| Fairlight Jones Limited |
| Registered number: |
10166435 |
| Balance Sheet |
| as at 31 October 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
84,209 |
|
|
98,737 |
| Tangible assets |
4 |
|
|
594 |
|
|
1,010 |
|
|
|
|
84,803 |
|
|
99,747 |
|
| Current assets |
| Debtors |
5 |
|
533,874 |
|
|
237,087 |
| Cash at bank and in hand |
8 |
|
154,263 |
|
|
163,124 |
|
|
|
688,137 |
|
|
400,211 |
|
| Creditors: amounts falling due within one year |
9 |
|
(316,469) |
|
|
(224,905) |
|
| Net current assets |
|
|
|
371,668 |
|
|
175,306 |
|
| Total assets less current liabilities |
|
|
|
456,471 |
|
|
275,053 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(100,416) |
|
|
(20,239) |
|
|
| Net assets |
|
|
|
356,055 |
|
|
254,814 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
6,733 |
|
|
6,601 |
| Share premium |
|
|
|
475,464 |
|
|
455,592 |
| Profit and loss account |
|
|
|
(126,142) |
|
|
(207,379) |
|
| Shareholders' funds |
|
|
|
356,055 |
|
|
254,814 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A Lee |
| Director |
| Approved by the board on 5 March 2019 |
|
| Fairlight Jones Limited |
| Notes to the Accounts |
| for the year ended 31 October 2018 |
|
|
| 1 |
Accounting policies |
|
|
Turnover |
|
Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from holidays departed during the financial period, stated net of value added tax and trade discounts. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Development costs |
over 3 years |
|
Branding and trademarks |
over 3 years |
|
|
Development expenditure |
|
Development expenditure is capitalised in accordance with the accounting policy given above. Initial capitalisation of costs is based on management's judgement that technical and economic feasibility is confirmed, usually when a product development project has reached a defining milestone according to an established project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 3 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
6 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
|
|
|
Development costs |
|
Branding and trademarks |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 November 2017 |
48,920 |
|
84,332 |
|
133,252 |
|
Additions |
39,500 |
|
- |
|
39,500 |
|
At 31 October 2018 |
88,420 |
|
84,332 |
|
172,752 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 November 2017 |
11,089 |
|
23,426 |
|
34,515 |
|
Provided during the year |
25,917 |
|
28,111 |
|
54,028 |
|
At 31 October 2018 |
37,006 |
|
51,537 |
|
88,543 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2018 |
51,414 |
|
32,795 |
|
84,209 |
|
At 31 October 2017 |
37,831 |
|
60,906 |
|
98,737 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 November 2017 |
1,248 |
|
At 31 October 2018 |
1,248 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2017 |
238 |
|
Charge for the year |
416 |
|
At 31 October 2018 |
654 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2018 |
594 |
|
At 31 October 2017 |
1,010 |
|
|
| 5 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Deferred tax asset |
|
|
|
|
36,521 |
|
62,170 |
|
Other debtors |
497,353 |
|
174,917 |
|
|
|
|
|
|
533,874 |
|
237,087 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
83,574 |
|
80,476 |
|
Trade creditors |
31,221 |
|
36,016 |
|
Directors loan account |
65,474 |
|
- |
|
Taxation and social security costs |
13,984 |
|
12,320 |
|
Other creditors |
122,216 |
|
96,093 |
|
|
|
|
|
|
316,469 |
|
224,905 |
|
|
|
|
|
|
|
|
|
|
Included in other creditors are advance customer deposits received in the sum of £93,171 (2017: £83,531) for departures from 1 November 2018 onwards. |
|
| 6 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
15,416 |
|
20,239 |
|
Shareholder's loan |
|
85,000 |
|
- |
|
|
|
|
|
|
100,416 |
|
20,239 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Controlling party |
|
|
In the opinion of the directors there is no one controlling party. |
|
|
| 8 |
Other information |
|
|
Fairlight Jones Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
16 Elm Grove Road |
|
Barnes |
|
London |
|
SW13 0BT |
