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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Javis Manufacturing Company Limited |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Javis Manufacturing Company Limited |
Javis Manufacturing Company Limited (Registered number: 00783631) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Javis Manufacturing Company Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
& Statutory Auditors |
Onward Chambers |
34 Market Street |
Hyde |
Cheshire |
SK14 1AH |
Javis Manufacturing Company Limited (Registered number: 00783631) |
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Abridged Statement of Financial Position |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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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 |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
on its behalf by: |
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Javis Manufacturing Company Limited (Registered number: 00783631) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Javis Manufacturing Company Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that |
affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and |
other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Significant judgements: |
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Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the |
process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the |
financial statements. |
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Key sources of estimation uncertainty: |
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Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related |
actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a |
material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
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Estimated useful life and residual value of fixed assets: |
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Depreciation of tangible fixed assets have been based on estimated useful lives and residual values deemed appropriate by |
the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take |
into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting |
periods. |
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Provision for obsolete and damaged stock: |
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Management make a provision for any slow moving, damaged or obsolete stock at the balance sheet date and this is |
reviewed annually. |
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Management also make a provision against the carrying value of the stock at the balance sheet date to take account of any |
prompt payment discounts available from suppliers |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services |
rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks |
and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be |
measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be |
incurred in respect of the transactions can be measured reliably |
Javis Manufacturing Company Limited (Registered number: 00783631) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and |
impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation |
less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying |
amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital |
and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or |
loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income |
to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. |
Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of |
that asset, the excess shall be recognised in profit or loss. |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs |
of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of |
the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing |
transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a |
similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of |
each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss |
immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are |
assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of |
similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a |
carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not |
previously been recognised. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained |
Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Javis Manufacturing Company Limited (Registered number: 00783631) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
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Impairment |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated |
where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. |
Prior impairments are also reviewed for possible reversal at each reporting date. |
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When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable |
amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group |
of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other |
assets or groups of assets. |
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Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable |
that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be |
estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an |
expense. |
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Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date |
and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would |
be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss |
unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present |
value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance |
costs in profit or loss in the period it arises. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Javis Manufacturing Company Limited (Registered number: 00783631) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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