Jackson's Art Supplies Ltd - Accounts to registrar (filleted) - small 18.2
Jackson's Art Supplies Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| JACKSON'S ART SUPPLIES LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| JACKSON'S ART SUPPLIES LTD (REGISTERED NUMBER: 03913002) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| JACKSON'S ART SUPPLIES LTD (REGISTERED NUMBER: 03913002) |
| BALANCE SHEET |
| 31ST DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JACKSON'S ART SUPPLIES LTD (REGISTERED NUMBER: 03913002) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Jackson's Art Supplies Ltd is a |
| Registered number: | 03913002 |
| Registered office: | 36 Mildmay Grove South |
| London |
| N1 4RL |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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 |
| Freehold property | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 |
| The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| JACKSON'S ART SUPPLIES LTD (REGISTERED NUMBER: 03913002) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
| Defined contribution pension obligation |
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st January 2019 |
| and 31st December 2019 |
| AMORTISATION |
| At 1st January 2019 |
| and 31st December 2019 |
| NET BOOK VALUE |
| At 31st December 2019 |
| At 31st December 2018 |
| JACKSON'S ART SUPPLIES LTD (REGISTERED NUMBER: 03913002) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st January 2019 |
| Additions |
| At 31st December 2019 |
| DEPRECIATION |
| At 1st January 2019 |
| Charge for year |
| At 31st December 2019 |
| NET BOOK VALUE |
| At 31st December 2019 |
| At 31st December 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1st January 2019 |
| Disposals | ( |
) |
| At 31st December 2019 |
| NET BOOK VALUE |
| At 31st December 2019 |
| At 31st December 2018 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| JACKSON'S ART SUPPLIES LTD (REGISTERED NUMBER: 03913002) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 12,377 | 5,000 |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2019 |
| Provided during year |
| Balance at 31st December 2019 |
| 11. | RELATED PARTY DISCLOSURES |
| Jackson's Fulham Limited |
| A company of which the director has an interest |
| 2019 2018 |
| Amount due from the related party at the balance sheet date £ £ |
| 19,786 13,141 |
| AS Handover Limited |
| A company of which the director has an interest |
| 2019 2018 |
| Amount due to the related party at the balance sheet date £ £ |
| 307,848 468,599 |