John Bradshaw And Son Limited 31/03/2018 iXBRL

Company registration number: 719614

John Bradshaw And Son Limited

Unaudited filleted financial statements

31 March 2018

John Bradshaw And Son Limited

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

John Bradshaw And Son Limited

Directors and other information


Directors	Mr Michael Andrews
	Mr Malcolm Halley	(Resigned 5 August 2018)
	Mr Rodney Seeland
	Mr Davinder Bedi


Company number	719614


Registered office	Centrepoint
	Marshall Stevens Way
	Trafford Park
	Manchester
	M17 1PP


Business address	Centrepoint
	Marshall Stevens Way
	Trafford Park
	Manchester
	M17 1PP


Accountants	Clearlyread Limited
	Chartered Accountants
	18 Neofytou Nicolaidi Avenue
	Paphos
	8011




	Bankers	Royal Bank of Scotland
		5th Floor
		1 Spinningfields Square
		Deansgate
		Manchester M3 3AP

John Bradshaw And Son Limited

Statement of financial position

31 March 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	7	442,228		553,369
Investments	8	35,949		35,863
		_______		_______
			478,177		589,232

Current assets
Stocks	9	14,000		12,000
Debtors	10	538,280		672,166
Cash at bank and in hand		869,451		792,905
		_______		_______
		1,421,731		1,477,071
Creditors: amounts falling due
within one year	11	( 858,960)		( 1,097,917)
		_______		_______
Net current assets			562,771		379,154
			_______		_______
Total assets less current liabilities			1,040,948		968,386

Creditors: amounts falling due
after more than one year	12		( 94,321)		( 168,324)

Provisions for liabilities			( 84,000)		( 102,000)

			_______		_______
Net assets			862,627		698,062
			_______		_______

Capital and reserves
Called up share capital	15		25,500		25,500
Profit and loss account			837,127		672,562
			_______		_______
Shareholders funds			862,627		698,062
			_______		_______

For the year ending 31 March 2018 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.

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 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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

Mr Michael Andrews

Director

Company registration number: 719614

John Bradshaw And Son Limited

Statement of changes in equity

Year ended 31 March 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2016	25,500	596,922	622,422

Profit for the year		168,066	168,066
	_______	_______	_______
Total comprehensive income for the year	-	168,066	168,066

Dividends paid and payable		( 92,426)	( 92,426)
	_______	_______	_______
Total investments by and distributions to owners	-	( 92,426)	( 92,426)

	_______	_______	_______
At 31 March 2017 and 1 April 2017	25,500	672,562	698,062

Profit for the year		214,565	214,565
	_______	_______	_______
Total comprehensive income for the year	-	214,565	214,565

Dividends paid and payable		( 50,000)	( 50,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 50,000)	( 50,000)

	_______	_______	_______
At 31 March 2018	25,500	837,127	862,627
	_______	_______	_______

John Bradshaw And Son Limited

Notes to the financial statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Centrepoint, Marshall Stevens Way, Trafford Park, Manchester, M17 1PP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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 %	straight line
Fittings fixtures and equipment	-	15 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year amounted to 69 (2017: 69 ).

5. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2018	2017
	£	£
Remuneration	178,251	117,275
Company contributions to pension schemes in respect of qualifying services	13,917	10,800
	_______	_______
	192,168	128,075
	_______	_______

6. Dividends

Equity dividends

	2018	2017
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	50,000	92,426
	_______	_______

7. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2017	295,970	109,525	1,421,430	1,826,925
Additions	1,264	-	62,002	63,266
Disposals	-	-	( 3,000)	( 3,000)
	_______	_______	_______	_______
At 31 March 2018	297,234	109,525	1,480,432	1,887,191
	_______	_______	_______	_______
Depreciation
At 1 April 2017	242,333	100,942	930,281	1,273,556
Charge for the year	22,107	2,529	149,771	174,407
Disposals	-	-	( 3,000)	( 3,000)
	_______	_______	_______	_______
At 31 March 2018	264,440	103,471	1,077,052	1,444,963
	_______	_______	_______	_______
Carrying amount
At 31 March 2018	32,794	6,054	403,380	442,228
	_______	_______	_______	_______
At 31 March 2017	53,637	8,583	491,149	553,369
	_______	_______	_______	_______

8. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 April 2017	35,863	35,863
Additions	86	86
	_______	_______
At 31 March 2018	35,949	35,949
	_______	_______
Impairment
At 1 April 2017 and 31 March 2018	-	-
	_______	_______
Carrying amount
At 31 March 2018	35,949	35,949
	_______	_______
At 31 March 2017	35,863	35,863
	_______	_______

9. Stocks

	2018	2017
	£	£
Finished goods	14,000	12,000
	_______	_______

10. Debtors

	2018	2017
	£	£
Trade debtors	351,307	384,367
Amounts due from related company	67,385	85,773
Other debtors	119,588	202,026
	_______	_______
	538,280	672,166
	_______	_______

11. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	23,125	21,600
Trade creditors	214,166	354,929
Corporation tax	64,562	30,955
Social security and other taxes	122,896	113,206
Other creditors	434,211	577,227
	_______	_______
	858,960	1,097,917
	_______	_______

12. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	-	9,444
Other creditors	94,321	158,880
	_______	_______
	94,321	168,324
	_______	_______

13. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2018	2017
	£	£
Not later than 1 year	89,497	122,665
Later than 1 year and not later than 5 years	94,321	158,880
	_______	_______
	183,818	281,545
	_______	_______
Present value of minimum lease payments	183,818	281,545
	_______	_______

14. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 31,383 (2017: £ 32,362 ).

15. Called up share capital

Authorised share capital

	2018		2017
	No	£	No	£
Ordinary shares shares of £ 1.00 each	150,000	150,000	150,000	150,000
Ordinary shares of class B,C,D,E& F shares of £ 1.00 each	500	500	500	500
	_______	_______	_______	_______
	150,500	150,500	150,500	150,500
	_______	_______	_______	_______

Issued, called up and fully paid

	2018		2017
	No	£	No	£
Ordinary shares shares of £ 1.00 each	25,000	25,000	25,000	25,000
Ordinary shares of class B,C,D,E& F shares of £ 1.00 each	500	500	500	500
	_______	_______	_______	_______
	25,500	25,500	25,500	25,500
	_______	_______	_______	_______

16. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	199,155	183,865
Later than 1 year and not later than 5 years	20,912	167,556
	_______	_______
	220,067	351,421
	_______	_______

17. Charge on assets

The bank loan is secured by a debenture on the assets of the company.

18. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Michael Andrews	( 1,032)	343	-	( 689)
	Mr Malcolm Halley	( 834)	371	-	( 463)
	Mr Rodney Seeland	( 6,841)	765	-	( 6,076)
		_______	_______	_______	_______
		( 8,707)	1,479	-	( 7,228)
		_______	_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Michael Andrews	( 754)	( 278)	-	( 1,032)
	Mr Malcolm Halley	( 1,705)	-	871	( 834)
	Mr Rodney Seeland	-	( 6,841)	-	( 6,841)
		_______	_______	_______	_______
		( 2,459)	( 7,119)	871	( 8,707)
		_______	_______	_______	_______

19. Related party transactions

The management charge of £52,909(2017 £46,962) was paid to Clearly Read Limited, which is registered in Cyprus and 100% owned by Mr Bedi,a director of this Company. Various expenses incurred by the Company on behalf of Bradshaws of Leicester Limited have been recharged. The Company sold no vehicles to Bradshaws of Leicester Limited (2017 two at £12000 each).At 31 March 2018 the Company was owed £67,385 (2017 £85,773) from Bradshaws of Leicester Limited.