Flanagan James Ltd Accounts

FLANAGAN JAMES LTD - Company Information






Flanagan James Ltd
	Company No. 08176788
		Information for Filing with The Registrar
		31 July 2019

			at	31 July 2019

Company No.		08176788			Notes	2019	2018
						£	£
Fixed assets

	Tangible assets				3	1,963	2,310


						1,963	2,310
Current assets

	Debtors				4	16,941	6,860

	Cash at bank and in hand					28,367	37,821
						45,308	44,681
Creditors: Amount falling due within one year					5	(16,504)	(18,942)
Net current assets						28,804	25,739

Total assets less current liabilities						30,767	28,049

Provisions for liabilities
	Deferred taxation				6	(373)	(439)

Net assets						30,394	27,610

Capital and reserves
	Called up share capital					500	500



	Profit and loss account				7	29,894	27,110

Total equity						30,394	27,610


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 25 September 2019

And signed on its behalf by:

R.A. Flanagan
Director
25 September 2019

for the year ended 31 July 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

15% Reducing balance

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	2	1

3	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 August 2018	3,426	3,426




		At 31 July 2019	3,426	3,426
		Depreciation
		At 1 August 2018	1,116	1,116
		Charge for the year	347	347



		At 31 July 2019	1,463	1,463
		Net book values
		At 31 July 2019	1,963	1,963
		At 31 July 2018	2,310	2,310

4	Debtors
			2019	2018
			£	£
		Trade debtors	15,649	5,580





		Other debtors	992	1,064
		Prepayments and accrued income	300	216
			16,941	6,860

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£




		Trade creditors	30	(36)

		Corporation tax	8,512	8,111
		Other taxes and social security	6,218	5,546
		Loans from directors	822	4,361
		Other creditors	-	36
		Accruals and deferred income	922	924
			16,504	18,942

6	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Arising from revaluation	Total
			£	£	£
		At 1 August 2018	439	-	439
		Charge to the profit and loss account for the period	(66)		(66)

		At 31 July 2019	373	-	373



			2019		2018
			£		£
		Accelerated capital allowances	373		439



			373		439

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

8	Advances and credits to directors
		Included within Other debtors / creditors (as appropriate) are the following loans between directors and the company:

		Director	Description	At 1 August 2018	Advanced	Repaid	At 31 July 2019
				£	£	£	£
		R.A. Flanagan	Directors Loan Account	(4,361)	4,210	(671)	(822)


































				(4,361)	4,210	(671)	(822)

The balance has no interest charged thereon. There are no conditions attached to advances to the director, however the director must ensure that any transactions between company and director are not detrimental to the company and if required the loan is to be repaid immediately.

Related party disclosures

Controlling parties

Immediate controlling parties

The Director by virtue of their majority shareholding.

Ultimate controlling party

The Director by virtue of their majority shareholding.

Additional information

Its registered number is:

08176788

Its registered office is:

2 Forest Farm Business Park

Fulford

York

YO19 4RH