JN Building Services Limited 31/10/2020 iXBRL

JN Building Services Limited 31/10/2020 iXBRL

JN BUILDING SERVICES LIMITED - Company Information

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Company registration number: 02391935
JN Building Services Limited
Unaudited filleted financial statements
31 October 2020
JN Building Services Limited
Contents
Statement of financial position
Notes to the financial statements
JN Building Services Limited
Statement of financial position
31 October 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 130,048 148,578
_______ _______
130,048 148,578
Current assets
Stocks 28,950 57,844
Debtors 6 663,437 741,100
Investments 7 500 500
Cash at bank and in hand 399,521 239,407
_______ _______
1,092,408 1,038,851
Creditors: amounts falling due
within one year 8 ( 921,382) ( 1,023,805)
_______ _______
Net current assets 171,026 15,046
_______ _______
Total assets less current liabilities 301,074 163,624
Creditors: amounts falling due
after more than one year 9 ( 191,019) ( 18,373)
Provisions for liabilities ( 24,877) ( 28,229)
_______ _______
Net assets 85,178 117,022
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 80,178 112,022
_______ _______
Shareholders funds 85,178 117,022
_______ _______
For the year ending 31 October 2020 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 July 2021 , and are signed on behalf of the board by:
Mr J P Vallance
Director
Company registration number: 02391935
JN Building Services Limited
Notes to the financial statements
Year ended 31 October 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Cooper Yard, Old Cider Works, Abbotskerwell, Newton Abbot, TQ12 5NF.
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'.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 15 % reducing balance
Office equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
Improvements to property - 25 % straight line
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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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 in finance costs in profit or loss in the period it arises.
Financial instruments
Loans to or from group companies are initially recorded at transaction price, including transaction costs. Non-interest bearing loans repayable on demand are measured at transaction price.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2019: 39 ).
5. Tangible assets
Plant and machinery Office equipment Motor vehicles Improve - ments to property Total
£ £ £ £ £
Cost
At 1 November 2019 32,171 39,125 272,668 41,579 385,543
Additions - 2,569 27,725 - 30,294
Disposals - - ( 13,746) - ( 13,746)
_______ _______ _______ _______ _______
At 31 October 2020 32,171 41,694 286,647 41,579 402,091
_______ _______ _______ _______ _______
Depreciation
At 1 November 2019 25,596 22,365 147,427 41,577 236,965
Charge for the year 987 7,760 37,926 - 46,673
Disposals - - ( 11,595) - ( 11,595)
_______ _______ _______ _______ _______
At 31 October 2020 26,583 30,125 173,758 41,577 272,043
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2020 5,588 11,569 112,889 2 130,048
_______ _______ _______ _______ _______
At 31 October 2019 6,575 16,760 125,241 2 148,578
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2020 16,368
_______
At 31 October 2019 21,824
_______
6. Debtors
2020 2019
£ £
Trade debtors 643,929 721,296
Amounts owed by group undertakings and undertakings in which the company has a participating interest 546 546
Other debtors 18,962 19,258
_______ _______
663,437 741,100
_______ _______
7. Investments
2020 2019
£ £
Investments in group undertakings 500 500
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 20,000 -
Trade creditors 137,975 121,931
Corporation tax 57,696 95,714
Social security and other taxes 125,798 160,547
Other creditors 579,913 645,613
_______ _______
921,382 1,023,805
_______ _______
There is a fixed and floating charge dated 19 November 2001 issued by HSBC Bank PLC in respect of all monies due or to become due from the company.
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 180,000 -
Other creditors 11,019 18,373
_______ _______
191,019 18,373
_______ _______
10. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2020 2019
£ £
Later than 1 year and not later than 5 years 25,200 25,200
_______ _______
Present value of minimum lease payments 25,200 25,200
_______ _______
11. Related party transactions
The following dividends were voted to related parties during the year: JN Electrical Limited (Parent) - £234,480
12. Controlling party
90% of the company is owned by the parent, JN Electrical Limited.