Company Registration No. 03371772 (England and Wales)
JACKSON CRANE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
JACKSON CRANE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JACKSON CRANE LIMITED
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,001
4,952
Current assets
Debtors
4
1,065,595
695,149
Cash at bank and in hand
48,355
114,292
1,113,950
809,441
Creditors: amounts falling due within one year
5
(426,264)
(201,161)
Net current assets
687,686
608,280
Total assets less current liabilities
692,687
613,232
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss reserves
692,685
613,230
Total equity
692,687
613,232
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2020 and are signed on its behalf by:
Mr C P Jackson
Ms J R Smith
Director
Director
Company Registration No. 03371772
JACKSON CRANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 2 -
1
Accounting policies
Company information
Jackson Crane Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3-4 Bower Terrace, Tonbridge Road, Maidstone, Kent, ME16 8RY. The principal place of business is 39 Linton Road, Maidstone, Kent, ME15 0AG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue earned for services provided to clients. Revenue is recognised as earned
when, and to the extent that, the company obtains the right to consideration in exchange for its
performance under those contracts. It is measured at the fair value of the right to consideration, which
represents amounts chargeable to clients, including recoverable expenses, but excluding Value Added Tax.
For incomplete contracts,
a
n
assessment is made of the extent to which revenue has been earned. This
assessment takes into account the nature of the assignment, its stage of completion and relevant contract
terms. Unbilled revenue is included
i
n debtors, under "
other debtors
".
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost
,
net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the
recognition and measurement
provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price
.
JACKSON CRANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable
or receivable
and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 40 (2018 - 51).
JACKSON CRANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2018
12,824
Additions
2,041
Disposals
(749)
At 31 July 2019
14,116
Depreciation and impairment
At 1 August 2018
7,872
Depreciation charged in the year
1,613
Eliminated in respect of disposals
(370)
At 31 July 2019
9,115
Carrying amount
At 31 July 2019
5,001
At 31 July 2018
4,952
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
712,685
451,956
Other debtors
352,910
243,193
1,065,595
695,149
Other debtors includes an amount of £
297,452
(201
8
- £
215,769)
due to the company from the director
s
.
JACKSON CRANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
2,031
3,611
Taxation and social security
109,622
145,405
Other creditors
314,611
52,145
426,264
201,161
Other creditors include an amount of £272,188 (2018- £1,000) advanced to the company under an Invoice Discounting Agreement which carries interest at a rate of 1.75% above the base rate. The amount is secured by a fixed charge over the book debts, together with a floating charge over the company's other assets and a personal guarantee by the directors of up to £50,000.
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
68,900
83,900
7
Directors' transactions
During the year the company made advances totalling £
142,152
(201
8
- £
109,243
)
and £105,531 (2018 - £109,946)
to
directors
. These
advances were repayable on demand and attract
interest at HMRC approved rates. Repayments totalling £
84,600
(201
8
- £
243,713
)
and £81,400 (2018 - £154,154), respectively,
were made in respect of these advances and brought forward balance
s
.