J.H.P. Limited
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Notes to the Accounts |
for the year ended 30 June 2016
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
25% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Going Concern |
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These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company. |
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 July 2015 |
229,713 |
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At 30 June 2016 |
229,713 |
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Depreciation |
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At 1 July 2015 |
104,239 |
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Charge for the year |
31,368 |
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At 30 June 2016 |
135,607 |
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Net book value |
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At 30 June 2016 |
94,106 |
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At 30 June 2015 |
125,474 |
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3 |
Debtors |
2016 |
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2015 |
£ |
£ |
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Trade debtors |
102,265 |
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102,265 |
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Other debtors |
9,136 |
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6,129 |
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111,401 |
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108,394 |
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4 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
£ |
£ |
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Director's current account |
606 |
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420,606 |
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Amounts owed to related parties |
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431,632 |
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- |
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Other creditors |
2,802 |
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1,802 |
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435,040 |
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422,408 |
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5 |
Going concern |
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These accounts have been prepared on the going concern basis, on the understanding that the director and shareholder will continue to financially support the company. |
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6 |
Controlling party |
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The company is controlled by the director who owns the entire share capital of the company.
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7 |
Other information |
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J.H.P. Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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34 Hampstead Lane |
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London |
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N6 4NT |