DAVID O. JONES LIMITED
Company Registration No. 00781705 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
DAVID O. JONES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
DAVID O. JONES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
454,034
405,747
Current assets
Stocks
310,632
297,702
Debtors
3,095
15,510
Cash at bank and in hand
168,395
166,339
482,122
479,551
Creditors: amounts falling due within one year
3
(129,768)
(212,723)
Net current assets
352,354
266,828
Total assets less current liabilities
806,388
672,575
Creditors: amounts falling due after more than one year
(20,733)
-
Provisions for liabilities
(32,724)
(22,187)
752,931
650,388
Capital and reserves
Called up share capital
4
500
500
Profit and loss account
752,431
649,888
Shareholders' funds
752,931
650,388
DAVID O. JONES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 20 April 2017
Mr D B Jones
Director
Company Registration No. 00781705
DAVID O. JONES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Nil and at 25 years straight line 15% p.a reducing balance 25% p.a reducing balance 25% p.a reducing balance
Tractors
15% p.a reducing balance
Implements
25% p.a reducing balance
Motor vehicles
25% p.a reducing balance
The directors consider that the freehold properties, that are not depreciated, are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account. The directors perform annual impairment reviews in accordance with the requirements of FRS 15 and FRS 11 to ensure that the carrying value is not higher than the recoverable amount.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
DAVID O. JONES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2015
674,690
Additions
82,143
Disposals
(150)
At 31 August 2016
756,683
Depreciation
At 1 September 2015
268,943
Charge for the year
33,706
At 31 August 2016
302,649
Net book value
At 31 August 2016
454,034
At 31 August 2016
405,747
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £41,467 (2015 - £0).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
500 Ordinary Shares of £1 each
500
500