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No description of principal activity
2020-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00126215
2020-08-01
2021-07-31
00126215
2021-07-31
00126215
2020-07-31
00126215
2019-08-01
2020-07-31
00126215
2020-07-31
00126215
core:PlantMachinery
2020-08-01
2021-07-31
00126215
core:MotorVehicles
2020-08-01
2021-07-31
00126215
bus:Director2
2020-08-01
2021-07-31
00126215
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-07-31
00126215
core:PlantMachinery
2020-07-31
00126215
core:MotorVehicles
2020-07-31
00126215
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-07-31
00126215
core:PlantMachinery
2021-07-31
00126215
core:MotorVehicles
2021-07-31
00126215
core:WithinOneYear
2021-07-31
00126215
core:WithinOneYear
2020-07-31
00126215
core:ShareCapital
2021-07-31
00126215
core:ShareCapital
2020-07-31
00126215
core:RevaluationReserve
2021-07-31
00126215
core:RevaluationReserve
2020-07-31
00126215
core:RetainedEarningsAccumulatedLosses
2021-07-31
00126215
core:RetainedEarningsAccumulatedLosses
2020-07-31
00126215
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-07-31
00126215
core:PlantMachinery
2020-07-31
00126215
core:MotorVehicles
2020-07-31
00126215
bus:SmallEntities
2020-08-01
2021-07-31
00126215
bus:AuditExemptWithAccountantsReport
2020-08-01
2021-07-31
00126215
bus:FullAccounts
2020-08-01
2021-07-31
00126215
bus:SmallCompaniesRegimeForAccounts
2020-08-01
2021-07-31
00126215
bus:PrivateLimitedCompanyLtd
2020-08-01
2021-07-31
00126215
core:OtherPropertyPlantEquipment
2020-08-01
2021-07-31
00126215
core:OtherPropertyPlantEquipment
2020-07-31
00126215
core:InvestmentPropertyIncludedWithinPPE
2020-07-31
00126215
core:InvestmentPropertyIncludedWithinPPE
2020-08-01
2021-07-31
00126215
core:OtherPropertyPlantEquipment
2021-07-31
00126215
core:InvestmentPropertyIncludedWithinPPE
2021-07-31
COMPANY REGISTRATION NUMBER:
00126215
James Meakin & Sons Limited
|
|
Filleted Unaudited Financial Statements
|
|
James Meakin & Sons Limited
|
|
Year ended 31 July 2021
Notes to the financial statements
|
3 to 6
|
|
|
James Meakin & Sons Limited
|
|
31 July 2021
Fixed assets
Tangible assets
|
5
|
286,700
|
268,060
|
|
|
|
|
Current assets
Stocks
|
39,927
|
53,007
|
Debtors
|
6
|
12,537
|
12,609
|
Cash at bank and in hand
|
107,495
|
109,009
|
|
---------
|
---------
|
|
159,959
|
174,625
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
49,225
|
72,093
|
|
---------
|
---------
|
Net current assets
|
110,734
|
102,532
|
|
---------
|
---------
|
Total assets less current liabilities
|
397,434
|
370,592
|
|
|
|
|
Provisions
Taxation including deferred tax
|
46,261
|
42,700
|
|
---------
|
---------
|
Net assets
|
351,173
|
327,892
|
|
---------
|
---------
|
|
|
|
Capital and reserves
Called up share capital
|
2,103
|
2,103
|
Non-distributable reserve
|
224,822
|
212,672
|
Profit and loss account
|
124,248
|
113,117
|
|
---------
|
---------
|
Shareholders funds
|
351,173
|
327,892
|
|
---------
|
---------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit & loss has not been delivered.
For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
James Meakin & Sons Limited
|
|
Balance Sheet (continued)
|
|
31 July 2021
These financial statements were approved by the
board of directors
and authorised for issue on
21 November 2021
, and are signed on behalf of the board by:
Company registration number:
00126215
James Meakin & Sons Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 July 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Station Yard, Pipe Gate, Market Drayton, Salop, TF9 4HX. The company registration number is
00126215
.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. On transition to FRS102 1A land is now being carried at deemed cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and Machinery
|
-
|
15% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
25% straight line
|
|
|
|
|
Freehold land is not depreciated
Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost and subsequently measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost represents the purchase invoice price of materials and the cost of bringing them to their present location. Net realisable value is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand These comprise cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
3
).
5.
Tangible assets
|
Freehold land
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Investment properties
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
Cost or valuation
|
|
|
|
|
|
|
At 1 Aug 2020
|
11,000
|
9,148
|
16,170
|
391
|
255,000
|
291,709
|
Additions
|
–
|
4,790
|
–
|
–
|
–
|
4,790
|
Fair value adjustments
|
–
|
–
|
–
|
–
|
15,000
|
15,000
|
|
--------
|
--------
|
--------
|
----
|
---------
|
---------
|
At 31 Jul 2021
|
11,000
|
13,938
|
16,170
|
391
|
270,000
|
311,499
|
|
--------
|
--------
|
--------
|
----
|
---------
|
---------
|
Depreciation
|
|
|
|
|
|
|
At 1 Aug 2020
|
–
|
8,299
|
14,959
|
391
|
–
|
23,649
|
Charge for the year
|
–
|
846
|
304
|
–
|
–
|
1,150
|
|
--------
|
--------
|
--------
|
----
|
---------
|
---------
|
At 31 Jul 2021
|
–
|
9,145
|
15,263
|
391
|
–
|
24,799
|
|
--------
|
--------
|
--------
|
----
|
---------
|
---------
|
Carrying amount
|
|
|
|
|
|
|
At 31 Jul 2021
|
11,000
|
4,793
|
907
|
–
|
270,000
|
286,700
|
|
--------
|
--------
|
--------
|
----
|
---------
|
---------
|
At 31 Jul 2020
|
11,000
|
849
|
1,211
|
–
|
255,000
|
268,060
|
|
--------
|
--------
|
--------
|
----
|
---------
|
---------
|
|
|
|
|
|
|
|
Freehold land was professionally valued in 1983 at open market value. In accordance with FRS102, land has been included in the accounts at deemed cost. On a historical cost basis freehold land would have been included at cost of £2,470 (2020 - £2,470). Investment property has been valued by the directors at fair value at the balance sheet date.
6.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
9,478
|
8,845
|
Other debtors
|
3,059
|
3,764
|
|
--------
|
--------
|
|
12,537
|
12,609
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
7,902
|
31,468
|
Corporation tax
|
1,899
|
2,982
|
Social security and other taxes
|
6,107
|
7,108
|
Other creditors
|
33,317
|
30,535
|
|
--------
|
--------
|
|
49,225
|
72,093
|
|
--------
|
--------
|
|
|
|
There exists a charge in favour of Barclays Bank PLC in the form of the deposit of deeds against the stables, land and premises owned by the company.
8.
Directors' advances, credits and guarantees
During the year the director maintained a current account with the company. The balance at the end of the year was £140 debit (2020 - £Nil). The balance at the start of the year was £Nil (2020 - £Nil). There were no individually material advances or repayments in the current or previous year. The total repayments during the year were £Nil (2020 - £7,627). Total advances in the year were £140 (2020 - £7,627). The advances were made on an interest free basis.