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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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J.T.S. (Cushions) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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J.T.S. (Cushions) Limited |
J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
J.T.S. (Cushions) Limited |
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Company Information |
for the Year Ended 31 July 2017 |
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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 |
Russell Chambers |
61a North Street |
Keighley |
West Yorkshire |
BD21 3DS |
J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Statement of Financial Position |
31 July 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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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: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
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. |
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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. |
J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Statement of Financial Position - continued |
31 July 2017 |
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The financial statements were approved by the Board of Directors on
by: |
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J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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J.T.S. (Cushions) 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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the amounts received or receivable for goods and services provided to customers, excluding |
VAT |
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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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Improvements to property | - |
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Plant & machinery | - |
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Fixtures & fittings | - |
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Computer equipment | - |
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Stocks |
Stocks 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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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 statement of financial position 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 |
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. |
J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 August 2016 |
and 31 July 2017 |
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AMORTISATION |
At 1 August 2016 |
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Amortisation for year |
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Eliminated on disposal | ( |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant & | Fixtures | Computer |
property | machinery | & fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2016 |
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Additions |
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Disposals |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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Prepayments |
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Included within debtors falling due within one year is £Nil (2016 £20,288) relating to directors' current accounts. |
The maximum amount outstanding during the year was £Nil (2016 £20,288). No interest is due on the |
outstanding debt. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade creditors |
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Corporate taxation |
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Social security & other taxes |
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Invoice discounting company |
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Directors' current accounts |
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Accrued expenses |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.7.17 | 31.7.16 |
£ | £ |
Invoice discounting company | 679,378 | 377,325 |
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9. | PROVISIONS FOR LIABILITIES |
31.7.17 | 31.7.16 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 10,122 | - |
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Deferred |
tax |
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Provided during year |
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Transfer - profit and loss |
Balance at 31 July 2017 |
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J.T.S. (Cushions) Limited (Registered number: 04243630) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 July 2017 and |
31 July 2016: |
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31.7.17 | 31.7.16 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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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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11. | CONTROL RELATIONSHIPS |
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S Shrimpton, director and shareholder, is considered to be the controlling party. |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
J.T.S. (Cushions) Limited |
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The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. 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.T.S. (Cushions) Limited for the year ended 31 July 2017 which comprise the Statement of |
Income and Retained Earnings, Statement of Financial Position 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.T.S. (Cushions) Limited, as a body, in accordance with the terms of our engagement letter dated 10 January 2005. Our work has been undertaken solely to prepare for your approval the financial statements of J.T.S. (Cushions) Limited and state those matters that we have agreed to state to the Board of Directors of J.T.S. (Cushions) 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.T.S. (Cushions) 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.T.S. (Cushions) 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 profit of J.T.S. (Cushions) Limited. You consider that J.T.S. (Cushions) 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.T.S. (Cushions) 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 |
Russell Chambers |
61a North Street |
Keighley |
West Yorkshire |
BD21 3DS |
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