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Registration number: 05582575

A A Jewitt and Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

Sibbald Young Chartered Accountants
Unit 6D Planet Business Centre
Planet Place
West Moor
Newcastle upon Tyne
NE12 6DY

 

A A Jewitt and Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

A A Jewitt and Sons Limited

Company Information

Directors

Mrs P Jewitt

Mr WS Jewitt

Mr T Jewitt

Company secretary

Mrs P Jewitt

Registered office

The Bungalow
Chollerford
Hexham
Northumberland
NE46 4EW

Accountants

Sibbald Young Chartered Accountants
Unit 6D Planet Business Centre
Planet Place
West Moor
Newcastle upon Tyne
NE12 6DY

 

A A Jewitt and Sons Limited

(Registration number: 05582575)
Balance Sheet as at 30 September 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

912,009

906,658

Current assets

 

Debtors

6

117,610

189,448

Cash at bank and in hand

 

138,134

61,700

 

255,744

251,148

Creditors: Amounts falling due within one year

7

(347,685)

(415,308)

Net current liabilities

 

(91,941)

(164,160)

Total assets less current liabilities

 

820,068

742,498

Creditors: Amounts falling due after more than one year

7

(162,638)

(160,896)

Provisions for liabilities

(171,175)

(157,200)

Net assets

 

486,255

424,402

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

486,155

424,302

Total equity

 

486,255

424,402

For the financial year ending 30 September 2017 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 accounts for the year in question in accordance with section 476; and

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.

 

A A Jewitt and Sons Limited

(Registration number: 05582575)
Balance Sheet as at 30 September 2017

Approved and authorised by the Board on 7 November 2017 and signed on its behalf by:
 

.........................................

Mrs P Jewitt

Company secretary and director

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Bungalow
Chollerford
Hexham
Northumberland
NE46 4EW

These financial statements were authorised for issue by the Board on 7 November 2017.

2

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 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 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 and deferred 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.

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Motor vehicles

10% Straight line method

Furniture, fittings and equipment

25% Straight line method

Other property, plant and equipment

20% Straight line method

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

20% 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.

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

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.

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 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.

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2016 - 15).

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2016

800

800

At 30 September 2017

800

800

Amortisation

At 1 October 2016

800

800

At 30 September 2017

800

800

Carrying amount

At 30 September 2017

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 October 2016

20,266

2,737

1,385,425

4,559

Additions

-

-

253,445

-

Disposals

(20,266)

-

(305,890)

-

At 30 September 2017

-

2,737

1,332,980

4,559

Depreciation

At 1 October 2016

20,266

2,737

478,767

4,559

Charge for the year

-

-

129,344

-

Eliminated on disposal

(20,266)

-

(187,140)

-

At 30 September 2017

-

2,737

420,971

4,559

Carrying amount

At 30 September 2017

-

-

912,009

-

At 30 September 2016

-

-

906,658

-

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Total
£

Cost or valuation

At 1 October 2016

1,412,987

Additions

253,445

Disposals

(326,156)

At 30 September 2017

1,340,276

Depreciation

At 1 October 2016

506,329

Charge for the year

129,344

Eliminated on disposal

(207,406)

At 30 September 2017

428,267

Carrying amount

At 30 September 2017

912,009

At 30 September 2016

906,658

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of long leasehold land and buildings.
 

6

Debtors

2017
£

2016
£

Trade debtors

85,361

152,410

Prepayments

23,585

27,127

Other debtors

8,664

9,911

117,610

189,448

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

96,177

135,248

Trade creditors

 

88,412

87,632

Taxation and social security

 

2,919

2,758

Accruals and deferred income

 

909

700

Other creditors

 

159,268

188,970

 

347,685

415,308

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

9

162,638

160,896

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

162,638

160,896

 

A A Jewitt and Sons Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

96,177

135,248

10

Dividends

   

2017

 

2016

   

£

 

£

Interim dividend of £388.20 (2016 - £369.90) per ordinary share

 

38,820

 

36,990

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2017
£

2016
£

Remuneration

24,180

24,645

Contributions paid to money purchase schemes

10,070

10,070

34,250

34,715