Company Registration No. 04017646 (England and Wales)
J P WESTALL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
J P WESTALL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J P WESTALL LIMITED
BALANCE SHEET
AS AT 30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
74,636
196,566
Current assets
Stocks
77,619
62,813
Debtors
5
892,829
790,373
Cash at bank and in hand
1,536
1,587
971,984
854,773
Creditors: amounts falling due within one year
6
(553,065)
(659,849)
Net current assets
418,919
194,924
Total assets less current liabilities
493,555
391,490
Creditors: amounts falling due after more than one year
7
(288,053)
(233,490)
Provisions for liabilities
8
(15,576)
(15,576)
Net assets
189,926
142,424
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
89,926
42,424
Total equity
189,926
142,424
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
J P WESTALL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2021 and are signed on its behalf by:
Mr S A Cross
Director
Company Registration No. 04017646
J P WESTALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
J P Westall Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Water House, Burn Lane, Hexham, NE46 3HN.
The company number is 04017646.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
1.2
Going concern
These financial statements have been prepared on the basis that the company is a going concern.
true
The company relies on its bank and the directors for its day-to-day financial requirements. The directors have prepared forecasts that establish that the company will be in a position to meet its commitments as they fall due for at least twelve months from the date of the approval of these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
plumbing and heating
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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:
Leasehold improvements
10% reducing balance
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% straight line
Motor vehicles
25% reducing balance
Showroom equipmernt
Not depreciated as not in use
1.5
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
J P WESTALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.7
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
s
asset are consumed.
1.8
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
22
22
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
300,000
Amortisation and impairment
At 1 July 2019 and 30 June 2020
300,000
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
J P WESTALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Showroom equipmernt
Total
£
£
£
£
Cost
At 1 July 2019
7,881
234,633
100,856
343,370
Additions
-
749
-
749
Disposals
-
-
(100,856)
(100,856)
At 30 June 2020
7,881
235,382
-
243,263
Depreciation and impairment
At 1 July 2019
5,624
141,180
-
146,804
Depreciation charged in the year
199
21,624
-
21,823
At 30 June 2020
5,823
162,804
-
168,627
Carrying amount
At 30 June 2020
2,058
72,578
-
74,636
At 30 June 2019
2,257
93,453
100,856
196,566
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
148,163
163,432
Amounts owed by group undertakings
726,027
595,553
Other debtors
18,639
31,388
892,829
790,373
J P WESTALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
23,839
58,985
Trade creditors
94,726
222,342
Taxation and social security
137,601
68,371
Other creditors
296,899
310,151
553,065
659,849
Included in Creditors: amounts falling due within one year and Creditors: amounts falling due after more than one year are amounts due on a bank loan in the sum of £294,899 which
is
secured on a cross guarantee between JP Westall Limited and Northumbrian Property Services Group Limited. This loan is also secured by personal guarantees provided by the directors.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
274,899
204,611
Other creditors
13,154
28,879
288,053
233,490
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
194,899
-
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
15,576
15,576
J P WESTALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
20,000
20,000
10
Parent company
The ultimate parent undertaking is Northumbrian Property Services Group Limited, whose registered office address is Lipwood Hall, Haydon Bridge, Hexham, NE47 6DY.