REGISTERED NUMBER: |
J & A (INTERNATIONAL) LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
REGISTERED NUMBER: |
J & A (INTERNATIONAL) LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 4 |
Report of the Directors | 5 | to | 6 |
Report of the Independent Auditors | 7 | to | 8 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 | to | 23 |
J & A (INTERNATIONAL) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
4 Henley Way |
Doddington Road |
Lincoln |
Lincolnshire |
LN6 3QR |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
The directors present their strategic report for the year ended 31 December 2017. |
REVIEW OF BUSINESS |
During 2017, the directors continued to commit to growing the business and to investing in new technology. |
2017 | 2016 | Change |
£ | £ | % |
Turnover | 12,491,040 | 11,323,935 | 10 |
Gross profit | 6,588,630 | 6,034,479 | 9 |
Administrative expenses |
3,994,185 |
3,860,858 |
3 |
Profit after tax | 2,329,136 | 1,770,803 | 32 |
Average number of employees |
138 |
130 |
The company traded very well during the year, increasing sales by 10% compared to the previous trading year of 2016. |
Administrative expenses increased by 3% compared to the previous year with staff numbers having increased to assist |
the company with its expansion and with overseas sales growth. |
The company is committed to pursuing responsible and social practices as set out by its Environment & Quality report |
which highlights the company's efforts to meet the following criteria: |
- Comply with legal requirements |
- Continual improvement, development and review |
- Minimise emissions, waste and use of raw materials and energy |
- Ensure wherever possible, waste products are reusable or able to be disposed of in an environmentally responsible |
manner |
- Prioritise health, safety and environmental measures. |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is affected by a number of factors, the principal ones of which are: |
- The company is exposed to the risk of negative developments in global and regional economies and financial |
markets, either directly or through the impact on the company's bankers, suppliers or customers. These developments |
can result in recession, inflation, deflation, currency fluctuations, restrictions in the availability of credit, business |
failures in the customer or supplier base, or increases in financing costs, and in the cost of utilities, raw materials and |
finished products. Such developments might increase operating costs, reduce revenues, lower asset values or result in |
the business being unable to meet in full its strategic objectives. |
- The company operates in a competitive market, and failure to compete effectively in terms of price, product |
specification or levels of service can have an adverse effect on demand and / or margins. |
The company mitigates risk in several ways: |
- The company has in place an organisational structure with clearly defined lines of responsibility and delegation of |
authority. There are established policies and procedures for the setting of corporate strategies; financial planning and |
budgeting for risk management; for information and reporting systems; for systems of operational and financial |
internal control; and for monitoring operations and performance. |
- Management and staff at all levels work closely with customers and suppliers to operate as effectively and efficiently |
as possible, whilst maintaining long term working relationships, innovation and good lines of communication. |
- The company operates a recruitment and selection process to ensure employees are experienced and competent in |
their work. The workforce is trained to be alert, responsive to customer needs, and to operate in line with the |
company's corporate objectives. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The key financial performance indicators used by the company are turnover, gross profit and operating profit. The |
primary balance sheet indicators are solvency and the working capital position. |
FUTURE DEVELOPMENTS |
The company is proactive and focuses on reinvesting in new, state of the art equipment to continue its growth and to |
hold its competitive advantage. |
The company remains a responsive, innovative and flexible operator with a highly motivated and well trained |
workforce, and is operating successfully. |
The directors continue to grow the company in the UK and overseas to ensure a robust and strong business, and look |
forward to the future growth of the company with optimism. |
PENSIONS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss account in the period to which they relate. |
RESEARCH & DEVELOPMENT |
In-house research and development activity ensures the company remains at the forefront of printing technology. |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
OVERSEAS OPERATIONS |
The company actively develops relationships with customers to help grow export activity from within the UK. During |
the year it has focused greater attention and staff in this area. |
ON BEHALF OF THE BOARD: |
27 July 2018 |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
The directors present their report with the financial statements of the company for the year ended 31 December 2017. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture of garment decoration |
products for use in the industrial workwear and rental industries. The Company also provides a variety of products |
and services which complement the main activity. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2017 will be £ |
RESEARCH AND DEVELOPMENT |
The company is committed to a policy of continuing research and development. During the year research and |
development expenditure totalled £71,379 (2016: £63,434). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this |
report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to |
have taken as a director in order to make himself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J & A (INTERNATIONAL) LIMITED |
Opinion |
We have audited the financial statements of J & A (International) Limited (the 'company') for the year ended |
31 December 2017 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial |
Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' |
(United Kingdom Generally Accepted Accounting Practice). |
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 a Report of the Auditors 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. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2017 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. |
Basis for opinion |
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 Auditors' 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
Our opinion on the financial statements does not cover the other information and 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, 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. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J & A (INTERNATIONAL) LIMITED |
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 identified material misstatements in the Strategic Report or the Report of the Directors. |
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 Statement of Directors' Responsibilities set out on page five, 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 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. |
Our 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 a Report of the Auditors 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of |
the Auditors. |
for and on behalf of |
4 Henley Way |
Doddington Road |
Lincoln |
Lincolnshire |
LN6 3QR |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Income from shares in group undertakings |
Interest receivable and similar income |
219,707 | 23,881 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2016 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2016 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2017 |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Sale of fixed asset investments |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - |
Amount withdrawn by directors | ( |
) | - |
Amounts owed to group undertakings |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,967,978 |
Cash and cash equivalents at end of year | 2 | 3,405,047 | 3,697,231 |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance income | ( |
) | ( |
) |
3,166,974 | 2,778,016 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect |
of these Statement of Financial Position amounts: |
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 3,405,047 | 3,697,231 |
Year ended 31 December 2016 |
31.12.16 | 1.1.16 |
£ | £ |
Cash and cash equivalents | 3,697,231 | 1,967,978 |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
1. | STATUTORY INFORMATION |
J & A (International) Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, |
estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from |
other sources. The estimates and underlying 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 and are covered within the |
accounting policies: |
(i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic |
lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. |
They are amended when necessary to reflect current estimates, based on technological advancement, future |
investments, economic utilisation and the physical condition of the assets. See note nine for the carrying |
amount of the property plant and equipment, and accounting policy note for the usual economic lives of each |
class of assets. |
(ii) When calculating the stock provision, management considers the nature and condition of the stock, as well |
as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. |
See note eleven for the net carrying amount of the stock and associated provision. |
(iii) The company makes an estimate of the recoverable value of trade and other debtors. When assessing |
impairment of trade and other debtors, management considers factors including the current credit rating of |
the debtor, ageing profile of debtors and historical experience. See note twelve for the net carrying amount of |
the debtors and associated impairment provision. |
(iiii) The Company has an obligation to pay pension benefits to certain employees. The cost of these benefits |
and the present value of the obligation depend on a number of factors, including; life expectancy, salary |
increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in |
determining the net pension obligation in the statement of financial position. The assumptions reflect |
historical experience and current trends. See note eighteen for the disclosures relating to the defined benefit |
pension scheme. |
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects. |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents amounts charged to customers for goods and services provided during the year, excluding |
value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by |
the customer. |
In the opinion of the directors the United Kingdom and European markets do not differ substantially from each |
other and have therefore been treated as one. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
statement of financial position date. If, such indication exists, the recoverable amount of the asset, or the |
asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in the income statement unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are stated 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 stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at |
transaction price, unless the arrangement constitute a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective |
evidence of impairment. 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 the income statement. |
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. |
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. Accounts 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. |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Transactions expressed in foreign currencies are recorded at the rate ruling at the date of the transaction. |
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange |
ruling at the period end reporting date. |
All differences are taken to the income statement. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the |
employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that |
service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are |
expensed as they become payable. |
Provisions are recognised when the company has an obligation at the statement of financial position date as a |
result of a past event, it is probable that an outflow of economic benefits will be required in settlement and |
the amount can be reliably estimated. |
3. | TURNOVER |
In the opinion of the directors the United Kingdom and European markets do not differ substantially from each |
other and have therefore been treated as one. |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2017 | 2016 |
Manufacturing | 83 | 77 |
Administration | 49 | 46 |
Sales and distribution | 6 | 7 |
2017 | 2016 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2017 | 2016 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2017 | 2016 |
£ | £ |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Research and development |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
2017 | 2016 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances | - |
Research and development enhancement | ( |
) | ( |
) |
Timing adjustment for pension contributions | ( |
) | ( |
) |
Movement in deferred tax | ( |
) | - |
Total tax charge | 485,016 | 426,699 |
7. | DIVIDENDS |
2017 | 2016 |
£ | £ |
A Ordinary shares of 50p each |
Interim |
B Ordinary shares of 50p each |
Interim |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
Included in cost of land and buildings is freehold land of £ 353,457 (2016 - £ 353,457 ) which is not |
depreciated. |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
The company's investments at the Statement of Financial Position date in the share capital of companies |
include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
10. | STOCKS |
2017 | 2016 |
£ | £ |
Raw materials |
Finished goods |
Stock recognised as an expense in the period were £21,513 (2016: (£30,922)). |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation |
Other taxes and social security |
Other creditors |
Directors' current accounts | - |
Accrued expenses |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
13. | FINANCIAL INSTRUMENTS |
The company has the following financial instruments: |
2017 | 2016 |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 1,891,496 | 1,935,502 |
Amounts owed by group undertakings | - | - |
Other Debtors | 4,119 | 4,658 |
Financial liabilities measured at amortised cost |
Trade creditors | 599,948 | 510,204 |
Other creditors | 57,920 | 74,171 |
Amounts owed to group undertakings | 48,915 | 14,532 |
The total interest income for financial assets and financial liabilities that are not measured at fair value through |
the income statement is £2,934 (2016: £23,881). |
14. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2017 |
Credit to Income Statement during year | ( |
) |
Capital allowances |
Balance at 31 December 2017 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
A Ordinary | 50p | 45,000 | 45,000 |
B Ordinary | 50p | 45,000 | 45,000 |
90,000 | 90,000 |
J & A (INTERNATIONAL) LIMITED (REGISTERED NUMBER: 01567572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
16. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2017 | 8,272,281 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2017 | 7,951,417 |
17. | PENSION COMMITMENTS |
The company pays into a defined contribution scheme for eligible employees. The assets are held separately |
from those of the company in an independently administered fund. The pension cost charge represents |
contributions paid by the company to the fund and amounts to £52,034 (2016: £46,099). |
18. | CAPITAL COMMITMENTS |
2017 | 2016 |
£ | £ |
Contracted but not provided for in the |
financial statements |
19. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
2017 | 2016 |
£ | £ |
Amount due to related party |
2017 | 2016 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
During the year, a total of key management personnel compensation of £ |
paid. |
The ultimate controlling party is |