Jivex Services Limited - Accounts to registrar (filleted) - small 18.2

JIVEX SERVICES LIMITED - Company Information

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REGISTERED NUMBER: 10193114 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

JIVEX SERVICES LIMITED

Page

Statement of Financial Position

Notes to the Financial Statements

FIXED ASSETS

Tangible assets

19,148

24,644

CURRENT ASSETS

Stocks

72,416

97,554

Debtors

8,645

11,907

Cash at bank

15,398

17,512

96,459

126,973

CREDITORS

Amounts falling due within one year

82,995

97,528

NET CURRENT ASSETS

13,464

29,445

TOTAL ASSETS LESS CURRENT

LIABILITIES

32,612

54,089

CREDITORS

Amounts falling due after more than one

year

(8,668

)

(12,353

)

PROVISIONS FOR LIABILITIES

(3,638

)

(4,682

)

NET ASSETS

20,306

37,054

CAPITAL AND RESERVES

Called up share capital

Retained earnings

20,304

37,052

SHAREHOLDERS' FUNDS

20,306

37,054

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 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 Board of Directors on 25 February 2020 and were signed on its behalf

by:

P G James - Director

1.	STATUTORY INFORMATION

Jivex Services Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address are as below:

Registered number:

10193114

Registered office:

Murray House

58 High Street

Biddulph

Stoke-on-Trent

Staffordshire

ST8 6AR

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported. These estimates and judgements are continually reviewed and are based on

experience and other factors, including expectations of future events that are believed to be reasonable under the

circumstances.

(i) Estimated useful lives and residual values of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed

appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as

appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector

and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting

periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and

services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

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.

Revenue from the rendering of services is recognised by reference to the stage of completion at the balance sheet

date; 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the valuation or cost less estimated

residual value of each asset over its estimated useful life.

Plant and machinery

- 15% on reducing balance

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 33% straight line

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.

Stocks

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised inly when the entity becomes a party to the contractual

provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a

financial transaction, where it is recognised at the present value of the future payments discounted at a market

rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or

amortised cost are reviewed for objective evidence of impairment, and impairment loss is recognised in profit or

loss immediately.

Corporation 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.

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.

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

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 group 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

COST

At 1 June 2018

and 31 May 2019

9,687

2,214

21,879

799

34,579

DEPRECIATION

At 1 June 2018

2,641

614

6,148

532

9,935

Charge for year

1,057

240

3,932

267

5,496

At 31 May 2019

3,698

854

10,080

799

15,431

NET BOOK VALUE

At 31 May 2019

5,989

1,360

11,799

19,148

At 31 May 2018

7,046

1,600

15,731

267

24,644

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

Trade debtors

5,883

8,589

Other debtors

2,762

3,318

8,645

11,907

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

Hire purchase contracts

3,685

3,377

Trade creditors

40,735

32,066

Taxation and social security

4,913

8,620

Other creditors

33,662

53,465

82,995

97,528

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

31.5.19

31.5.18

Hire purchase contracts

8,668

12,353

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.19

31.5.18

Hire purchase contracts

12,353

15,730

The hire purchase liability is secured on the relevant assets.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the directors £30,100 (2018 £34,087). All other transactions

undertaken with the directors are deemed to be conducted under normal market conditions and/or are not

material.