JSS (Exeter) Limited - Period Ending 2019-12-31

JSS (Exeter) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

JSS (Exeter) Limited

Company Information

Directors

Mr R C Addington Sir C J P Lawson

Registered office

10 Southernhay West Exeter Devon EX1 1JG

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

JSS (Exeter) Limited

Balance Sheet

31 December 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	69,000	92,000
Tangible assets	5	1,795	262
		70,795	92,262
Current assets
Stocks	6	1,250	1,250
Debtors	7	98,451	69,901
Cash at bank and in hand		40,611	100
		140,312	71,251
Creditors: Amounts falling due within one year	8	(85,905)	(136,070)
Net current assets/(liabilities)		54,407	(64,819)
Net assets		125,202	27,443
Capital and reserves
Called up share capital	10	1,000	1,000
Profit and loss account		124,202	26,443
Total equity		125,202	27,443

JSS (Exeter) Limited

Balance Sheet

31 December 2019

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 September 2020 and signed on its behalf by:
 

......................................... Mr R C Addington Director

......................................... Sir C J P Lawson Director

Company Registration Number: 07236245

JSS (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is:
10 Southernhay West
Exeter
Devon
EX1 1JG

These financial statements were authorised for issue by the Board on 24 September 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

JSS (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	33% straight line basis

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. It is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line basis

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow
moving stocks. Net realisable value is based on selling price less anticipated costs to completion and
selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

JSS (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2018 - 6).

JSS (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2019	362,926	362,926
At 31 December 2019	362,926	362,926
Amortisation
At 1 January 2019	270,926	270,926
Amortisation charge	23,000	23,000
At 31 December 2019	293,926	293,926
Carrying amount
At 31 December 2019	69,000	69,000
At 31 December 2018	92,000	92,000

5	Tangible assets

	Fixtures, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	10,967	10,967
Additions	2,065	2,065
At 31 December 2019	13,032	13,032
Depreciation
At 1 January 2019	10,705	10,705
Charge for the year	532	532
At 31 December 2019	11,237	11,237
Carrying amount
At 31 December 2019	1,795	1,795
At 31 December 2018	262	262

JSS (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

6

Stocks

	2019 £	2018 £
Other inventories	1,250	1,250

7

Debtors

	2019  £	2018  £
Trade debtors	44,721	21,565
Other debtors	49,589	46,248
Prepayments	4,141	2,088
	98,451	69,901

8

Creditors

	Note	2019 £	2018  £
Due within one year
Loans and borrowings	9	-	56,279
Trade creditors		9,967	7,470
Corporation tax		25,340	7,760
Social security and other taxes		18,155	10,943
Outstanding defined contribution pension costs		354	214
Other creditors		23,906	42,922
Accrued expenses		8,183	10,482
		85,905	136,070

9	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	-	56,279

JSS (Exeter) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

10	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £1 each	350	350	350	350
Ordinary B shares of £1 each	550	550	550	550
Ordinary C shares of £1 each	100	100	100	100
	1,000	1,000	1,000	1,000

All of the following £1 share classes have voting rights and entitle the holder to rights to capital and dividends : Ordinary A, Ordinary B and Ordinary C.

11	Related party transactions

Advances to directors

2019	At 1 January 2019 £	Advances to director £	Repayments by director £	At 31 December 2019 £
Director 1 - interest charged at 2.5%, repayable on demand	(5,711)	35,425	-	29,714

 

2018	At 1 January 2018 £	Advances to director £	Repayments by director £	At 31 December 2018 £
Director 1 - interest charged at 2.5%, repayable on demand	(55,902)	67,798	(17,607)	(5,711)