James Black Restorations Ltd Filleted accounts for Companies House (small and micro)

JAMES BLACK RESTORATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI602481

JAMES BLACK RESTORATIONS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2020

JAMES BLACK RESTORATIONS LTD

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2020

CONTENTS	PAGE

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

JAMES BLACK RESTORATIONS LTD

CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JAMES BLACK RESTORATIONS LTD

YEAR ENDED 30 APRIL 2020

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

HENRY MURRAY & COMPANY LTD. Chartered Accountants

23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY

9 October 2020

JAMES BLACK RESTORATIONS LTD

STATEMENT OF FINANCIAL POSITION

30 April 2020

	2020		2019
Note	£	£	£

FIXED ASSETS

Tangible assets	5		52,278	62,500

CURRENT ASSETS

Stocks		100,118	113,517
Debtors	6	22,866	21,074
Cash at bank and in hand		24,016	20,386
		---------	---------
		147,000	154,977

CREDITORS: amounts falling due within one year	7	239,605		258,522
		---------		---------
NET CURRENT LIABILITIES			92,605	103,545
			--------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 40,327)	( 41,045)
			--------	--------
NET LIABILITIES			( 40,327)	( 41,045)
			--------	--------

CAPITAL AND RESERVES

Called up share capital	9	1	1
Profit and loss account		( 40,328)	( 41,046)
		--------	--------
SHAREHOLDERS DEFICIT		( 40,327)	( 41,045)
		--------	--------

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 30 April 2020 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

JAMES BLACK RESTORATIONS LTD

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2020

These financial statements were approved by the board of directors and authorised for issue on 9 October 2020 , and are signed on behalf of the board by:

Mr J Black
Director

Company registration number: NI602481

JAMES BLACK RESTORATIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2B Old Road, Ballinderry Upper, Lisburn, BT28 2NJ.

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 have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	20% reducing balance
Motor Vehicles	-	20% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 May 2019	40,255	45,263	13,000	8,256	106,774
Additions	–	480	–	–	480
Disposals	–	( 1,167)	( 13,000)	( 635)	( 14,802)
	--------	--------	--------	-------	---------
At 30 April 2020	40,255	44,576	–	7,621	92,452
	--------	--------	--------	-------	---------
Depreciation
At 1 May 2019	–	33,128	6,344	4,802	44,274
Charge for the year	–	2,345	–	661	3,006
Disposals	–	( 276)	( 6,344)	( 486)	( 7,106)
	--------	--------	--------	-------	---------
At 30 April 2020	–	35,197	–	4,977	40,174
	--------	--------	--------	-------	---------
Carrying amount
At 30 April 2020	40,255	9,379	–	2,644	52,278
	--------	--------	--------	-------	---------
At 30 April 2019	40,255	12,135	6,656	3,454	62,500
	--------	--------	--------	-------	---------

6. DEBTORS

	2020	2019
	£	£
Trade debtors	20,675	20,553
Other debtors	2,191	521
	--------	--------
	22,866	21,074
	--------	--------

7. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	858	3,709
Trade creditors	454	207
Social security and other taxes	541	633
Other creditors - Lisburn Auto Salvage Ltd	1,301	1,301
Other creditors - Henry Murray & Co	5,294	3,607
Other creditors	231,157	249,065
	---------	---------
	239,605	258,522
	---------	---------

8. DEFERRED TAX

There is no provision for deferred tax because the timing differences are less than the available losses.

9. CALLED UP SHARE CAPITAL

Authorised share capital

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

10. RELATED PARTY TRANSACTIONS

At the year end an amount of £1,227.55 was owed from Belfast Arms Company Ltd, a company owned by the director, in relation to transactions paid by James Black Restorations Ltd on behalf of Belfast Arms Company Ltd. At the year end an amount of £1,301.07 was owed to Lisburn Auto Salvage Ltd, a company jointly controlled by the director.