Johns Cross Conversions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03466679 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

JOHNS CROSS CONVERSIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

E P Waller

D J Waller

L R Collins

SECRETARY:

E P Waller

REGISTERED OFFICE:

Lifestyle Park

Harbour Road

Rye

East Sussex

TN31 7TE

REGISTERED NUMBER:

03466679 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

FIXED ASSETS

Tangible assets

4

330,938

191,533

CURRENT ASSETS

Stocks

4,775,074

3,342,637

Debtors

5

154,155

199,087

Cash in hand

5,144

816

4,934,373

3,542,540

CREDITORS

Amounts falling due within one year

6

4,773,730

3,367,406

NET CURRENT ASSETS

160,643

175,134

TOTAL ASSETS LESS CURRENT LIABILITIES

491,581

366,667

CREDITORS

Amounts falling due after more than one year

7

(156,149

)

(104,180

)

PROVISIONS FOR LIABILITIES

(4,597

)

(4,728

)

NET ASSETS

330,835

257,759

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

330,735

257,659

SHAREHOLDERS' FUNDS

330,835

257,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 19 March 2019 and were signed on its behalf by:

D J Waller - Director

E P Waller - Director

L R Collins - Director

1.	STATUTORY INFORMATION

Johns Cross Conversions Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have made an assessment about the company's ability to continue as a going concern and they do

not consider there to be any material uncertainties. As a result they have adopted the going concern basis of

accounting.

Turnover

Turnover represents invoices raised in respect of sales of converted motor vehicles and new and second hand

motor homes and caravans, excluding value added tax.

Turnover is recognised at the point at which consideration is due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

over term of lease

Plant and machinery etc

-

33% on cost, 25% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

31,463

281,298

312,761

Additions

-

197,990

197,990

Reclassification/transfer

(31,463

)

-

(31,463

)

At 31 December 2018

-

479,288

479,288

DEPRECIATION

At 1 January 2018

3,098

118,130

121,228

Charge for year

(3,098

)

30,220

27,122

At 31 December 2018

-

148,350

148,350

NET BOOK VALUE

At 31 December 2018

-

330,938

330,938

At 31 December 2017

28,365

163,168

191,533

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2018

32,768

Additions

22,775

At 31 December 2018

55,543

DEPRECIATION

At 1 January 2018

32,768

Charge for year

5,694

At 31 December 2018

38,462

NET BOOK VALUE

At 31 December 2018

17,081

At 31 December 2017

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

141,803

194,941

Other debtors

2,308

1,915

Prepayments

10,044

2,231

154,155

199,087

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts (see note 8)

1,003,757

750,802

Other loans (see note 8)

162,746

112,945

Hire purchase contracts

4,100

5,413

Payments on account

365,056

106,936

Trade creditors

3,003,917

2,278,801

Tax

44,619

25,306

Social security and other taxes

12,962

11,176

VAT

167,697

69,355

Other creditors

4,104

3,153

Accrued expenses

4,772

3,519

4,773,730

3,367,406

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans (see note 8)

142,142

104,180

Hire purchase contracts

14,007

-

156,149

104,180

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

38,307

50,900

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.18

31.12.17

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

135,008

187,464

Bank loans

868,749

563,338

Other loans

162,746

112,945

1,166,503

863,747

Amounts falling due between one and two years:

Bank loans - 1-2 years

20,767

13,320

Amounts falling due between two and five years:

Bank loans - 2-5 years

83,068

39,960

31.12.18

31.12.17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

38,307

50,900

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdrafts

135,008

187,464

There is a fixed and floating charge in favour of HSBC Plc over the undertaking and all property and assets

present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant &

machinery.

10.	RELATED PARTY DISCLOSURES

During the year the company paid rent to a pension fund in which two of the directors have a beneficial interest

totalling £20,000 (2017 - £20,000) for the use of business premises.

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 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Johns Cross Conversions Limited for the year ended 31 December 2018 which comprise the

Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Johns Cross 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 Johns Cross Conversions Limited and state those matters that we have agreed to state to the Board of Directors of Johns Cross 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 Johns Cross Conversions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Johns Cross 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 profit of Johns Cross Conversions Limited. You consider that Johns Cross Conversions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Johns Cross 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.

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

Date: .............................................