Jaycross Limited Filleted accounts for Companies House (small and micro)

Jaycross Limited Filleted accounts for Companies House (small and micro)

JAYCROSS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03036541
Jaycross Limited
Filleted Unaudited Financial Statements
31 December 2019
Jaycross Limited
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
9,334
19,762
Current assets
Stocks
1,058,998
1,587,528
Debtors
6
72,153
34,211
Cash at bank and in hand
109,950
1,199
-------------
-------------
1,241,101
1,622,938
Creditors: amounts falling due within one year
7
149,545
216,180
-------------
-------------
Net current assets
1,091,556
1,406,758
-------------
-------------
Total assets less current liabilities
1,100,890
1,426,520
Creditors: amounts falling due after more than one year
8
2,282,560
2,296,619
-------------
-------------
Net liabilities
( 1,181,670)
( 870,099)
-------------
-------------
Jaycross Limited
Statement of Financial Position (continued)
31 December 2019
2019
2018
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,181,770)
( 870,199)
-------------
----------
Shareholders deficit
( 1,181,670)
( 870,099)
-------------
----------
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 Section 1A of 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.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 December 2020 , and are signed on behalf of the board by:
Mrs C Bartlett
Director
Company registration number: 03036541
Jaycross 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 Innovation House, Molly Millars Close, Wokingham, Berkshire, RG41 2RX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis as financial support will continue to be provided by the Holding Company.
Holiday pay accrual
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Tax losses surrendered to the holding company are recognised when the tax would have been payable and are shown as tax due on losses. Deferred tax is recognised in respect of timing differences at the reporting date 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
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets and financial liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2018: 30 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2019
52,402
111,138
37,095
120,376
321,011
Additions
611
133
–
1,342
2,086
Disposals
( 560)
–
( 12,595)
( 10,769)
( 23,924)
---------
----------
---------
----------
----------
At 31 December 2019
52,453
111,271
24,500
110,949
299,173
---------
----------
---------
----------
----------
Depreciation
At 1 January 2019
48,981
107,621
28,220
116,427
301,249
Charge for the year
1,893
2,282
4,500
3,689
12,364
Disposals
( 560)
–
( 12,595)
( 10,619)
( 23,774)
---------
----------
---------
----------
----------
At 31 December 2019
50,314
109,903
20,125
109,497
289,839
---------
----------
---------
----------
----------
Carrying amount
At 31 December 2019
2,139
1,368
4,375
1,452
9,334
---------
----------
---------
----------
----------
At 31 December 2018
3,421
3,517
8,875
3,949
19,762
---------
----------
---------
----------
----------
6. Debtors
2019
2018
£
£
Trade debtors
10,299
6,893
Other debtors
61,854
27,318
---------
---------
72,153
34,211
---------
---------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
–
25,657
Trade creditors
95,390
91,011
Social security and other taxes
41,347
82,423
Other creditors
12,808
17,089
----------
----------
149,545
216,180
----------
----------
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,282,560
2,296,619
-------------
-------------
9. Director's advances, credits and guarantees
At the 31 December 2019 the director owed the company £830 which is included in debtors (2018 = £3,393).
10. Related party transactions
Jaycross Limited operates from two properties owned by Bartlett Industrial Holdings Limited. The properties are provided to the company on a rent free basis. Jaycross Limited 's overdraft facility is covered by a cross party guarantee with Bartlett Industrial Holdings Limited and secured on the freehold properties owned by Bartlett Industrial Holdings Limited. At the Balance sheet date, Jaycross Limited owed Bartlett Industrial Holdings Limited £2,282,560 (2018 £2,296,619) which is included in creditors due after one year. Jaycross Limited surrendered part of the tax losses in the year ended 31 December 2018 against the taxable profits of Bartlett Industrial Holdings Limited. The Corporation Tax surrendered of £14,059 has been adjustment against the liability owed to Bartlett Industrial Holdings Limited by Jaycross Limited . No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
11. Controlling party
The company is controlled by Bartlett Industrial Holdings Limited. This company hold 90% of the issued share capital.