J & G Fencing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04502579 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2021

for

J & G Fencing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Price

J E Gwyther

J L Langridge

SECRETARY:

J L Langridge

REGISTERED OFFICE:

Unit 25 Brookgate

South Liberty Lane

Bristol

BS3 2UQ

REGISTERED NUMBER:

04502579 (England and Wales)

ACCOUNTANTS:

Wormald & Partners

Chartered Accountants (ICAEW)

Redland House

157 Redland Road

Redland

Bristol

BS6 6YE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

720,123

764,373

720,123

764,373

CURRENT ASSETS

Stocks

6

361,541

396,289

Debtors

7

1,885,286

2,440,879

Cash at bank

39,103

15,451

2,285,930

2,852,619

CREDITORS

Amounts falling due within one year

8

1,900,278

2,371,219

NET CURRENT ASSETS

385,652

481,400

TOTAL ASSETS LESS CURRENT LIABILITIES

1,105,775

1,245,773

CREDITORS

Amounts falling due after more than one year

9

(744,500

)

(722,899

)

PROVISIONS FOR LIABILITIES

(26,528

)

(28,959

)

NET ASSETS

334,747

493,915

CAPITAL AND RESERVES

Called up share capital

1,250

1,250

Revaluation reserve

10

201,958

201,958

Retained earnings

131,539

290,707

SHAREHOLDERS' FUNDS

334,747

493,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 25 May 2022 and were signed on its behalf by:

J L Langridge - Director

A J Price - Director

J E Gwyther - Director

1.	STATUTORY INFORMATION

J & G Fencing Limited 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.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on straight line basis

Fixtures and fittings

-

20% on straight line basis

Motor vehicles

-

25% on straight line basis and 20% on straight line basis

Computer equipment

-

25% on straight line basis and 20% on straight line basis

Stocks

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

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

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2020 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2020

and 31 August 2021

23,192

AMORTISATION

At 1 September 2020

and 31 August 2021

23,192

NET BOOK VALUE

At 31 August 2021

-

At 31 August 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2020

700,000

54,255

1,013

Additions

-

-

-

Disposals

-

-

-

At 31 August 2021

700,000

54,255

1,013

DEPRECIATION

At 1 September 2020

-

39,792

630

Charge for year

14,000

5,542

202

Eliminated on disposal

-

-

-

At 31 August 2021

14,000

45,334

832

NET BOOK VALUE

At 31 August 2021

686,000

8,921

181

At 31 August 2020

700,000

14,463

383

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2020

229,307

13,738

998,313

Additions

-

7,849

7,849

Disposals

(38,297

)

-

(38,297

)

At 31 August 2021

191,010

21,587

967,865

DEPRECIATION

At 1 September 2020

180,449

13,069

233,940

Charge for year

26,012

1,555

47,311

Eliminated on disposal

(33,509

)

-

(33,509

)

At 31 August 2021

172,952

14,624

247,742

NET BOOK VALUE

At 31 August 2021

18,058

6,963

720,123

At 31 August 2020

48,858

669

764,373

Included within Motor vehicles are assets of £40,061 (2020: £67,016), which were acquired under a hire purchase agreement or finance lease.

6.

STOCKS

2021

2020

£

£

Stocks & WIP

361,541

396,289

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,725,925

2,400,902

Other debtors

147,753

35,500

Prepayments

11,608

4,477

1,885,286

2,440,879

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

20,378

18,500

Other loans

100,914

87,682

Hire purchase contracts

5,753

21,844

Trade creditors

1,006,897

1,161,839

Tax

40,980

94,377

Social security and other taxes

84,046

111,527

Pension

3,087

-

VAT

41,612

222,129

Other creditors

587,845

599,778

Accrued expenses

8,766

53,543

1,900,278

2,371,219

Within other creditors includes a balance of £587,845 (2020: £599,778) in respect of factored debts. This balance is secured by way of a fixed and floating charge over the company's assets.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loan more than 1 year

415,142

237,398

Loan more than 1 year

326,637

430,247

Hire purchase contracts

-

17,317

Directors' loan accounts

2,721

37,937

744,500

722,899

10.

RESERVES

Revaluation

reserve

£

At 1 September 2020

and 31 August 2021

201,958

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £94,500 were paid to the directors .