Jupiter Play & Leisure Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC200761 (Scotland)

Jupiter Play & Leisure Ltd.

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr M Hoenigmann

Mrs C J Hoenigmann

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Lothian

EH3 6AT

REGISTERED NUMBER:

SC200761 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Clydesdale Bank

83 George Street

Edinburgh

EH2 3ES

SOLICITORS:

Kerr Stirling LLP

10 Albert Place

Stirling

FK8 2QL

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of selling and installing play

equipment.

REVIEW OF BUSINESS

The Directors are satisfied with the trading performance of the company during the year.

In 2019, Operating Profit increased to £183,197, from £124,117 in 2018 which reflected diligent work by

the company to focus on the more profitable specification sector, rather than the Local Authority-led

tendering process where widespread discounting is commonplace.

In October, the company celebrated its 20th year of operation, and during the year founder and Managing

Director Michael Hoenigmann increased his shareholding in the company to 95%. The business is

continuing to progress, with an extremely strong sales pipeline for 2020 and beyond.

During the year, as part of a separation agreement with Inclusive Play (UK) Limited, a company that was

related in prior years, a balance of £113,544 was written off by the company. This historic debt was a

result of start-up costs incurred during the inception of Inclusive Play 10 years ago. This write-off will

therefore have no impact on the cash flow of the business, due to the age of the debt. The remaining debt

is subject to a repayment plan.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to the

date of this report.

Mr M Hoenigmann

Mrs C J Hoenigmann

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

Whitelaw Wells - Secretary

7 August 2020

FIXED ASSETS

Tangible assets

4

20,128

37,930

Investments

5

-

100

20,128

38,030

CURRENT ASSETS

Stocks

93,676

70,256

Debtors

6

403,334

688,141

Cash at bank and in hand

201,511

74,400

698,521

832,797

CREDITORS

Amounts falling due within one year

7

498,460

646,651

NET CURRENT ASSETS

200,061

186,146

TOTAL ASSETS LESS CURRENT LIABILITIES

220,189

224,176

CREDITORS

Amounts falling due after more than one year

8

-

(2,908

)

PROVISIONS FOR LIABILITIES

(581

)

(3,251

)

NET ASSETS

219,608

218,017

CAPITAL AND RESERVES

Called up share capital

14,285

14,285

Share premium

60,205

60,205

Retained earnings

145,118

143,527

SHAREHOLDERS' FUNDS

219,608

218,017

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2020 and were signed on its behalf by:

Mr M Hoenigmann - Director

1.	STATUTORY INFORMATION

Jupiter Play & Leisure Ltd. is a private company, limited by shares , registered in Scotland. 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 and revenue recognition

The turnover derives from the provision and installation of play equipment, excluding VAT.

Revenue is recognised on the delivery and satisfactory installation of play equipment. In certain

cases the customer withholds a retention on satisfactory completion of the job.

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.

Plant and machinery etc

-

50% on cost, 33% on cost and 25% on cost

Investments in subsidiaries

Investments in shares of subsidiary undertakings are recognised at fair value.

Inventories

Inventories have been valued at the lower of cost estimated selling price less costs to sell. In

respect of work in progress and finished goods, cost includes a relevant proportion of overheads

according to the stage of manufacture/completion.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation

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

Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in

arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

100,346

Additions

3,011

At 31 December 2019

103,357

DEPRECIATION

At 1 January 2019

62,416

Charge for year

20,813

At 31 December 2019

83,229

NET BOOK VALUE

At 31 December 2019

20,128

At 31 December 2018

37,930

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

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

52,480

DEPRECIATION

At 1 January 2019

28,441

Charge for year

12,802

At 31 December 2019

41,243

NET BOOK VALUE

At 31 December 2019

11,237

At 31 December 2018

24,039

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

100

Disposals

(100

)

At 31 December 2019

-

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

100

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

199,736

451,011

Amounts owed by related undertakings

-

155,061

Other debtors

175,648

82,069

375,384

688,141

Amounts falling due after more than one year:

Other debtors

27,950

-

Aggregate amounts

403,334

688,141

Included in Other debtors is:

- £35,750 owed from Inclusive Play (UK) Limited, a company that was related in prior years. This

balance is being repaid at 60 instalments of £650 per month from August 2019.

- £15,214 owed from the liquidators of Park Leisure & Sports Ltd, a company that was related

pre-liquidation.

- £9,754 owed from Inclusive Play Limited, a company that was related in prior years.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

26,000

Hire purchase contracts (see note 9)

2,908

11,066

Trade creditors

271,698

298,678

Taxation and social security

86,579

127,519

Other creditors

137,275

183,388

498,460

646,651

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

-

2,908

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2019

2018

£

£

Net obligations repayable:

Within one year

2,908

11,066

Between one and five years

-

2,908

2,908

13,974

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

26,000

Clydesdale Bank holds the following securities:

- personal guarantee for £203,500 by Michael Hoenigmann and Paul Hoenigmann in favour of the

bank.

- a Floating Charge over the assets of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31 December 2019 and 31 December 2018:

2019

2018

£

£

Mr M Hoenigmann

Balance outstanding at start of year

1,771

15,198

Amounts advanced

5,000

1,771

Amounts repaid

(1,771

)

(15,198

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,000

1,771

Mrs C J Hoenigmann

Balance outstanding at start of year

20,159

-

Amounts advanced

9,186

20,159

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,345

20,159

The balance due from Mr M Hoenigmann was repaid on 1 January 2020.

£8,565 of the balance due from Mrs C J Hoenigmann was repaid on 1 January 2020; the remaining

balance will be repaid prior to 30 September 2020.