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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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J. & J. CONVERSIONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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J. & J. CONVERSIONS LIMITED |
J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
J. & J. CONVERSIONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
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Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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J. & J. Conversions Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In preparing the financial statements, the directors have considered whether when applying the |
accounting policies required by FRS 102, restatements of comparative items were required. No such |
items have been identified. |
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Turnover |
Turnover is the amount derived from sale of manufactured recovery vehicles and specialist vehicle |
recovery units and represents amounts invoiced during the year, net of Value Added Tax. |
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In respect of long-term contracts and contracts for on-going services, turnover represents the value of |
work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term |
contracts and contracts for on-going services is recognised by reference to the stage of completion. |
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Goodwill |
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The company acquired the trade of J & J Conversions, a partnership owned and run by the directors of |
J & J Conversions Limited, on 22 December 2011. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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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Research and development |
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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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In the directors opinion the company is a going concern and has sufficient available resources to |
continue trading for the foreseeable future. |
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3. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' loan accounts |
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Accrued expenses |
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J. & J. CONVERSIONS LIMITED (REGISTERED NUMBER: 02600472) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2016 |
and 31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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At the year end the company was owed £39,902 (2015: the company owed £25,650 to R J Guy) by R J |
Guy a director and shareholder. |
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At the year end the company was owed £3,839 (2015: the company owed £11,839 to M J Vine) by M J |
Vine a director and shareholder. |
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All loans are interest free and repayable on demand. |
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8. | RELATED PARTY DISCLOSURES |
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M J Vine |
Director and shareholder |
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During the year the company made payments in respect of rent charges of £156,450 (2015: £146,450) |
on a property jointly owned by the director. |
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During the year the company paid dividends of £50,000 (2015: £Nil) to M J Vine. |
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R J Guy |
Director and shareholder |
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During the year the company made payments in respect of rent charges of £156,450 (2015: £146,450) |
on a property jointly owned by the director. |
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During the year the company paid dividends of £50,000 (2015: £Nil) to R J Guy. |
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9. | ULTIMATE CONTROLLING PARTY |
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J & J Conversions Limited is controlled by R J Guy and M J Vine, both directors and shareholders of |
the company. |
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10. | FIRST YEAR ADOPTION |
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J. & J. Conversions Limited ("The Company") prepares its first financial statements that comply with |
FRS 102 for the year ended 31 December 2016. The Company's date of transition to FRS 102 is 1 |
January 2015. The following notes to the financial statements of the Company describe the differences |
between equity and profit or loss presented previously, and the amounts as restated to comply with the |
accounting policies selected in accordance with FRS 102 for the reporting period ended at 31 |
December 2016, as well as equity presented in the opening statement of financial position. |
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
J. & J. CONVERSIONS LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of |
the company's annual unaudited financial statements. In accordance with the Companies Act 2006, |
the company is only required to file a Balance Sheet. Readers are cautioned that the Income |
Statement and certain other primary statements and the Report of the Directors are not required to be |
filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of J. & J. Conversions Limited for the year ended 31 December 2016 which comprise |
the Income Statement, Balance Sheet, and the related notes from the company's accounting records and |
from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of J. & J. Conversions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J. & J. Conversions Limited and state those matters that we have agreed to state to the Board of Directors of J. & J. Conversions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J. & J. Conversions Limited Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that J. & J. Conversions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of J. & J. Conversions Limited. You consider that J. & J. Conversions Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of J. & J. Conversions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
|
|
|