John Dixon and Associates Limited Filleted accounts for Companies House (small and micro)

JOHN DIXON AND ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02041560

John Dixon and Associates Limited

Filleted Unaudited Financial Statements

31 January 2019

John Dixon and Associates Limited

Financial Statements

Year ended 31 January 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

John Dixon and Associates Limited

Officers and Professional Advisers

The board of directors	Mr M A Taylor
	Mr M A Bryning
	Mr J A Asbridge

Company secretary	Mr M A Taylor

Registered office	Hollinwood Business Centre
	Albert Street
	Oldham
	Lancashire
	OL8 3QL

Accountants	Morris Gregory
	Chartered Accountants
	County End Business Centre
	Jackson Street
	Springhead
	Oldham
	Lancashire
	OL4 4TZ

Bankers	Santander UK
	Customer Service Centre
	Bootle
	Merseyside
	L30 4GB

	Bank of Scotland plc
	600 Gorgie Road
	Edinburgh
	EH11 3XP

John Dixon and Associates Limited

Statement of Financial Position

31 January 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		8,899	857

Current assets

Stocks		7,647	28,717
Debtors	7	5,436	48,935
Cash at bank and in hand		451,970	144,778
		---------	---------
		465,053	222,430

Creditors: amounts falling due within one year	8	182,189		76,383
		---------		---------
Net current assets			282,864	146,047
			---------	---------
Total assets less current liabilities			291,763	146,904

Provisions

Taxation including deferred tax	3,187	3,241
	---------	---------
Net assets	294,950	150,145
	---------	---------

Capital and reserves

Called up share capital	9	60,000	60,000
Profit and loss account		234,950	90,145
		---------	---------
Shareholders funds		294,950	150,145
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

John Dixon and Associates Limited

Statement of Financial Position (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 16 October 2019 , and are signed on behalf of the board by:

Mr M A Taylor
Director

Company registration number: 02041560

John Dixon and Associates Limited

Notes to the Financial Statements

Year ended 31 January 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hollinwood Business Centre, Albert Street, Oldham, Lancashire, OL8 3QL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2018: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2018 and 31 January 2019	5,000
	-------
Amortisation
At 1 February 2018 and 31 January 2019	5,000
	-------
Carrying amount
At 31 January 2019	–
	-------
At 31 January 2018	–
	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 February 2018	67,750	–	98,955	166,705
Additions	–	11,000	–	11,000
	--------	--------	--------	---------
At 31 January 2019	67,750	11,000	98,955	177,705
	--------	--------	--------	---------
Depreciation
At 1 February 2018	67,171	–	98,677	165,848
Charge for the year	116	2,750	92	2,958
	--------	--------	--------	---------
At 31 January 2019	67,287	2,750	98,769	168,806
	--------	--------	--------	---------
Carrying amount
At 31 January 2019	463	8,250	186	8,899
	--------	--------	--------	---------
At 31 January 2018	579	–	278	857
	--------	--------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	–	42,888
Other debtors	5,436	6,047
	-------	--------
	5,436	48,935
	-------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	1,186	2,049
Corporation tax	90,728	10,121
Social security and other taxes	81,814	30,856
Other creditors	8,461	33,357
	---------	--------
	182,189	76,383
	---------	--------

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	60,000	60,000	60,000	60,000
	--------	--------	--------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	19,368	7,527
Later than 1 year and not later than 5 years	1,614	–
	--------	-------
	20,982	7,527
	--------	-------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M A Taylor	( 23,000)	21,000	( 2,000)
	--------	--------	-------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M A Taylor	–	( 23,000)	( 23,000)
	----	--------	--------

12. Related party transactions

The company was under the joint control of the three directors throughout the current and previous year. The three directors are equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.