John 00 Fleming Limited 31/12/2019 iXBRL

John 00 Fleming Limited 31/12/2019 iXBRL

JOHN 00 FLEMING LIMITED - Company Information

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Company registration number: 04104408
John 00 Fleming Limited
Unaudited filleted financial statements
31 December 2019
John 00 Fleming Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
John 00 Fleming Limited
Directors and other information
Directors Mr J Fleming
Company number 04104408
Registered office 7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Accountants David Weise and Associates (UK) Ltd
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
John 00 Fleming Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of John 00 Fleming Limited
Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John 00 Fleming Limited for the year ended 31 December 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
David Weise and Associates (UK) Ltd
Chartered Accountants and Buisness Managers
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
John 00 Fleming Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 38,544 22,810
_______ _______
38,544 22,810
Current assets
Debtors 6 3,066 3,914
Cash at bank and in hand 53,596 32,982
_______ _______
56,662 36,896
Creditors: amounts falling due
within one year 7 ( 54,777) ( 37,717)
_______ _______
Net current assets/(liabilities) 1,885 ( 821)
_______ _______
Total assets less current liabilities 40,429 21,989
Provisions for liabilities ( 7,323) ( 2,316)
_______ _______
Net assets 33,106 19,673
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 33,006 19,573
_______ _______
Shareholder funds 33,106 19,673
_______ _______
For the 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 member has 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2020 , and are signed on behalf of the board by:
Mr J Fleming
Director
John 00 Fleming Limited
Notes to the financial statements
Year ended 31 December 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 7-7c Snuff Street, Devizes, Wiltshire, SN10 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Studio equipment - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2019 23,764 18,882 32,304 74,950
Additions 22,545 826 - 23,371
Disposals - - ( 1,940) ( 1,940)
_______ _______ _______ _______
At 31 December 2019 46,309 19,708 30,364 96,381
_______ _______ _______ _______
Depreciation
At 1 January 2019 15,949 9,894 26,297 52,140
Charge for the year 3,311 1,369 1,017 5,697
_______ _______ _______ _______
At 31 December 2019 19,260 11,263 27,314 57,837
_______ _______ _______ _______
Carrying amount
At 31 December 2019 27,049 8,445 3,050 38,544
_______ _______ _______ _______
At 31 December 2018 7,815 8,988 6,007 22,810
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 3,000 3,240
Other debtors 66 674
_______ _______
3,066 3,914
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 23,843 1,571
Trade creditors 3,348 -
Social security and other taxes 7,894 9,538
Other creditors 19,692 26,608
_______ _______
54,777 37,717
_______ _______