JK Machinery Ltd - Accounts to registrar (filleted) - small 18.2

JK MACHINERY LIMITED - Company Information

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REGISTERED NUMBER: 02423520 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

JK MACHINERY LTD

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTOR:

J L Round

SECRETARY:

Mrs L A Round

REGISTERED OFFICE:

Bradbury House

Bilham Road

Clayton West

Huddersfield

HD8 9PA

REGISTERED NUMBER:

02423520 (England and Wales)

ACCOUNTANTS:

Seaman Herbert & Co

Accountants

36 - 40 Doncaster Road

Barnsley

South Yorkshire

S70 1TL

FIXED ASSETS

Tangible assets

62,534

62,779

CURRENT ASSETS

Stocks

75,097

108,677

Debtors

10,182

22,686

Cash at bank

48,571

9,180

133,850

140,543

CREDITORS

Amounts falling due within one year

65,719

69,253

NET CURRENT ASSETS

68,131

71,290

TOTAL ASSETS LESS CURRENT
LIABILITIES

130,665

134,069

CREDITORS

Amounts falling due after more than one
year

(14,929

)

(21,162

)

PROVISIONS FOR LIABILITIES

(11,882

)

(11,928

)

NET ASSETS

103,854

100,979

CAPITAL AND RESERVES

Called up share capital

Capital redemption reserve

Retained earnings

103,801

100,926

SHAREHOLDERS' FUNDS

103,854

100,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit & Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the director on 31 January 2020 and were signed by:

J L Round - Director

1.	STATUTORY INFORMATION

JK Machinery Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

20% on reducing balance

Plant and machinery

10% on reducing balance

Motor vehicles

20% on reducing balance

Computer equipment

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account and

Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

COST

At 1 October 2018

1,353

53,534

16,995

1,211

73,093

Additions

7,486

703

8,189

At 30 September 2019

1,353

61,020

16,995

1,914

81,282

DEPRECIATION

At 1 October 2018

1,353

7,266

567

1,128

10,314

Charge for year

5,030

3,286

118

8,434

At 30 September 2019

1,353

12,296

3,853

1,246

18,748

NET BOOK VALUE

At 30 September 2019

48,724

13,142

668

62,534

At 30 September 2018

46,268

16,428

62,779

STOCKS

2019

2018

Stock & work-in-progress

75,097

108,677

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

Trade debtors

2,320

16,097

Other debtors

5,260

5,000

Prepayments

2,602

1,589

10,182

22,686

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

Bank loans and overdrafts (see note 9)

3,000

Hire purchase contracts

3,233

Trade creditors

24,485

33,566

Tax

7,043

339

Social security and other taxes

115

VAT

15,715

11,569

Directors' current accounts

9,512

15,166

Accrued expenses

2,731

2,265

65,719

69,253

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2019

2018

Bank loans (see note 9)

5,500

8,500

Hire purchase contracts

9,429

12,662

14,929

21,162

LOANS

An analysis of the maturity of loans is given below:

2019

2018

Amounts falling due within one year or on demand:

Bank loans

3,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

3,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

2,500

5,500

10.	PROVISIONS FOR LIABILITIES

2019

2018

Deferred tax

11,882

11,928

Deferred

tax

Balance at 1 October 2018

11,928

Movement during the year

(46

)

Balance at 30 September 2019

11,882

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

ORDINARY A

£1

ORDINARY B

£1

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director has given a personal guarantee to cover the loan with Funding Circle.

13.	ULTIMATE CONTROLLING PARTY

The director and his spouse have a controlling interest in the issued share capital.