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Registration number: 06235528

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Chatha & Co
Chartered Certified Accountants
115-116 Spon End
Coventry
Warwickshire
CV1 3HF

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Company Information

Directors

Mr J D Lala

Mrs S J Lala

Company secretary

Mrs S J Lala

Registered office

20 Drayton Leys
Rugby
Warwickshire
CV22 5RH

Accountants

Chatha & Co
Chartered Certified Accountants
115-116 Spon End
Coventry
Warwickshire
CV1 3HF

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

(Registration number: 06235528)
Balance Sheet as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

1,192

1,489

Investments

6

100

100

 

1,292

1,589

Current assets

 

Stocks

7

79,075

58,451

Debtors

8

259,758

214,256

Cash at bank and in hand

 

634,128

587,916

 

972,961

860,623

Creditors: Amounts falling due within one year

9

(71,984)

(59,970)

Net current assets

 

900,977

800,653

Total assets less current liabilities

 

902,269

802,242

Provisions for liabilities

(227)

(393)

Net assets

 

902,042

801,849

Capital and reserves

 

Called up share capital

10

100

100

Profit and loss account

901,942

801,749

Total equity

 

902,042

801,849

For the financial year ending 30 June 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 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.

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

(Registration number: 06235528)
Balance Sheet as at 30 June 2018

Approved and authorised by the Board on 9 November 2018 and signed on its behalf by:
 

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

Mr J D Lala
Director

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

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:
20 Drayton Leys
Rugby
Warwickshire
CV22 5RH
United Kingdom

These financial statements were authorised for issue by the Board on 9 November 2018.

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.

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

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

Plant and machinery

15% reducing balance

Fixtures and fittings

10% reducing balance

Equipment

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

5 Years

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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 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.

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.

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2017

82,500

82,500

At 30 June 2018

82,500

82,500

Amortisation

At 1 July 2017

82,500

82,500

At 30 June 2018

82,500

82,500

Carrying amount

At 30 June 2018

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £24,080 (2017 - £43,869).
 

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2017

500

5,135

2,778

8,413

At 30 June 2018

500

5,135

2,778

8,413

Depreciation

At 1 July 2017

326

4,160

2,438

6,924

Charge for the year

17

195

85

297

At 30 June 2018

343

4,355

2,523

7,221

Carrying amount

At 30 June 2018

157

780

255

1,192

At 30 June 2017

174

975

340

1,489

6

Investments

2018
£

2017
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 July 2017

100

Provision

Carrying amount

At 30 June 2018

100

At 30 June 2017

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2018

2017

Subsidiary undertakings

Jai Pumping Technologies Ltd

20 Drayton Leys
Rugby
CV22 5RH

Ordinary

100%

100%

 

England

     

The principal activity of Jai Pumping Technologies Ltd is engineering

7

Stocks

2018
£

2017
£

Merchandise

79,075

58,451

8

Debtors

Note

2018
£

2017
£

Trade debtors

 

70,048

30,716

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13

189,383

183,348

Prepayments

 

327

192

 

259,758

214,256

9

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

27,056

32,887

Taxation and social security

8,756

8,709

Accruals and deferred income

1,878

1,872

Other creditors

34,294

16,502

71,984

59,970

10

Share capital

Allotted, called up and fully paid shares

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Dividends

   

2018

 

2017

   

£

 

£

Interim dividend of £Nil (2017 - £Nil) per ordinary share

 

77,124

 

-

         

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2017 - £Nil). There were no guarantees, commitments, contingencies.

13

Related party transactions

Transactions with directors

2018

At 1 July 2017
£

Advances to directors
£

Repayments by director
£

At 30 June 2018
£

Mr J D Lala

Interest free non instalment loan

(1,089)

(416)

1,505

-

         
       

 

2017

At 1 July 2016
£

At 30 June 2017
£

Mr J D Lala

Interest free non instalment loan

(1,089)

(1,089)

     
   

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

10,816

14,751

Summary of transactions with subsidiaries

 

Jai Engineers Uk Limited

trading as Jai Engineers UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

Jai Pumping Technologies Ltd
 

Loans to related parties

2018

Subsidiary
£

At start of period

183,348

2017

Subsidiary
£

At start of period

183,348

Terms of loans to related parties

Interest free non instalment loan.
 

14

Parent and ultimate parent undertaking

The ultimate controlling party is Mr and Mrs J Lala.