COMPANY REGISTRATION NUMBER:
Filleted
Chartered Accountants
Moorgate House
King Street
Newton Abbot
Devon
TQ12 2LG
Jackson Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Jackson Limited
Company Information
Directors |
Mr G H Endacott Mr M G Endacott Mrs C M Quelvennec Mr Y Quelvennec |
Company secretary |
Mrs C M Quelvennec |
Registered office |
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Accountants |
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Jackson Limited
(Registration number: 00500195)
Balance Sheet as at 31 October 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Jackson Limited
(Registration number: 00500195)
Balance Sheet as at 31 October 2018
For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 has been taken.
Approved and authorised for issue by the
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Director
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Jackson Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are presented in Sterling and rounded to the nearest full £.
Revenue recognition
Turnover comprises the fair value of the consideration received for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when goods are sold or services are provided.
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Jackson Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
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, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
15% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Plant, machinery & kiln equipment |
10 - 15% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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 less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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Jackson Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
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.
Trade creditors are recognised at the transaction price.
Borrowings
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.
Borrowings are interest free and have no set repayment date.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Jackson Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Tangible assets |
Fixtures & fittings |
Motor vehicles |
Plant & machinery |
Total |
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Cost or valuation |
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At 1 November 2017 |
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Additions |
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At 31 October 2018 |
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Depreciation |
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At 1 November 2017 |
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Charge for the year |
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At 31 October 2018 |
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Carrying amount |
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At 31 October 2018 |
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At 31 October 2017 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Jackson Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Creditors |
Creditors: amounts falling due within one year
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2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
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2017 |
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Current loans and borrowings |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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98 |
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98 |
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50 |
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50 |
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Jackson Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of contingencies not included in the balance sheet is £2,500 (2017 - £2,500) . The contingent liability is in respect of a counter indemnity executed in favour of the company bankers for the issue by them of a trade idemnity to one of the company's suppliers.
Related party transactions |
Key management personnel
The directors
Summary of transactions with key management
At the balance sheet date to total amount due to the directors was £13,777 (2017 - £18,321).
At the balance sheet date the total amount due from the directors was £5,230 (2017 - £Nil).
The following transactions are reportable on the overdrawn balances:
Total advances - £39,700
Total repayments - £26,137
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