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REGISTERED NUMBER: 03851052 (England and Wales)












James Law Construction Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021






James Law Construction Limited (Registered number: 03851052)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


James Law Construction Limited

Company Information
for the Year Ended 31 December 2021







DIRECTOR: J R Law Esq





REGISTERED OFFICE: Unit 2 Dunheved Court
Pennygillam Way
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7ED





REGISTERED NUMBER: 03851052 (England and Wales)





ACCOUNTANTS: ATC Advisors
Unit 2 Dunheved Court
Pennygillam Way
LAUNCESTON
Cornwall
PL15 7ED

James Law Construction Limited (Registered number: 03851052)

Statement of Financial Position
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 122,159 162,474

CURRENT ASSETS
Stocks 1,774,471 2,087,251
Debtors 5 224,773 37,504
Cash at bank 820,101 372,517
2,819,345 2,497,272
CREDITORS
Amounts falling due within one year 6 170,699 139,717
NET CURRENT ASSETS 2,648,646 2,357,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,770,805

2,520,029

CREDITORS
Amounts falling due after more than one
year

7

(504,990

)

(581,220

)

PROVISIONS FOR LIABILITIES (23,211 ) (30,870 )
NET ASSETS 2,242,604 1,907,939

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,241,604 1,906,939
SHAREHOLDERS' FUNDS 2,242,604 1,907,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 April 2022 and were signed by:





J R Law Esq - Director


James Law Construction Limited (Registered number: 03851052)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

James Law Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the sale of goods and services, net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Presentation currency and rounding
The financial statements are prepared in sterling and are rounded to the nearest pound.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

James Law Construction Limited (Registered number: 03851052)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 342,981 1,487 52,067 2,827 399,362
Additions 333 - - - 333
At 31 December 2021 343,314 1,487 52,067 2,827 399,695
DEPRECIATION
At 1 January 2021 202,473 957 31,854 1,604 236,888
Charge for year 35,155 133 5,054 306 40,648
At 31 December 2021 237,628 1,090 36,908 1,910 277,536
NET BOOK VALUE
At 31 December 2021 105,686 397 15,159 917 122,159
At 31 December 2020 140,508 530 20,213 1,223 162,474

5. DEBTORS
2021 2020
£    £   
Amounts falling due within one year:
Trade debtors 6,345 17,316
Other debtors 18,428 20,188
24,773 37,504

Amounts falling due after more than one year:
Other debtors 200,000 -

Aggregate amounts 224,773 37,504

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 13,002 20,655
Trade creditors 44,492 28,452
Taxation and social security 90,116 66,128
Other creditors 23,089 24,482
170,699 139,717

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 504,990 581,220

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 452,983 498,599

James Law Construction Limited (Registered number: 03851052)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 517,992 601,875

The bank loans are secured on the fixed and current assets owned by the company.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
J R Law Esq
Balance outstanding at start of year (10,813 ) 4,525
Amounts advanced 18,643 26,866
Amounts repaid (17,420 ) (42,204 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,590 ) (10,813 )