Joseph Charles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03734003 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Joseph Charles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Amico

REGISTERED OFFICE:

Berkeley House

Amery Street

Alton

Hampshire

GU341HN

REGISTERED NUMBER:

03734003 (England and Wales)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

769

1,676

Tangible assets

5

14,341

24,769

15,110

26,445

CURRENT ASSETS

Stocks

1,974

1,654

Debtors

6

16,437

19,969

Cash at bank and in hand

82,571

71,110

100,982

92,733

CREDITORS

Amounts falling due within one year

7

58,827

58,589

NET CURRENT ASSETS

42,155

34,144

TOTAL ASSETS LESS CURRENT LIABILITIES

57,265

60,589

CREDITORS

Amounts falling due after more than one year

8

-

(10,000

)

PROVISIONS FOR LIABILITIES

(2,554

)

(4,571

)

NET ASSETS

54,711

46,018

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

54,709

46,016

SHAREHOLDERS' FUNDS

54,711

46,018

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 7 September 2019 and were signed by:

J Amico - Director

1.	STATUTORY INFORMATION

Joseph Charles 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.

Franchise Costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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

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 9 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

Costs

£

COST

At 1 April 2018

and 31 March 2019

4,538

AMORTISATION

At 1 April 2018

2,862

Amortisation for year

907

At 31 March 2019

3,769

NET BOOK VALUE

At 31 March 2019

769

At 31 March 2018

1,676

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2018

193,220

2,699

195,919

Disposals

(145,574

)

-

(145,574

)

At 31 March 2019

47,646

2,699

50,345

DEPRECIATION

At 1 April 2018

170,775

375

171,150

Charge for year

9,529

899

10,428

Eliminated on disposal

(145,574

)

-

(145,574

)

At 31 March 2019

34,730

1,274

36,004

NET BOOK VALUE

At 31 March 2019

12,916

1,425

14,341

At 31 March 2018

22,445

2,324

24,769

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

16,437

19,969

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

10,000

11,460

Trade creditors

12,347

16,463

Taxation and social security

26,091

23,063

Other creditors

10,389

7,603

58,827

58,589

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

-

10,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.19

31.3.18

£

£

Within one year

20,000

20,000

Between one and five years

80,000

80,000

In more than five years

223,000

242,800

323,000

342,800

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

10,000

21,460

The bank overdraft and loan is secured by a standard bank debenture and a director's personal guarantee.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

Retained

earnings

£

At 1 April 2018

46,016

Profit for the year

38,693

Dividends

(30,000

)

At 31 March 2019

54,709

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

J Amico

Balance outstanding at start of year

(297

)

(297

)

Amounts advanced

30,000

-

Amounts repaid

(30,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(297

)

(297

)

At the year end the company owed £297 (2018: £297) to the director.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is J Amico.