Josef's Limited Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false true false false false false false false false No description of principal activity 2018-11-01 Sage Accounts Production Advanced 2020 - FRS102_2014 66,000 56,612 6,600 63,212 2,788 9,388 81,463 6,916 88,379 42,286 7,836 50,122 38,257 39,177 xbrli:pure xbrli:shares iso4217:GBP 06666220 2018-11-01 2019-10-31 06666220 2019-10-31 06666220 2018-10-31 06666220 2017-11-01 2018-10-31 06666220 2018-10-31 06666220 core:NetGoodwill 2018-11-01 2019-10-31 06666220 bus:Director1 2018-11-01 2019-10-31 06666220 bus:Director2 2018-11-01 2019-10-31 06666220 core:NetGoodwill 2018-10-31 06666220 core:NetGoodwill 2019-10-31 06666220 core:WithinOneYear 2019-10-31 06666220 core:WithinOneYear 2018-10-31 06666220 core:ShareCapital 2019-10-31 06666220 core:ShareCapital 2018-10-31 06666220 core:RetainedEarningsAccumulatedLosses 2019-10-31 06666220 core:RetainedEarningsAccumulatedLosses 2018-10-31 06666220 core:NetGoodwill 2018-10-31 06666220 bus:SmallEntities 2018-11-01 2019-10-31 06666220 bus:AuditExemptWithAccountantsReport 2018-11-01 2019-10-31 06666220 bus:FullAccounts 2018-11-01 2019-10-31 06666220 bus:SmallCompaniesRegimeForAccounts 2018-11-01 2019-10-31 06666220 bus:PrivateLimitedCompanyLtd 2018-11-01 2019-10-31

COMPANY REGISTRATION NUMBER: 06666220

Josef's Limited

Filleted Unaudited Financial Statements

31 October 2019

Josef's Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	2,788	9,388
Tangible assets	6	38,257	39,177
		--------	--------
		41,045	48,565

Current assets

Stocks	600	600
Cash at bank and in hand	8,266	703
	-------	-------
	8,866	1,303

Creditors: amounts falling due within one year	7	38,729		34,673
		--------		--------
Net current liabilities			29,863	33,370
			--------	--------
Total assets less current liabilities			11,182	15,195
			--------	--------
Net assets			11,182	15,195
			--------	--------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	1,182	5,195
	--------	--------
Shareholders funds	11,182	15,195
	--------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 October 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 .

Josef's Limited

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 7 August 2020 , and are signed on behalf of the board by:

Mr R Kent	Mrs C Kent
Director	Director

Company registration number: 06666220

Josef's Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Summit House, 10 Waterside Court, Newport, South Wales, NP20 5NT.

2. Statement of compliance

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

Revenue recognition

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

Income 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.

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:

	Goodwill	-	10% straight line

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 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.

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:

	Equipment	-	20% reducing balance

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 groups 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.

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 stock to its present location and condition.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: 5 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2018 and 31 October 2019	66,000
	--------
Amortisation
At 1 November 2018	56,612
Charge for the year	6,600
	--------
At 31 October 2019	63,212
	--------
Carrying amount
At 31 October 2019	2,788
	--------
At 31 October 2018	9,388
	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 November 2018	81,463	81,463
Additions	6,916	6,916
	--------	--------
At 31 October 2019	88,379	88,379
	--------	--------
Depreciation
At 1 November 2018	42,286	42,286
Charge for the year	7,836	7,836
	--------	--------
At 31 October 2019	50,122	50,122
	--------	--------
Carrying amount
At 31 October 2019	38,257	38,257
	--------	--------
At 31 October 2018	39,177	39,177
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	6,184	7,500
Trade creditors	3,592	2,688
Corporation tax	2,736	2,510
Social security and other taxes	11,895	9,701
Other creditors	14,322	12,274
	--------	--------
	38,729	34,673
	--------	--------

8. Directors' advances, credits and guarantees

At the beginning of the year, the company owed the director £8,502. At the end of the year the company owed the directors £10,550.

9. Related party transactions

The company was under the control of Mrs C Kent throughout the current and previous year. Mrs C Kent and Mr R Kent are equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1a.