Company Registration No. 02596025 (England and Wales)
JEM SHOPFITTING LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
JEM SHOPFITTING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
JEM SHOPFITTING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
200,816
97,841
Current assets
Stocks
58,549
48,656
Debtors
717,989
54,459
Cash at bank and in hand
230,152
116,287
1,006,690
219,402
Creditors: amounts falling due within one year
(864,674)
(157,764)
Net current assets
142,016
61,638
Total assets less current liabilities
342,832
159,479
Creditors: amounts falling due after more than one year
(70,472)
-
272,360
159,479
Capital and reserves
Called up share capital
3
75,000
75,000
Share premium account
195,000
195,000
Profit and loss account
2,360
(110,521)
Shareholders' funds
272,360
159,479
For the financial year ended 30 June 2015 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 26 August 2015
Mr L S Johnson
Director
Company Registration No. 02596025
JEM SHOPFITTING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
- 2 -
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 April 2008).
The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.
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 net invoiced sales of goods and services provided, excluding value added tax and discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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
2% straight-line
Plant and machinery
20% reducing balance
Computers, office & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Revenue recognition
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to customers is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
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
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
JEM SHOPFITTING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2014
451,359
Additions
133,993
Disposals
(27,823)
At 30 June 2015
557,529
Depreciation
At 1 July 2014
353,518
On disposals
(21,565)
Charge for the year
24,760
At 30 June 2015
356,713
Net book value
At 30 June 2015
200,816
At 30 June 2014
97,841
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
75,000 Ordinary shares of £1 each
75,000
75,000
4
Related party relationships and transactions
Other transactions
During the year the company paid rent and property expenses of
£46,190
to the Jem Shopfitting pension scheme (201
4
- £
23,143
) in respect of the property from which the company operates.