Juniper Bridge Limited Filleted accounts for Companies House (small and micro)

JUNIPER BRIDGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06931336

Juniper Bridge Limited

Filleted Financial Statements

30 September 2020

Juniper Bridge Limited

Statement of Financial Position

30 September 2020

	2020	2019
Note	£	£

Fixed assets

Intangible assets	5	19,846	46,394
Tangible assets	6	6,861	7,577
		--------	--------
		26,707	53,971

Current assets

Stocks		45,711	57,150
Debtors	7	633,514	325,427
Cash at bank and in hand		47,868	174,363
		---------	---------
		727,093	556,940

Creditors: amounts falling due within one year	8	428,068	343,832
		---------	---------
Net current assets		299,025	213,108
		---------	---------
Total assets less current liabilities		325,732	267,079

Provisions	1,304	–
	---------	---------
Net assets	324,428	267,079
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		324,328	266,979
		---------	---------
Shareholders funds		324,428	267,079
		---------	---------

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 28 September 2021 , and are signed on behalf of the board by:

Mr P Crooks

Director

Company registration number: 06931336

Juniper Bridge Limited

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Bridegwater House, Mayfield Avenue, Worsley, Manchester, M28 3JF, England.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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:

	Development costs	-	20% straight line

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.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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:

Fixtures and fittings	-	33% straight line
Motor vehicles	-	20% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

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

5. Intangible assets

	Development costs
	£
Cost
At 1 October 2019 and 30 September 2020	198,301
	---------
Amortisation
At 1 October 2019	151,907
Charge for the year	26,548
	---------
At 30 September 2020	178,455
	---------
Carrying amount
At 30 September 2020	19,846
	---------
At 30 September 2019	46,394
	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 October 2019 and 30 September 2020	26,486	31,249	57,735
	--------	--------	--------
Depreciation
At 1 October 2019	23,909	26,249	50,158
Charge for the year	716	–	716
	--------	--------	--------
At 30 September 2020	24,625	26,249	50,874
	--------	--------	--------
Carrying amount
At 30 September 2020	1,861	5,000	6,861
	--------	--------	--------
At 30 September 2019	2,577	5,000	7,577
	--------	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	146,999	121,449
Amounts owed by group undertakings and undertakings in which the company has a participating interest	348,905	29,087
Other debtors	137,610	174,891
	---------	---------
	633,514	325,427
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	273,979	215,656
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	9,337
Corporation tax	58,945	46,027
Social security and other taxes	293	14,182
Other creditors	94,851	58,630
	---------	---------
	428,068	343,832
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	39,809	39,809
	--------	--------

11. Summary audit opinion

The auditor's report for the year dated 29 September 2021 was unqualified, however, the auditor drew attention to the following by way of emphasis.

Included in debtors is an amount owed by connected companies. If these were not recoverable this would create a deficit of assets in this company. Having said this, the group has secured a financing package which means it can meet its liabilities for at least the next 12 months. With this in mind the Directors believe that the going concern basis of accounting is appropriate. The statutory auditor was Lyndsay Nicholson ACA .

12. Related party transactions

Included within debtors is a balance of £348,905 (2019 - £29,087) due to connected companies. Included within creditors is a balance of £Nil (2019 - £9,337) due to connected companies .

13. Controlling party

The company's immediate parent is Red Seven Technology Group Limited, a company registered in England and Wales. The ultimate controlling party is Red Seven Holdings Limited, a company registered in the Isle of Man. The parent company, Red Seven Technology Group Limited, has prepared consolidated financial statements; its registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3FJ.