JAF_DESIGN_LTD - Accounts

JAF DESIGN LTD

CONTENTS

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 3

JAF DESIGN LTD

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2014

- 1 -

2014

2013

Notes

£

Fixed assets

Tangible assets

2

1,471

848

Current assets

Debtors

10,706

11,653

Cash at bank and in hand

3,148

3,380

13,854

15,033

Creditors: amounts falling due within one year

(14,111)

(14,800)

Net current (liabilities)/assets

(257)

233

Total assets less current liabilities

1,214

1,081

Capital and reserves

Called up share capital

3

1,000

Profit and loss account

214

81

Shareholders' funds

1,214

1,081

For the financial year ended 31 July 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 15 April 2015

Mr J Radcliffe

Director

Company Registration No. 06313332

JAF DESIGN LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

- 2 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services, net of VAT and trade discounts.

Turnover is recognised when goods are physically delivered to the customer and the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to the date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25 % Reducing balance

Fixtures, fittings & equipment

25 % Reducing balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

JAF DESIGN LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

2

Fixed assets

Tangible assets

£

Cost

At 1 August 2013

2,347

Additions

1,309

Disposals

(1,530)

At 31 July 2014

2,126

Depreciation

At 1 August 2013

1,500

On disposals

(1,146)

Charge for the year

301

At 31 July 2014

655

Net book value

At 31 July 2014

1,471

At 31 July 2013

848

3

Share capital

2014

2013

£

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each

1,000

4

Related party relationships and transactions

Loans to director

The following director had an interest free loan during the year. Details are outlined in the table below.

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

£

Mr J Radcliffe -

-

6,004

-

2,824

3,180

6,004

-

2,824

3,180