J.E.B. Technologies Limited - Accounts to registrar (filleted) - small 18.2
J.E.B. Technologies Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| J.E.B. TECHNOLOGIES LIMITED |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| J.E.B. TECHNOLOGIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Eagle House |
| 28 Billing Road |
| Northampton |
| Northamptonshire |
| NN1 5AJ |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PENSION LIABILITY | 10 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Revaluation reserve | 8 |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| J.E.B. Technologies Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Based on discussions with the company's lenders and forecast financial performance, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| The company has the financial support of other group companies, who would provide financial assistance in the event that loans payable by the company become due. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below. |
| Turnover |
| Turnover represents the value, excluding Value Added Tax, of goods and services supplied to customers during the year. Income is recognised when significant risks and rewards of ownership of the goods have been transferred to the buyer, which depending on the specific contract terms is either on dispatch or delivery of goods. Turnover on customer development and construction projects is recognised in accordance with agreed milestones being met. |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| No depreciation is provided on a long term leasehold property where the lease is for a 999 year period, as in the opinion of the directors, the residual value is such that any depreciation charge would be immaterial. |
| Freehold buildings are improved such that residual values of these properties, based on prices prevailing at the time of acquisition, are at least equal to their book values. It is the opinion of the Directors that depreciation on any such properties as required by the Companies Act and accounting standards would not be material. |
| Other leasehold property is depreciated over the life of the lease. |
| Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. |
| Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined benefit pension scheme in the United Kingdom. The scheme was closed to new members and accruals from 31 October 2003. The assets of the scheme are held separately from those of the company, being invested with insurance companies. |
| The pension scheme surplus or deficit is recognised in full on the group balance sheet. The deferred tax relating to a defined benefit asset or liability is offset against the defined benefit asset or liability and not included with other deferred tax assets or liabilities. |
| Financial instruments |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. |
| 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. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Fixtures |
| and long | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| Freehold and long leasehold property includes freehold property with a cost and net book value of £2,925,000 (2018: £2,925,000). Leasehold property has a cost of £285,000 (2018: £285,000) and net book value of £259,884 (2018: £263,160). |
| Cost or valuation at 31 December 2019 is represented by: |
| Freehold | Fixtures |
| and long | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2012 | 205,487 | - | - | - | 205,487 |
| Cost | 3,004,513 | 6,609,032 | 188,653 | 27,250 | 9,829,448 |
| 3,210,000 | 6,609,032 | 188,653 | 27,250 | 10,034,935 |
| Freehold and leasehold property were revalued on an open market basis in 2012 by Savills, an independent firm of Chartered Surveyors. The group has decided to adopt the transitional provisions available under FRS 102 and the revalued amount will be used as the deemed cost going forward. |
| If freehold and leasehold property had not been revalued they would have been included at the following historical cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 2,890,741 | 2,890,741 |
| Aggregate depreciation | 70,415 | 67,415 |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 72,281 | 115,607 |
| Other creditors |
| Accruals and deferred income |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | 1 | 6,600 | 6,600 |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2019 |
| and 31 December 2019 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | EMPLOYEE BENEFIT OBLIGATIONS |
| The company operates a defined benefit pension scheme in the United Kingdom. The scheme was closed to new members and accruals from 31 October 2003. The assets of the scheme are held separately from those of the company, being invested with insurance companies. |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2019 | 2018 |
| £ | £ |
| Present value of funded obligations | ( |
) | ( |
) |
| Fair value of plan assets |
| (3,770,000 | ) | (2,620,000 | ) |
| Present value of unfunded obligations |
| Deficit | ( |
) | ( |
) |
| Net liability | ( |
) | ( |
) |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2019 | 2018 |
| £ | £ |
| Current service cost |
| Net interest from net defined benefit asset/liability |
79,000 |
75,000 |
| Past service cost |
| 79,000 | 75,000 |
| Actual return on plan assets | ( |
) |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2019 | 2018 |
| £ | £ |
| Opening defined benefit obligation |
| Interest cost |
| Actuarial losses/(gains) | ( |
) |
| Benefits paid | ( |
) | ( |
) |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2019 | 2018 |
| £ | £ |
| Opening fair value of scheme assets |
| Expected return | 364,000 | 343,000 |
| Actuarial gains/(losses) | ( |
) |
| Benefits paid | (354,000 | ) | (639,000 | ) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2019 | 2018 |
| £ | £ |
| Actuarial gains/(losses) | ( |
) |
| (1,071,000 | ) | 331,000 |
| The major categories of scheme assets as a percentage of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2019 | 2018 |
| Equities | 36% | 36% |
| Bonds | 14% | 17% |
| Property | 9% | 11% |
| Cash | 17% | 20% |
| Other assets | 24% | 16% |
| 100% | 100% |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2019 | 2018 |
| Discount rate |
| Revaluation of pensions in deferment |
| Future pension increases |
| Inflation (RPI) | 3.20% | 3.40% |
| Inflation (CPI) | 2.20% | 2.40% |
| Mortality | 1.25% | 1.25% |
| No employer contribution is expected to be paid to the scheme in the next year. |
| 11. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| J.E.B. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01079733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 12. | PARENT COMPANY |
| The parent undertaking of the smallest and largest group within which the company belongs and for which group accounts are prepared is Lunovi Limited, a company registered in England. A copy of the group accounts can be obtained from the registered office which can be found on the Company Information page. |
| The ultimate holding company is Lunovi LLC, a company registered in the USA. |