Company Registration No. 08559265 (England and Wales)
JF JOINERY (SW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
JF JOINERY (SW) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
JF JOINERY (SW) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JF JOINERY (SW) LIMITED FOR THE YEAR ENDED 31 JULY 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JF Joinery (SW) Limited for the year ended 31 July 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of JF Joinery (SW) Limited, as a body, in accordance with the terms of our engagement letter dated 6 June 2013. Our work has been undertaken solely to prepare for your approval the financial statements of JF Joinery (SW) Limited and state those matters that we have agreed to state to the Board of Directors of JF Joinery (SW) Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JF Joinery (SW) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that JF Joinery (SW) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JF Joinery (SW) Limited. You consider that JF Joinery (SW) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JF Joinery (SW) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Baldwins
5 November 2018
Accountants
Lime Court
Pathfields Business Park
South Molton
Devon
EX36 3LH
JF JOINERY (SW) LIMITED
BALANCE SHEET
AS AT 31 JULY 2018
31 July 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
104,850
122,325
Tangible assets
4
91,040
104,392
Current assets
Stocks
48,092
70,318
Debtors
5
12,247
45,172
Cash at bank and in hand
406,027
176,978
466,366
292,468
Creditors: amounts falling due within one year
6
(313,811)
(226,813)
Net current assets
152,555
65,655
Total assets less current liabilities
348,445
292,372
Provisions for liabilities
(11,726)
(14,565)
Net assets
336,719
277,807
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
336,619
277,707
Total equity
336,719
277,807
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
JF JOINERY (SW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2018
31 July 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 November 2018 and are signed on its behalf by:
Mr J R Fanthorpe
Director
Company Registration No. 08559265
JF JOINERY (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 4 -
1
Accounting policies
Company information
JF Joinery (SW) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Holdridge Cross Workshops, Holdridge Cross, North Molton, Devon, EX36 3HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
JF JOINERY (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JF JOINERY (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2017 and 31 July 2018
174,748
Amortisation and impairment
At 1 August 2017
52,423
Amortisation charged for the year
17,475
At 31 July 2018
69,898
Carrying amount
At 31 July 2018
104,850
At 31 July 2017
122,325
JF JOINERY (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2017
4,885
163,758
168,643
Additions
-
4,534
4,534
Disposals
-
(241)
(241)
At 31 July 2018
4,885
168,051
172,936
Depreciation and impairment
At 1 August 2017
-
64,251
64,251
Depreciation charged in the year
-
17,760
17,760
Eliminated in respect of disposals
-
(115)
(115)
At 31 July 2018
-
81,896
81,896
Carrying amount
At 31 July 2018
4,885
86,155
91,040
At 31 July 2017
4,885
99,507
104,392
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
8,592
40,341
Other debtors
3,655
4,831
12,247
45,172
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
178,236
106,184
Corporation tax
36,339
33,702
Other taxation and social security
25,386
16,192
Other creditors
73,850
70,735
313,811
226,813
JF JOINERY (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 8 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Directors' transactions
Dividends totalling £0 (2017 - £62,000) were paid in the year in respect of shares held by the company's directors.