Jim Wright Engineering Ltd - Period Ending 2015-01-31

Registration number: 04347907

Jim Wright Engineering Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2015
 

Bulley Davey Limited
Chartered Certified Accountants
1 - 4 London Road
Spalding
Lincs
PE11 2TA

Jim Wright Engineering Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Jim Wright Engineering Ltd
(Registration number: 04347907)
Abbreviated Balance Sheet at 31 January 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					4,000			6,000
Tangible fixed assets		2			72,367			61,019
					76,367			67,019
Current assets
Stocks					8,485			10,465
Debtors					43,012			80,527
Cash at bank and in hand					56,075			94,593
					107,572			185,585
Creditors: Amounts falling due within one year					(53,821)			(97,362)
Net current assets					53,751			88,223
Total assets less current liabilities					130,118			155,242
Provisions for liabilities					(5,066)			(2,518)
Net assets					125,052			152,724
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					125,050			152,722
Shareholders' funds					125,052			152,724

For the year ending 31 January 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 14 May 2015 and signed on its behalf by:

 J A Wright
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Jim Wright Engineering Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	Equal annual instalments over 15 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Long leasehold property	Straight line over the life of the lease
Plant and machinery	20% on written down value
Motor vehicles	25% on written down value

Stock

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRSSE. Deferred tax is measured at the rate effective at the balance sheet date

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Jim Wright Engineering Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 February 2014		30,000			193,679			223,679
Additions		-			29,707			29,707
At 31 January 2015		30,000			223,386			253,386
Depreciation
At 1 February 2014		24,000			132,660			156,660
Charge for the year		2,000			18,359			20,359
At 31 January 2015		26,000			151,019			177,019
Net book value
At 31 January 2015		4,000			72,367			76,367
At 31 January 2014		6,000			61,019			67,019

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 3