Jaques Innovations Limited 31/08/2019 iXBRL

JAQUES INNOVATIONS LIMITED - Company Information

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Company registration number: 09109667

Jaques Innovations Limited

Unaudited filleted abridged financial statements

for the Year ended

31 August 2019

Jaques Innovations Limited

Contents

Abridged balance sheet

Notes to the financial statements

Jaques Innovations Limited

Abridged Balance sheet

31 August 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	6	254,800		291,200
Tangible assets	7	8,280		5,060
		_______		_______
			263,080		296,260

Current assets
Stocks		36,821		48,358
Debtors		1,084		33,674
Cash at bank and in hand		21,796		11,852
		_______		_______
		59,701		93,884
Creditors: amounts falling due
within one year		( 124,636)		( 277,176)
		_______		_______
Net current liabilities			( 64,935)		( 183,292)
			_______		_______
Total assets less current liabilities			198,145		112,968


Provisions for liabilities			( 400)		( 1,000)

Accruals and deferred income			( 3,300)		( 4,200)

			_______		_______
Net assets			194,445		107,768
			_______		_______

Capital and reserves
Called up share capital			40		40
Profit and loss account			194,405		107,728
			_______		_______
Shareholders funds			194,445		107,768
			_______		_______

For the year ending 31 August 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.

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 Profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 November 2019 , and are signed on behalf of the board by:

Mr C M Jaques

Director

Company registration number: 09109667

Jaques Innovations Limited

Notes to the financial statements

Year ended 31 August 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 16 Ptarmigan Place, Attleborough Fields Industrial Estate, Nuneaton, Warwickshire, CV11 6RX.

2. Statement of compliance

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

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

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 are 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.

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:

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

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 stocks to their 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 Balance sheet and the amount of the provision as an expense.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2018: 7 ).

5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2019	2018
	£	£
Amortisation of intangible assets	36,400	36,400
Depreciation of tangible assets	552	1,390
	_______	_______

6. Intangible assets

Cost

At 1 September 2018 and 31 August 2019 420,000

_______ |

Amortisation

At 1 September 2018 128,800

Charge for the year 36,400

_______ |

At 31 August 2019 165,200

_______ |

Carrying amount

At 31 August 2019 254,800

_______ |

At 31 August 2018 291,200

_______ |

7. Tangible assets


		£
	Cost
	At 1 September 2018	9,694
	Additions	7,356
	Disposals	( 7,000)
		_______
	At 31 August 2019	10,050
		_______
	Depreciation
	At 1 September 2018	4,634
	Charge for the year	552
	Disposals	( 3,416)
		_______
	At 31 August 2019	1,770
		_______
	Carrying amount
	At 31 August 2019	8,280
		_______
	At 31 August 2018	5,060
		_______

8. 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	Amounts repaid	Balance o/standing
		£	£	£	£
		4,472	44,304	(48,776)	-
		27,506	(72,586)	45,080	-
		_______	_______	_______	_______
		31,978	( 28,282)	( 3,696)	-
		_______	_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
		2,263	34,110	(31,901)	4,472
		(3,352)	59,892	(29,034)	27,506
		_______	_______	_______	_______
		( 1,089)	94,002	( 60,935)	31,978
		_______	_______	_______	_______

Statement of consent to prepare abridged financial statements

All of the members of Jaques Innovations Limited have consented to the preparation of the abridged Balance sheet for the current year ending 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.