Justin Spink Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05121689 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2020

for

Justin Spink Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Spink

Mrs F M Spink

SECRETARY:

Mrs F M Spink

REGISTERED OFFICE:

Woolstone Mill House

Faringdon

Oxfordshire

SN7 7QL

REGISTERED NUMBER:

05121689 (England and Wales)

ACCOUNTANTS:

Butler & Co

Chartered Accountants

Bennett House

The Dean

Alresford

Hampshire

SO24 9BH

FIXED ASSETS

Tangible assets

4

14,692

18,297

CURRENT ASSETS

Stocks

2,708

370

Debtors

5

15,217

1,652

Cash at bank

12,497

24,306

30,422

26,328

CREDITORS

Amounts falling due within one year

6

27,022

21,869

NET CURRENT ASSETS

3,400

4,459

TOTAL ASSETS LESS CURRENT LIABILITIES

18,092

22,756

PROVISIONS FOR LIABILITIES

7

2,791

3,476

NET ASSETS

15,301

19,280

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

15,299

19,278

SHAREHOLDERS' FUNDS

15,301

19,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 18 November 2020 and were signed on its behalf by:

J Spink - Director

1.	STATUTORY INFORMATION

Justin Spink Limited is a private company, limited by shares , registered in England and Wales. 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% reducing balance basis

Fixtures and fittings

-

25% reducing balance basis

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

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.

Revenue recognition

Debtors includes amounts recoverable on service contracts. Where the outcome of a transaction can be estimated reliably, revenue is recognised by reference to the stage of completion of the transaction at the balance sheet date (in accordance with FRS 102 paragraph 23.14).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2019

24,674

10,558

15,736

50,968

Additions

2,662

-

-

2,662

At 31 July 2020

27,336

10,558

15,736

53,630

DEPRECIATION

At 1 August 2019

11,611

8,280

12,780

32,671

Charge for year

3,931

570

1,766

6,267

At 31 July 2020

15,542

8,850

14,546

38,938

NET BOOK VALUE

At 31 July 2020

11,794

1,708

1,190

14,692

At 31 July 2019

13,063

2,278

2,956

18,297

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

11,509

1,402

Amounts recoverable on service contracts

3,350

250

Prepayments

358

-

15,217

1,652

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

6,570

248

Corporation tax

7,258

12,024

Social security and other taxes

443

-

VAT

7,107

7,685

Other creditors

2,783

580

Directors' current accounts

1,911

382

Accrued expenses

950

950

27,022

21,869

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

2,791

3,476

Deferred

tax

£

Balance at 1 August 2019

3,476

Accelerated capital allowances

(685

)

Balance at 31 July 2020

2,791

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

1

Ordinary 'A'

£1

1

1

2

2

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £22,000 (2019 - £49,500) were paid to the directors .

J Spink

Director

During the period under review Mr J Spink incurred expenses on behalf of the company amounting to £2,002 (2019 - £1,843).

During the period under review the company rented office space from Mr J Spink amounting to £4,500 (2019 - £9,000).

2020

2019

£

£

Amount due to the director at the balance sheet date

1,911

282

10.	POST BALANCE SHEET EVENTS

The directors have considered the impact of the COVID-19 pandemic on the company and whilst detrimental it has not affected the company's ability to continue in operational existence. Turnover and profits are lower in this accounting period because of the decrease in available work during the lockdown period. Since the lockdown period ended business has started to recover and sales have increased. Further disclosures will be made in the 2021 accounts.

11.	ULTIMATE CONTROLLING PARTY

During the period under review the company was under the control of Mr J Spink, a director.