Jim Brown Fabrications Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09176391 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2020

for

Jim Brown Fabrications Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr JR Brown

Mrs G Brown

SECRETARY:

Mrs G Brown

REGISTERED OFFICE:

Broadfield

Horse Park Lane

Pilling

Preston

Lancashire

PR3 6AS

REGISTERED NUMBER:

09176391 (England and Wales)

ACCOUNTANTS:

Towers + Gornall Ltd

Chartered Certified Accountants

Abacus House

The Ropewalk

Garstang

Preston

Lancashire

PR3 1NS

FIXED ASSETS

Intangible assets

4

10,000

15,000

Tangible assets

5

36,523

38,039

46,523

53,039

CURRENT ASSETS

Stocks

67,053

44,095

Debtors

6

125,542

126,536

192,595

170,631

CREDITORS

Amounts falling due within one year

7

92,891

109,375

NET CURRENT ASSETS

99,704

61,256

TOTAL ASSETS LESS CURRENT LIABILITIES

146,227

114,295

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

-

PROVISIONS FOR LIABILITIES

(4,720

)

(5,078

)

NET ASSETS

91,507

109,217

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

91,407

109,117

SHAREHOLDERS' FUNDS

91,507

109,217

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 14 December 2020 and were signed on its behalf by:

Mr JR Brown - Director

Mrs G Brown - Director

1.	STATUTORY INFORMATION

Jim Brown Fabrications Ltd 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

10% on cost

Plant and machinery etc

-

20% on reducing balance and 15% on reducing balance

Stocks

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

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

40,000

AMORTISATION

At 1 September 2019

25,000

Charge for year

5,000

At 31 August 2020

30,000

NET BOOK VALUE

At 31 August 2020

10,000

At 31 August 2019

15,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2019

10,000

54,768

64,768

Additions

5,200

-

5,200

At 31 August 2020

15,200

54,768

69,968

DEPRECIATION

At 1 September 2019

2,000

24,729

26,729

Charge for year

1,520

5,196

6,716

At 31 August 2020

3,520

29,925

33,445

NET BOOK VALUE

At 31 August 2020

11,680

24,843

36,523

At 31 August 2019

8,000

30,039

38,039

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

124,443

125,048

Other debtors

1,099

1,488

125,542

126,536

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

7,226

3,329

Trade creditors

65,442

69,019

Taxation and social security

16,841

17,653

Other creditors

3,382

19,374

92,891

109,375

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

50,000

-

9.	RELATED PARTY DISCLOSURES

On 31 August 2020 the company owed £404 to its directors (2019 £10,174). No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.