false false false false false false false false false true false false false false false false false No description of principal activity 2017-03-01 Sage Accounts Production Advanced 2018 - FRS 2,419 582 1,837 xbrli:pure xbrli:shares iso4217:GBP 8418024 2017-03-01 2018-02-28 8418024 2018-02-28 8418024 2017-02-28 8418024 2016-03-01 2017-02-28 8418024 2017-02-28 8418024 core:PlantMachinery 2017-03-01 2018-02-28 8418024 core:MotorVehicles 2017-03-01 2018-02-28 8418024 bus:OrdinaryShareClass1 2017-03-01 2018-02-28 8418024 bus:Director1 2017-03-01 2018-02-28 8418024 core:PlantMachinery 2017-02-28 8418024 core:MotorVehicles 2017-02-28 8418024 core:PlantMachinery 2018-02-28 8418024 core:MotorVehicles 2018-02-28 8418024 core:WithinOneYear 2018-02-28 8418024 core:WithinOneYear 2017-02-28 8418024 core:AfterOneYear 2018-02-28 8418024 core:AfterOneYear 2017-02-28 8418024 core:UKTax 2017-03-01 2018-02-28 8418024 core:UKTax 2016-03-01 2017-02-28 8418024 core:ShareCapital 2018-02-28 8418024 core:ShareCapital 2017-02-28 8418024 core:RetainedEarningsAccumulatedLosses 2018-02-28 8418024 core:RetainedEarningsAccumulatedLosses 2017-02-28 8418024 core:DeferredTaxation 2017-03-01 2018-02-28 8418024 core:AcceleratedTaxDepreciationDeferredTax 2018-02-28 8418024 core:AcceleratedTaxDepreciationDeferredTax 2017-02-28 8418024 core:PlantMachinery 2017-02-28 8418024 core:MotorVehicles 2017-02-28 8418024 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2018-02-28 8418024 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2017-02-28 8418024 core:DeferredTaxation 2017-02-28 8418024 core:DeferredTaxation 2018-02-28 8418024 bus:SmallEntities 2017-03-01 2018-02-28 8418024 bus:AuditExemptWithAccountantsReport 2017-03-01 2018-02-28 8418024 bus:FullAccounts 2017-03-01 2018-02-28 8418024 bus:SmallCompaniesRegimeForAccounts 2017-03-01 2018-02-28 8418024 bus:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 8418024 bus:OrdinaryShareClass1 2018-02-28 8418024 bus:OrdinaryShareClass1 2017-02-28
COMPANY REGISTRATION NUMBER: 8418024
KJF Electrics Limited
Filleted Unaudited Financial Statements
28 February 2018
KJF Electrics Limited
Financial Statements
Year ended 28 February 2018
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
KJF Electrics Limited
Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
6
9,668
12,732
Current assets
Debtors
7
18,862
15,712
Cash at bank and in hand
77
477
--------
--------
18,939
16,189
Creditors: amounts falling due within one year
8
( 17,796)
( 16,594)
--------
--------
Net current assets/(liabilities)
1,143
( 405)
--------
--------
Total assets less current liabilities
10,811
12,327
Creditors: amounts falling due after more than one year
9
( 7,182)
( 9,475)
Provisions
Taxation including deferred tax
10
( 1,837)
( 2,419)
--------
--------
Net assets
1,792
433
--------
--------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
1,790
431
-------
----
Shareholders funds
1,792
433
-------
----
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.
For the year ending 28 February 2018 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:
Mr KJ Ferney
Director
Company registration number: 8418024
KJF Electrics Limited
Notes to the Financial Statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chronicle Park Cottage, Parsonage Lane, Begelly, Kilgetty, SA68 0YL.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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 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 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. 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.
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 & Machinery
-
25% reducing balance
Motor Vehicle
-
25% reducing balance
Impairment of fixed assets
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tax on profit
Major components of tax expense
2018
2017
£
£
Current tax:
UK current tax expense
8,743
4,748
Deferred tax:
Origination and reversal of timing differences
( 582)
2,419
-------
-------
Tax on profit
8,161
7,167
-------
-------
6. Tangible assets
Plant & Machinery
Motor Vehicle
Total
£
£
£
Cost
At 1 March 2017
888
16,602
17,490
Additions
158
158
-------
--------
--------
At 28 February 2018
1,046
16,602
17,648
-------
--------
--------
Depreciation
At 1 March 2017
607
4,151
4,758
Charge for the year
110
3,112
3,222
-------
--------
--------
At 28 February 2018
717
7,263
7,980
-------
--------
--------
Carrying amount
At 28 February 2018
329
9,339
9,668
-------
--------
--------
At 28 February 2017
281
12,451
12,732
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicle
£
At 28 February 2018
9,339
-------
At 28 February 2017
12,451
--------
7. Debtors
2018
2017
£
£
Other debtors
18,862
15,712
--------
--------
Other debtors include an amount of £nil (2017 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
480
1,555
Hire purchase creditor (secured)
2,575
2,707
Corporation tax
13,483
11,074
Other creditors
1,258
1,258
--------
--------
17,796
16,594
--------
--------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Hire purchase creditor (secured)
7,182
9,475
-------
-------
10. Provisions
Deferred tax (note 11)
£
At 1 March 2017
2,419
Transfers
( 582)
-------
At 28 February 2018
1,837
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018
2017
£
£
Included in provisions (note 10)
1,837
2,419
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2018
2017
£
£
Accelerated capital allowances
1,837
2,419
-------
-------
12. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Related party transactions
The company was under the control of Mr KJ Ferney , the managing director, and his wife Mrs M Ferney throughout the current and previous year by virtue of their combined interest in 100% of the company's ordinary share capital. During the year the company paid dividends totalling £38,000 (2017 - £16,500) to Mr KJ Ferney , the managing director, and his wife Mrs M Ferney. As at the year end date the company was owed £5,422 (2017 - £8,224) from Mr KJ Ferney the managing director.