Registration number:
Jeremy Rogers Limited
for the Year Ended 30 April 2020
Jeremy Rogers Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
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Detailed Profit and Loss Account |
Jeremy Rogers Limited
Company Information
Directors |
Mr JC Rogers MBE Mr CT Rogers |
Registered office |
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Accountants |
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Jeremy Rogers Limited
Directors' Report for the Year Ended 30 April 2020
The directors present their report and the abridged financial statements for the year ended 30 April 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of boat design and manufacture.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Jeremy Rogers Limited
for the Year Ended 30 April 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Jeremy Rogers Limited for the year ended 30 April 2020 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Jeremy Rogers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jeremy Rogers Limited and state those matters that we have agreed to state to the Board of Directors of Jeremy Rogers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jeremy Rogers Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Jeremy Rogers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jeremy Rogers Limited. You consider that Jeremy Rogers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Jeremy Rogers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
Grigg Lane
Brockenhurst
Hampshire
SO42 7PG
Jeremy Rogers Limited
Abridged Profit and Loss Account for the Year Ended 30 April 2020
Note |
2020 |
2019 |
|
Gross profit |
|
|
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Jeremy Rogers Limited
Statement of Comprehensive Income for the Year Ended 30 April 2020
2020 |
2019 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
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Jeremy Rogers Limited
(Registration number: 04167238)
Abridged Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
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Fixed assets |
|||
Tangible assets |
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Current assets |
|||
Stocks |
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|
|
Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Accruals and deferred income |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
1,501 |
1,501 |
|
Other reserves |
10,235 |
8,235 |
|
Profit and loss account |
310,279 |
293,102 |
|
Shareholders' funds |
322,015 |
302,838 |
For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
Jeremy Rogers Limited
(Registration number: 04167238)
Abridged Balance Sheet as at 30 April 2020
.........................................
Director
Jeremy Rogers Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Jeremy Rogers Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
5% straight line |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Jeremy Rogers Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Jeremy Rogers Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2020
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2020 |
2019 |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Jeremy Rogers Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2020
Intangible assets |
Total |
|
Cost or valuation |
|
At 1 May 2019 |
|
At 30 April 2020 |
|
Amortisation |
|
At 1 May 2019 |
|
At 30 April 2020 |
|
Carrying amount |
|
At 30 April 2020 |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2019 |
|
|
|
|
Additions |
- |
|
- |
|
At 30 April 2020 |
|
|
|
|
Depreciation |
||||
At 1 May 2019 |
|
|
|
|
Charge for the year |
|
|
|
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At 30 April 2020 |
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|
|
|
Carrying amount |
||||
At 30 April 2020 |
|
|
|
|
At 30 April 2019 |
|
|
|
|
Included within the net book value of land and buildings above is £4,354 (2019 - £4,899) in respect of freehold land and buildings.
Stocks |
2020 |
2019 |
|
Other inventories |
|
|
Jeremy Rogers Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2020
Dividends |
Interim dividends paid
2020 |
2019 |
|||
Interim dividend of £
|
|
|
||
Interim dividend of £
|
|
|
||
Interim dividend of £
|
|
|
||
Interim dividend of 36,000 (2019 - 35,000) per each JI Ordinary shares |
36,000 |
35,000 |
||
|
|
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2020 |
2019 |
|
Remuneration |
|
|
Jeremy Rogers Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2020
2020 |
2019 |
|
Turnover (analysed below) |
2,183,984 |
1,736,016 |
Cost of sales (analysed below) |
(1,666,110) |
(1,271,890) |
Gross profit |
517,874 |
464,126 |
Gross profit (%) |
23.71% |
26.74% |
Administrative expenses |
||
Employment costs (analysed below) |
(115,258) |
(95,824) |
Establishment costs (analysed below) |
(127,542) |
(126,808) |
General administrative expenses (analysed below) |
(69,617) |
(78,059) |
Finance charges (analysed below) |
(1,787) |
(3,103) |
Depreciation costs (analysed below) |
(18,720) |
(29,256) |
(332,924) |
(333,050) |
|
Other operating income (analysed below) |
340 |
- |
Operating profit |
185,290 |
131,076 |
Other interest receivable and similar income (analysed below) |
- |
22 |
Interest payable and similar expenses (analysed below) |
(287) |
(108) |
(287) |
(86) |
|
Profit before tax |
185,003 |
130,990 |
Jeremy Rogers Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2020
2020 |
2019 |
Turnover |
||
Sale of goods, UK |
2,163,010 |
1,736,016 |
Commissions receivable |
42 |
- |
Grants and subsidies receivable |
20,932 |
- |
2,183,984 |
1,736,016 |
Cost of sales |
||
Opening raw materials |
(244,771) |
(196,898) |
Purchases |
(893,399) |
(663,778) |
Closing raw materials |
268,427 |
244,771 |
Wages and salaries (excluding directors) |
(361,794) |
(322,470) |
Staff NIC (Employers) |
(29,162) |
(25,007) |
Subcontract cost |
(174,027) |
(122,670) |
Staff training |
(1,477) |
(837) |
Commissions payable |
(229,907) |
(185,001) |
(1,666,110) |
(1,271,890) |
Employment costs |
||
Wages and salaries (excluding directors) |
(86,487) |
(70,996) |
Staff NIC (Employers) |
(6,734) |
(6,179) |
Directors remuneration |
(8,628) |
(8,441) |
Staff pensions (Defined contribution) |
(9,315) |
(5,834) |
Staff welfare |
(4,094) |
(4,374) |
(115,258) |
(95,824) |
Establishment costs |
||
Rent |
(42,367) |
(44,137) |
Rates |
(12,375) |
(13,469) |
Water rates |
(683) |
(1,000) |
Light, heat and power |
(11,999) |
(9,162) |
Insurance |
(19,658) |
(18,879) |
Use of home as office |
(1,040) |
(1,040) |
Repairs and maintenance |
(22,315) |
(21,947) |
Repairs and renewals |
(8,849) |
(7,126) |
Health, safety and protective clothing costs |
(8,256) |
(10,048) |
(127,542) |
(126,808) |
General administrative expenses |
||
Telephone and fax |
(3,665) |
(4,549) |
Computer software and maintenance costs |
- |
(275) |
Printing, postage and stationery |
(2,584) |
(2,658) |
Trade subscriptions |
(6,099) |
(3,142) |
Jeremy Rogers Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2020
2020 |
2019 |
Charitable donations |
(1,000) |
(175) |
Hire of other assets (Operating leases) |
(1,480) |
(1,480) |
Sundry expenses |
- |
(25) |
Motor expenses |
(8,720) |
(8,403) |
Travel and subsistence |
(1,653) |
(2,195) |
Advertising |
(32,262) |
(43,984) |
Accountancy fees |
(7,005) |
(6,722) |
Consultancy fees |
(2,534) |
(3,770) |
Legal and professional fees |
(2,615) |
(681) |
(69,617) |
(78,059) |
Finance charges |
||
Bank charges |
(1,787) |
(3,103) |
Depreciation costs |
||
Amortisation of goodwill |
- |
(10,000) |
Depreciation of long leasehold property |
(545) |
(545) |
Depreciation of plant and machinery (owned) |
(12,571) |
(14,094) |
Depreciation of fixtures and fittings (owned) |
(214) |
(285) |
Depreciation of motor vehicles (owned) |
(943) |
(1,257) |
Depreciation of office equipment (owned) |
(4,447) |
(3,075) |
(18,720) |
(29,256) |
Other operating income |
||
Other operating income |
340 |
- |
Other interest receivable and similar income |
||
Bank interest receivable |
- |
22 |
Interest payable and similar expenses |
||
Bank interest payable |
(8) |
(108) |
Other interest payable |
(279) |
- |
(287) |
(108) |