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COMPANY REGISTRATION NUMBER: 04230590
GARDNER JORISSEN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2018
GARDNER JORISSEN LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2018
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
GARDNER JORISSEN LIMITED
BALANCE SHEET
30 June 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
4
120,167
120,285
Current assets
Debtors
5
4,341
6,061
Cash at bank and in hand
2,757
------------
------------
7,098
6,061
Creditors: amounts falling due within one year
6
( 92,496)
( 56,299)
------------
------------
Net current liabilities
( 85,398)
( 50,238)
------------
------------
Total assets less current liabilities
34,769
70,047
Creditors: amounts falling due after more than one year
7
( 11,153)
( 19,249)
------------
------------
Net assets
23,616
50,798
------------
------------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
23,516
50,698
------------
------------
Members funds
23,616
50,798
------------
------------
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 profit and loss account has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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 13 November 2018 , and are signed on behalf of the board by:
M J M Gardner
V S Jorissen
Director
Director
Company registration number: 04230590
GARDNER JORISSEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 No 2 Warehouse, The Wharf, Sowerby Bridge, Halifax, West Yorkshire, HX6 2AG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
The turnover shown in the profit and loss account represents the value of rents receivable during the year net of value added tax.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line
In the year of acquisition tangible fixed assets are depreciated from 1 July. No depreciation is provided on the improvements to the long leasehold property held for investment. The Financial Reporting Standard for Smaller Entities (effective April 2008) requires properties held for investment to be included in the balance sheet at their open market value but the directors consider that to comply with this requirement would involve unjustifiable expense and properties are continuing to be stated at cost.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Long leasehold property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2017 and 30 June 2018
119,812
11,927
1,841
133,580
------------
------------
------------
------------
Depreciation
At 1 July 2017
11,454
1,841
13,295
Charge for the year
118
118
------------
------------
------------
------------
At 30 June 2018
11,572
1,841
13,413
------------
------------
------------
------------
Carrying amount
At 30 June 2018
119,812
355
120,167
------------
------------
------------
------------
At 30 June 2017
119,812
473
120,285
------------
------------
------------
------------
5. Debtors
2018
2017
£
£
Trade debtors
1,344
Prepayments and accrued income
4,341
4,717
------------
------------
4,341
6,061
------------
------------
6. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
8,095
9,313
Accruals and deferred income
3,201
1,745
Corporation tax
3,784
Social security and other taxes
1,390
1,647
Loan
24,333
Directors' loan accounts
79,810
15,477
------------
------------
92,496
56,299
------------
------------
The bank facilities are secured on the company's long leasehold property.
7. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
11,153
19,249
------------
------------
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Later than 5 years
1,491,000
1,508,750
------------
------------
10. Related party transactions
Transactions with directors The directors' loan accounts of £79,810 (2017: £15,477) set out above are unsecured and repayable on demand. Interest is charged at 5% per annum, on part of them. Control of the company There is no one controlling party of the company.