Registration number:
Unaudited Financial Statements
JCB Med Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
JCB Med Limited
Balance Sheet
31 July 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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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 liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
JCB Med Limited
Balance Sheet
31 July 2018
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Dr J C Buteriteri
Director
Company Registration Number: 08136359
JCB Med Limited
Notes to the Financial Statements
Year Ended 31 July 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The Company registration number is 08136359
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The director has confirmed that he is in a position financially to be able to support the company with regard to the provisions that may become payable. The director has reviewed forecasts for a period of 12 months from the balance sheet date and in his opinion the company is a going concern.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
JCB Med Limited
Notes to the Financial Statements
Year Ended 31 July 2018
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line |
Fixture and fittings |
25% straight line |
Plant and machinery |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
JCB Med Limited
Notes to the Financial Statements
Year Ended 31 July 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
JCB Med Limited
Notes to the Financial Statements
Year Ended 31 July 2018
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 August 2017 |
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Additions |
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At 31 July 2018 |
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Depreciation |
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At 1 August 2017 |
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Charge for the year |
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At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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JCB Med Limited
Notes to the Financial Statements
Year Ended 31 July 2018
Stocks |
2018 |
2017 |
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Work in progress |
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Debtors |
2018 |
2017 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £
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In 2017 the director paid a dividend of £10,000. At the time the dividend was paid there were sufficient reserves to pay the dividend. Since then circumstances have changed and a provision has been made which means there are now insufficient reserves available. The director undertakes to make no further distributions until such time as there are reserves available for the purpose.
JCB Med Limited
Notes to the Financial Statements
Year Ended 31 July 2018
Related party transactions |
Summary of transactions with other related parties
Loans to related parties
2018 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
Interest transactions |
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At end of period |
( |
2017 |
Key management |
At start of period |
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Advanced |
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Repaid |
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Interest transactions |
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At end of period |
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