I. P. Jones Fencing Contractors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03986044 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

I. P. JONES FENCING CONTRACTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I P Jones

Mrs K H Jones

R P McKay

J C McKay

I Waring

REGISTERED OFFICE:

Unit I, Leyland Business Park

Centurion Way

Leyland

Lancashire

PR25 3GR

REGISTERED NUMBER:

03986044 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

914,700

758,007

CURRENT ASSETS

Stocks

5

109,201

220,259

Debtors

6

1,355,757

1,353,118

Cash at bank and in hand

325,299

258,424

1,790,257

1,831,801

CREDITORS

Amounts falling due within one year

7

(1,369,763

)

(1,344,753

)

NET CURRENT ASSETS

420,494

487,048

TOTAL ASSETS LESS CURRENT LIABILITIES

1,335,194

1,245,055

CREDITORS

Amounts falling due after more than one year

8

(190,368

)

(40,685

)

PROVISIONS FOR LIABILITIES

11

(173,477

)

(141,925

)

NET ASSETS

971,349

1,062,445

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

970,349

1,061,445

SHAREHOLDERS' FUNDS

971,349

1,062,445

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2020 and were signed on its behalf by:

I P Jones - Director

Mrs K H Jones - Director

R P McKay - Director

J C McKay - Director

I Waring - Director

1.	STATUTORY INFORMATION

I. P. Jones Fencing Contractors Limited 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Hoarding

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future cash flows discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities:

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of

future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year

are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

The directors have reviewed the company's forecasts and projections and, in particular, have considered the

potential implications of the Coronavirus (Covid-19) pandemic. Whilst the eventual financial impact of the

pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the

company will be able to remain operational throughout the pandemic. However, it has inevitably had to scale

back its operations.

With the benefit of government support packages available to help businesses through the pandemic, the

directors have a reasonable expectation that the company will have adequate resources to continue in operation

existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2018 - 66 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2019

46,022

377,981

44,629

Additions

1,000

69,552

13,646

Disposals

-

(25,568

)

(15,186

)

Reclassification/transfer

-

-

-

At 31 December 2019

47,022

421,965

43,089

DEPRECIATION

At 1 January 2019

43,855

249,052

29,668

Charge for year

1,503

31,543

2,899

Eliminated on disposal

-

(20,206

)

(10,796

)

Reclassification/transfer

-

-

-

At 31 December 2019

45,358

260,389

21,771

NET BOOK VALUE

At 31 December 2019

1,664

161,576

21,318

At 31 December 2018

2,167

128,929

14,961

Motor

vehicles

Hoarding

Totals

£

£

£

COST

At 1 January 2019

492,764

646,969

1,608,365

Additions

131,999

112,416

328,613

Disposals

-

(29,273

)

(70,027

)

Reclassification/transfer

-

(35,717

)

(35,717

)

At 31 December 2019

624,763

694,395

1,831,234

DEPRECIATION

At 1 January 2019

338,322

189,461

850,358

Charge for year

62,351

46,317

144,613

Eliminated on disposal

-

(11,718

)

(42,720

)

Reclassification/transfer

-

(35,717

)

(35,717

)

At 31 December 2019

400,673

188,343

916,534

NET BOOK VALUE

At 31 December 2019

224,090

506,052

914,700

At 31 December 2018

154,442

457,508

758,007

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2019

389,050

Additions

131,999

At 31 December 2019

521,049

DEPRECIATION

At 1 January 2019

243,426

Charge for year

60,147

At 31 December 2019

303,573

NET BOOK VALUE

At 31 December 2019

217,476

At 31 December 2018

145,624

5.

STOCKS

31.12.19

31.12.18

£

£

Stocks

109,201

220,259

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

1,253,722

1,257,920

Amounts recoverable on contract

50,000

-

Other debtors

52,035

95,198

1,355,757

1,353,118

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts (see note 9)

153,921

126,223

Hire purchase contracts (see note 10)

92,797

56,627

Trade creditors

546,951

594,836

Taxation and social security

62,930

96,540

Other creditors

513,164

470,527

1,369,763

1,344,753

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans (see note 9)

75,124

-

Hire purchase contracts (see note 10)

115,244

40,685

190,368

40,685

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.19

31.12.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

135,471

118,752

Bank loans

18,450

7,471

153,921

126,223

Amounts falling due between one and two years:

Bank loans - 1-2 years

75,124

-

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.19

31.12.18

£

£

Net obligations repayable:

Within one year

92,797

56,627

Between one and five years

115,244

40,685

208,041

97,312

11.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

173,477

141,925

Deferred

tax

£

Balance at 1 January 2019

141,925

Provided during year

31,552

Balance at 31 December 2019

173,477

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

298

Ordinary A

£1

298

298

297

Ordinary B

£1

297

297

200

Ordinary C

£1

200

200

200

Ordinary D

£1

200

200

5

Ordinary E

£1

5

5

1,000

1,000

13.

RESERVES

Retained

earnings

£

At 1 January 2019

1,061,445

Profit for the year

15,704

Dividends

(106,800

)

At 31 December 2019

970,349