during the second half of 2021 and from then on will generate high levels of sales for the following 5 years. To fall in line with these contract delays and due to the current reductions in existing sales, the Board has delayed the purchase of a new fully automated 1600 ton pressure die-casting cell until the second half of 2021.
In line with increasing demand, employees are being taken off furlough leave and have returned to work on a weekly basis since 22
nd
April 2020. The business will continue to utilise the support provided from the Government via the job retention scheme over the coming months. Due to substantial new contracts commencing in 2021 the company is planning to maintain its highly skilled workforce, to not only facilitate the increase in its existing order book, but also to service these new contracts.
J. H. LAVENDER & COMPANY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
Auditor
Baldwins Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr I M Timings
Director
27 August 2020
J. H. LAVENDER & COMPANY LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2019
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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). 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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
J. H. LAVENDER & COMPANY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J. H. LAVENDER & COMPANY LTD
- 6 -
Opinion
We have audited the financial statements of J. H. Lavender & Company Ltd (the 'company') for the year ended 31 October 2019 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 October 2019 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.
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
Auditor's
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.
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:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
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
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
J. H. LAVENDER & COMPANY LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J. H. LAVENDER & COMPANY LTD
- 7 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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:
-
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.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an auditor’s report 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
J. H. LAVENDER & COMPANY LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J. H. LAVENDER & COMPANY LTD
- 8 -
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 an auditor's report 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.
Miss Lisa Emery (Senior Statutory Auditor)
for and on behalf of Baldwins Audit Services
27 August 2020
Statutory Auditor
Ventura House
Ventura Park Road
Tamworth
Staffordshire
B78 3HL
J. H. LAVENDER & COMPANY LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2019
- 9 -
2019
2018
Notes
£
£
Turnover
3
8,353,306
8,821,582
Cost of sales
(6,962,656)
(7,183,550)
Gross profit
1,390,650
1,638,032
Administrative expenses
(1,331,998)
(1,326,508)
Other operating income
59,416
59,416
Operating profit
4
118,068
370,940
Interest receivable and similar income
7
360
45
Interest payable and similar expenses
8
(86,133)
(89,776)
Profit before taxation
32,295
281,209
Tax on profit
9
266,499
119,237
Profit for the financial year
298,794
400,446
The profit and loss account has been prepared on the basis that all operations are continuing operations.
J. H. LAVENDER & COMPANY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2019
- 10 -
2019
2018
£
£
Profit for the year
298,794
400,446
Other comprehensive income
-
-
Total comprehensive income for the year
298,794
400,446
J. H. LAVENDER & COMPANY LTD
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 11 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,711,711
3,812,930
Current assets
Stocks
13
951,152
884,408
Debtors
14
3,336,541
3,036,148
Cash at bank and in hand
188
14,778
4,287,881
3,935,334
Creditors: amounts falling due within one year
15
(4,000,689)
(3,825,722)
Net current assets
287,192
109,612
Total assets less current liabilities
3,998,903
3,922,542
Creditors: amounts falling due after more than one year
16
(248,991)
(346,423)
Provisions for liabilities
19
(434,544)
(468,885)
Net assets
3,315,368
3,107,234
Capital and reserves
Called up share capital
23
1,000
1,000
Profit and loss reserves
3,314,368
3,106,234
Total equity
3,315,368
3,107,234
The financial statements were approved by the board of directors and authorised for issue on 27 August 2020 and are signed on its behalf by:
Mr I M Timings
Director
Company Registration No. 02999887
J. H. LAVENDER & COMPANY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2019
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2017
1,000
2,796,448
2,797,448
Year ended 31 October 2018:
Profit and total comprehensive income for the year
-
400,446
400,446
Dividends
10
-
(90,660)
(90,660)
Balance at 31 October 2018
1,000
3,106,234
3,107,234
Year ended 31 October 2019:
Profit and total comprehensive income for the year
-
298,794
298,794
Dividends
10
-
(90,660)
(90,660)
Balance at 31 October 2019
1,000
3,314,368
3,315,368
J. H. LAVENDER & COMPANY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 13 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(5,860)
48,000
Interest paid
(86,133)
(89,776)
Income taxes refunded
187,905
54,359
Net cash inflow from operating activities
95,912
12,583
Investing activities
Purchase of tangible fixed assets
(238,120)
(195,438)
Proceeds on disposal of tangible fixed assets
18,432
16,154
Interest received
360
45
Net cash used in investing activities
(219,328)
(179,239)
Financing activities
Proceeds of new bank loans
242,649
498,015
Payment of finance leases obligations
(128,891)
(228,958)
Dividends paid
(90,660)
(90,660)
Net cash generated from financing activities
23,098
178,397
Net (decrease)/increase in cash and cash equivalents
(100,318)
11,741
Cash and cash equivalents at beginning of year
14,778
3,037
Cash and cash equivalents at end of year
(85,540)
14,778
Relating to:
Cash at bank and in hand
188
14,778
Bank overdrafts included in creditors payable within one year
(85,728)
-
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 14 -
1
Accounting policies
Company information
J. H. Lavender & Company Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hall Green Works, Crankhall Lane, West Bromwich, West Midlands, B71 3JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared the financial statements on the going concern basis. Uncertainties arise from the impact of Covid19 and negotiations surrounding the UK's exit from the European Union. In view of these uncertainties the directors have taken steps to secure the funding available to the company such that it is able to overcome these uncertainties. It has applied for and received additional banking facilities and obtained a further injection of share capital from its shareholders which enables the company to continue to trade and to meet its debts and liabilities as they fall due.
The directors have prepared financial forecasts for a period of 12 months from the date sign off signature of the accounts and considered the banking facilities available to the group. The company forecasts a substantial reduction in turnover during the current financial year which will result in a loss. However, cash flow is strong and so too is the order book for 2021, as not only are previous sales levels returning, but also new projects are due to commence. The directors are confident that the business has positioned itself well to evolve out of the COVID-19 pandemic with a strong future. Accordingly they are satisfied that it is appropriate that the accounts are prepared on a going concern basis. The directors have therefore continued to prepare the accounts on the going concern basis
1.3
Turnover
Turnover represents
net invoiced sales of goods, excluding value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
8% to 20% on reducing balance
Fixtures, fittings & equipment
8% to 33.3% on reducing balance
Computer equipment
33.3% on reducing balance
Motor vehicles
33.3% on reducing balance
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 15 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 16 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value
through
profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Contributions are charged to the profit and loss account in the year they are payable
, in accordance with the rules of the scheme.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 19 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2019
2018
£
£
Turnover analysed by class of business
Principal activity
8,353,306
8,821,582
2019
2018
£
£
Other significant revenue
Interest income
360
45
Grants received
59,416
59,416
2019
2018
£
£
Turnover analysed by geographical market
United Kingdom
6,107,446
6,979,798
Europe
2,212,724
1,784,610
United States of America
1,495
959
South America
31,641
56,215
8,353,306
8,821,582
4
Operating profit
2019
2018
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(59,416)
(59,416)
Fees payable to the company's auditor for the audit of the company's financial statements
11,740
11,435
Depreciation of owned tangible fixed assets
326,942
276,093
Depreciation of tangible fixed assets held under finance leases
16,853
84,506
Profit on disposal of tangible fixed assets
-
(13,960)
Cost of stocks recognised as an expense
3,750,882
3,784,544
Operating lease charges
12,518
11,315
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 20 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Production staff
55
60
Management and administration
21
22
Directors
4
3
80
85
Their aggregate remuneration comprised:
2019
2018
£
£
Wages and salaries
2,637,599
2,763,846
Social security costs
274,800
287,880
Pension costs
135,231
132,390
3,047,630
3,184,116
6
Directors' remuneration
2019
2018
£
£
Remuneration for qualifying services
322,740
266,734
Company pension contributions to defined contribution schemes
23,596
19,327
346,336
286,061
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2018 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2019
2018
£
£
Remuneration for qualifying services
181,399
180,143
Company pension contributions to defined contribution schemes
19,906
19,327
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 21 -
7
Interest receivable and similar income
2019
2018
£
£
Interest income
Interest on bank deposits
360
45
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
360
45
8
Interest payable and similar expenses
2019
2018
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
25,977
17,178
Interest on invoice finance arrangements
42,865
43,073
68,842
60,251
Other finance costs:
Interest on finance leases and hire purchase contracts
14,299
26,350
Other interest
2,992
3,175
86,133
89,776
9
Taxation
2019
2018
£
£
Current tax
Adjustments in respect of prior periods
(232,158)
(140,970)
Deferred tax
Origination and reversal of timing differences
20,102
9,500
Tax losses carried forward
(54,443)
12,233
Total deferred tax
(34,341)
21,733
Total tax credit
(266,499)
(119,237)
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
9
Taxation
(Continued)
- 22 -
The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
32,295
281,209
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
6,136
53,430
Tax effect of expenses that are not deductible in determining taxable profit
74
1,309
Tax effect of income not taxable in determining taxable profit
(11,289)
(13,941)
Tax effect of utilisation of tax losses not previously recognised
-
(36,073)
Unutilised tax losses carried forward
18,370
-
Research and development tax credit
(232,158)
(140,970)
Depreciation addback
65,321
68,513
Capital allowances
(78,612)
(73,238)
Deferred taxation movement
(34,341)
21,733
Taxation credit for the year
(266,499)
(119,237)
10
Dividends
2019
2018
£
£
Final paid
90,660
90,660
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 23 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2018
8,210,975
62,487
295,047
111,241
8,679,750
Additions
227,282
611
10,227
22,888
261,008
Disposals
(9,256)
-
-
(37,750)
(47,006)
At 31 October 2019
8,429,001
63,098
305,274
96,379
8,893,752
Depreciation and impairment
At 1 November 2018
4,530,360
49,835
224,960
61,665
4,866,820
Depreciation charged in the year
290,036
4,178
32,807
16,774
343,795
Eliminated in respect of disposals
-
-
-
(28,574)
(28,574)
At 31 October 2019
4,820,396
54,013
257,767
49,865
5,182,041
Carrying amount
At 31 October 2019
3,608,605
9,085
47,507
46,514
3,711,711
At 31 October 2018
3,680,615
12,652
70,087
49,576
3,812,930
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Plant and machinery
291,402
1,175,960
Motor vehicles
20,345
-
311,747
1,175,960
12
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,097,941
2,852,630
Carrying amount of financial liabilities
Measured at amortised cost
3,778,124
3,653,847
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 24 -
13
Stocks
2019
2018
£
£
Raw materials and consumables
20,761
23,330
Work in progress
930,391
861,078
951,152
884,408
14
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
2,109,343
2,131,623
Corporation tax recoverable
170,086
125,833
Amounts owed by group undertakings
982,598
715,007
Other debtors
6,000
6,000
Prepayments and accrued income
68,514
57,685
3,336,541
3,036,148
Included in the above trade debtors figure are balances totalling £1,667,223 (2018: £1,877,742) that are subject to invoice finance arrangements. The trade debtor balances have been transferred to the counterparty, though the transaction does not qualify for derecognition on the basis that the late payment risk is retained by the company. The associated liability recognised in creditors amounts to £1,502,695 (2018: £1,329,544).
15
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
17
2,338,423
2,010,046
Obligations under finance leases
18
59,378
127,366
Trade creditors
1,272,988
1,361,787
Taxation and social security
202,067
189,392
Government grants
21
59,416
59,416
Other creditors
17,228
24,012
Accruals and deferred income
51,189
53,703
4,000,689
3,825,722
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 25 -
16
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
18
38,918
76,933
Government grants
21
210,073
269,490
248,991
346,423
17
Loans and overdrafts
2019
2018
£
£
Bank loans
2,252,695
2,010,046
Bank overdrafts
85,728
-
2,338,423
2,010,046
Payable within one year
2,338,423
2,010,046
Secured debts
The finance leases are secured by a chattels mortgage, dated 01/10/2010, and there is a legal assignment of contract monies, dated 26/03/2014, both with HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd.
The invoice discounting account is secured by a fixed charge on non-vesting debts and floating charge, dated 22/09/2009, with HSBC Invoice Finance (UK) Ltd.
The bank borrowings are further secured by a debenture with HSBC Bank Plc, dated 24/09/2009, a composite company unlimited multilateral unlimited guarantee with HSBC Plc dated 24/09/2009 and a legal assignment of contract monies, with HSBC Bank Plc, dated 10/07/2012.
The parent company J H Lavender (Holdings) Ltd holds a legal mortgage with HSBC Bank plc for the land on the east side of Crankhall Lane, dated 03/11/17, to secure the debt of J H Lavender & Co Ltd.
18
Finance lease obligations
2019
2018
Future minimum lease payments due under finance leases:
£
£
Within one year
65,420
141,391
In two to five years
43,924
84,147
109,344
225,538
Less: future finance charges
(11,048)
(21,239)
98,296
204,299
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
18
Finance lease obligations
(Continued)
- 26 -
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Provisions for liabilities
2019
2018
Notes
£
£
Deferred tax liabilities
20
434,544
468,885
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
522,459
502,357
Tax losses
(87,915)
(33,472)
434,544
468,885
2019
Movements in the year:
£
Liability at 1 November 2018
468,885
Credit to profit or loss
(34,341)
Liability at 31 October 2019
434,544
21
Government grants
Deferred income is included in the financial statements as follows:
2019
2018
£
£
Current liabilities
59,416
59,416
Non-current liabilities
210,073
269,490
269,489
328,906
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 27 -
22
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,231
132,390
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2019
2018
£
£
Within one year
42,987
39,656
Between two and five years
43,800
65,708
86,787
105,364
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2019
2018
£
£
Acquisition of tangible fixed assets
-
50,099
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 28 -
26
Events after the reporting date
Since the year end, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. The company has been fortunate enough to be able to postpone some of its non essential contracts whilst servicing others remotely.
Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic conditions and the company has utilised the Governments 'Job Retention Scheme' in respect of furloughed employees and received £1million from the 'Coronavirus Business Interruption Loan Scheme'.
The company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 October 2019 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. The COVID-19 pandemic is not expected to impact on the going concern of the business.
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2019
2018
£
£
Aggregate compensation
346,336
286,061
The company has taken advantage of exemptions available under FRS 102.33.1A whereby transactions between two or more members of a group, where one is a wholly owned subsidiary of the other, have not been disclosed.
28
Ultimate controlling party
The parent company of J. H. Lavender & Company Ltd is J. H. Lavender (Holdings) Ltd.
The directors of J. H. Lavender (Holdings) Limited are regarded as its controlling parties by virtue of their ability to act in concert in respect of the operations of the company.
J. H. Lavender & Company Ltd is consolidated into J. H. Lavender (Holdings) Ltd group accounts.
J. H. LAVENDER & COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 29 -
29
Cash (absorbed by)/generated from operations
2019
2018
£
£
Profit for the year after tax
298,794
400,446
Adjustments for:
Taxation credited
(266,499)
(119,237)
Finance costs
86,133
89,776
Investment income
(360)
(45)
Gain on disposal of tangible fixed assets
-
(13,960)
Depreciation and impairment of tangible fixed assets
343,795
360,599
Movements in working capital:
Increase in stocks
(66,744)
(243,708)
Increase in debtors
(256,140)
(533,304)
(Decrease)/increase in creditors
(85,422)
104,395
(Decrease)/increase in deferred income
(59,417)
3,038
Cash (absorbed by)/generated from operations
(5,860)
48,000
30
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
2019-10-31
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