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Registration number: 00744561

Albert E.James & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Albert E.James & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Albert E.James & Son Limited

Company Information

Director

J M Mogg

Registered office

Barrow Mill
Barrow Street
Barrow Gurney
Bristol
BS48 3RU

Registered number

00744561

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Albert E.James & Son Limited

(Registration number: 00744561)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

54,918

69,461

Current assets

 

Stocks

423,102

527,806

Debtors

6

693,074

545,822

Cash at bank and in hand

 

368,891

336,395

 

1,485,067

1,410,023

Creditors: Amounts falling due within one year

7

(672,576)

(717,202)

Net current assets

 

812,491

692,821

Total assets less current liabilities

 

867,409

762,282

Creditors: Amounts falling due after more than one year

7

(139,000)

(222,400)

Provisions for liabilities

(9,850)

(12,500)

Net assets

 

718,559

527,382

Capital and reserves

 

Called up share capital

3,976

3,976

Share premium reserve

1,024

1,024

Profit and loss account

713,559

522,382

Total equity

 

718,559

527,382

 

Albert E.James & Son Limited

(Registration number: 00744561)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised for issue by the director on 12 August 2024
 

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

J M Mogg
Director

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

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

The address of its registered office is:
Barrow Mill
Barrow Street
Barrow Gurney
Bristol
BS48 3RU

2

Accounting policies

Summary of significant accounting policies

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.

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.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales, 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.

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed 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 fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Leasehold land and buildings

over the life of the lease

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, 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.

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Trade creditors

Trade creditors are recognised at the transaction price.

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.

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.

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.

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 15).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Arising from origination and reversal of timing differences

9,850

2022

Liability
£

Arising from origination and reversal of timing differences

12,500

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible fixed assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 January 2023

82,485

191,785

684,655

958,925

Additions

-

-

6,204

6,204

Disposals

-

-

(55,042)

(55,042)

At 31 December 2023

82,485

191,785

635,817

910,087

Depreciation

At 1 January 2023

82,485

191,785

615,194

889,464

Charge for the year

-

-

11,117

11,117

Eliminated on disposal

-

-

(45,412)

(45,412)

At 31 December 2023

82,485

191,785

580,899

855,169

Carrying amount

At 31 December 2023

-

-

54,918

54,918

At 31 December 2022

-

-

69,461

69,461

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors: amounts falling due within one year

Note

2023
£

2022
£

Trade debtors

 

394,816

323,959

Amounts owed by group undertakings

207,908

176,192

Other debtors

 

45,093

-

Prepayments

 

45,257

45,671

 

693,074

545,822

7

Creditors

Note

2023
£

2022
£

Amounts falling due within one year

 

Bank loans and overdrafts

83,400

83,400

Trade creditors

 

393,763

458,071

Taxation and social security

 

89,214

89,534

Other creditors

 

4,502

5,938

Accruals

 

21,978

23,293

Directors' loan accounts

1,103

-

Corporation tax

 

78,616

56,966

 

672,576

717,202

2023
£

2022
£

Due after one year

Bank borrowings

139,000

222,400

 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

12,500

12,500

Increase/(decrease) in existing provisions

(2,650)

(2,650)

At 31 December 2023

9,850

9,850

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3,976

3,976

3,976

3,976

         
 

Albert E.James & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

147,188

186,438

The amount of non-cancellable operating lease payments recognised as an expense during the year was £39,250 (2022 - £39,250).

11

Parent company

The parent company is Albert E. James & Son Holdings Limited and its registered office is Barrow Mill Barrow Street, Barrow Gurney, Bristol, England, BS48 3RU.