Jaques Innovations Limited 31/08/2021 iXBRL

Jaques Innovations Limited 31/08/2021 iXBRL

JAQUES INNOVATIONS LIMITED - Company Information

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Company registration number: 09109667
Jaques Innovations Limited
Unaudited filleted abridged financial statements
for the Year ended
31 August 2021
Jaques Innovations Limited
Contents
Abridged balance sheet
Notes to the financial statements
Jaques Innovations Limited
Abridged Balance sheet
31 August 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 6 182,000 218,400
Tangible assets 7 12,295 10,365
_______ _______
194,295 228,765
Current assets
Stocks 26,772 25,869
Debtors 4,317 25,589
Cash at bank and in hand 19,260 49,639
_______ _______
50,349 101,097
Creditors: amounts falling due
within one year ( 49,619) ( 86,487)
_______ _______
Net current (liabilities)/assets 730 14,610
_______ _______
Total assets less current liabilities 195,025 243,375
Provisions for liabilities ( 1,300) ( 800)
Accruals and deferred income ( 10,900) ( 3,635)
_______ _______
Net assets 182,825 238,940
_______ _______
Capital and reserves
Called up share capital 40 40
Profit and loss account 182,785 238,900
_______ _______
Shareholders funds 182,825 238,940
_______ _______
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
All of the members have consented to the preparation of the abridged Balance sheet for the current year ending 31 August 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 14 January 2022 , and are signed on behalf of the board by:
Mr C M Jaques
Director
Company registration number: 09109667
Jaques Innovations Limited
Notes to the financial statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 16 Ptarmigan Place, Attleborough Fields Industrial Estate, Nuneaton, Warwickshire, CV11 6RX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Property improvements - 5 % reducing balance
Equipment - 25 % reducing balance
Fixtures and fittings - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2020: 8 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2021 2020
£ £
Amortisation of intangible assets 36,400 36,400
Depreciation of tangible assets 1,881 1,734
_______ _______
6. Intangible assets
£
Cost
At 1 September 2020 and 31 August 2021 420,000
_______
Amortisation
At 1 September 2020 201,600
Charge for the year 36,400
_______
At 31 August 2021 238,000
_______
Carrying amount
At 31 August 2021 182,000
_______
At 31 August 2020 218,400
_______
7. Tangible assets
£
Cost
At 1 September 2020 13,869
Additions 3,811
_______
At 31 August 2021 17,680
_______
Depreciation
At 1 September 2020 3,504
Charge for the year 1,881
_______
At 31 August 2021 5,385
_______
Carrying amount
At 31 August 2021 12,295
_______
At 31 August 2020 10,365
_______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
1,588 44,336 (46,280) (356)
1,189 45,880 (47,671) (602)
_______ _______ _______ _______
2,777 90,216 ( 93,951) ( 958)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
- 41,219 (39,631) 1,588
- 50,419 (49,230) 1,189
_______ _______ _______ _______
- 91,638 ( 88,861) 2,777
_______ _______ _______ _______
The above transactions were interest free, had no fixed repayment date and were unsecured.