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Registration number: 04902614

Steve Jones Sandblasting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Steve Jones Sandblasting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Steve Jones Sandblasting Limited

Company Information

Director

Mr S J Jones

Company secretary

Mrs J Jones

Registered office

Tynllwyn Cottage
Llanfaredd
Builth Wells
Powys
LD2 3UF

Accountants

Mitchell Meredith Limited
Chartered Accountants
The Exchange
Fiveways
Temple Street
Llandrindod Wells
Powys
LD1 5HG

 

Steve Jones Sandblasting Limited

(Registration number: 04902614)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

8,570

12,932

Current assets

 

Stocks

5

22,108

262,765

Debtors

6

376,054

18,872

Cash at bank and in hand

 

22,578

28,719

 

420,740

310,356

Creditors: Amounts falling due within one year

7

(102,226)

(22,965)

Net current assets

 

318,514

287,391

Total assets less current liabilities

 

327,084

300,323

Creditors: Amounts falling due after more than one year

7

(37,276)

(46,857)

Provisions for liabilities

(1,628)

(2,457)

Net assets

 

288,180

251,009

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

288,177

251,006

Shareholders' funds

 

288,180

251,009

 

Steve Jones Sandblasting Limited

(Registration number: 04902614)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 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 by the director on 2 September 2022
 


Mr S J Jones
Director

 

Steve Jones Sandblasting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

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:
Tynllwyn Cottage
Llanfaredd
Builth Wells
Powys
LD2 3UF

These financial statements were authorised for issue by the director on 2 September 2022.

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.

 

Steve Jones Sandblasting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

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 balance sheet 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

Fixtures and fittings

15% on cost

Motor vehicles

25% on cost

Plant and machinery

15% on cost

Cash and cash equivalents

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

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 at the transaction price. 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.

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 at the transaction price.

 

Steve Jones Sandblasting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2021

2,507

10,494

52,985

65,986

Additions

440

-

375

815

At 28 February 2022

2,947

10,494

53,360

66,801

Depreciation

At 1 March 2021

2,145

5,247

45,662

53,054

Charge for the year

179

2,624

2,374

5,177

At 28 February 2022

2,324

7,871

48,036

58,231

Carrying amount

At 28 February 2022

623

2,623

5,324

8,570

At 28 February 2021

362

5,247

7,323

12,932

5

Stocks

2022
£

2021
£

Work in progress

22,108

262,765

 

Steve Jones Sandblasting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

12,928

17,398

Amounts owed by related parties

358,574

-

VAT

 

4,552

1,474

 

376,054

18,872

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

9,586

3,143

Trade creditors

 

21,861

8,449

Directors' current account

57,081

810

Taxation and social security

 

12,143

9,063

Accruals

 

1,555

1,500

 

102,226

22,965

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

37,276

46,857

 

Steve Jones Sandblasting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

37,276

46,857

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,586

3,143

Bank borrowings

The bank loan is denominated in pounds sterling with a nominal interest rate of 2.5%, and the final instalment is due on 27 October 2026. The carrying amount at year end is £46,862 (2021 - £50,000).