JCE & Sons Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04949710 (England and Wales)

Financial Statements

for the Year Ended 31 December 2020

for

Jce & Sons Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

Mr J Craven

Mr D Craven

Mr P Craven

Secretary:

Mrs P Craven

Registered office:

6 Rough Lane

Broseley

Telford

Shropshire

TF12 5AL

Registered number:

04949710 (England and Wales)

Accountants:

Hughes & Co.

The Stables

Broseley Hall

Church Street

Broseley

Shropshire

TF12 5DG

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jce & Sons Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Jce & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Jce & Sons Limited and state those matters that we have agreed to state to the Board of Directors of Jce & Sons Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Jce & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jce & Sons Limited. You consider that Jce & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Jce & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hughes & Co.

The Stables

Broseley Hall

Church Street

Broseley

Shropshire

TF12 5DG

27 August 2021

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

3,909

5,142

3,909

5,142

Current assets

Stocks

29,765

38,480

Debtors

6

272,116

219,492

Cash at bank

538,870

393,560

840,751

651,532

Creditors

Amounts falling due within one year

7

297,835

247,251

Net current assets

542,916

404,281

Total assets less current liabilities

546,825

409,423

Creditors

Amounts falling due after more than one year

8

50,000

-

Net assets

496,825

409,423

Capital and reserves

Called up share capital

9

156

156

Retained earnings

10

496,669

409,267

Shareholders' funds

496,825

409,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 27 August 2021 and were signed on its behalf by:

Mr D Craven - Director

1.	STATUTORY INFORMATION

Jce & Sons 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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

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 25 (2019 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 January 2020

and 31 December 2020

25,000

Amortisation

At 1 January 2020

and 31 December 2020

25,000

Net book value

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 January 2020

and 31 December 2020

4,778

100,208

104,986

Depreciation

At 1 January 2020

4,257

95,587

99,844

Charge for year

78

1,155

1,233

At 31 December 2020

4,335

96,742

101,077

Net book value

At 31 December 2020

443

3,466

3,909

At 31 December 2019

521

4,621

5,142

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

229,835

218,697

Directors' current accounts

30,000

-

Prepayments and accrued income

12,281

795

272,116

219,492

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

133,336

76,689

Corporation tax

38,111

77,735

Social security and other taxes

10,291

15,427

VAT

109,348

65,192

Directors' current accounts

-

115

Accruals and deferred income

6,749

12,093

297,835

247,251

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

50,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

52

Ordinary A shares

1

52

52

52

Ordinary B shares

1

52

52

52

Ordinary C shares

1

52

52

156

156

10.

RESERVES

Retained

earnings

£

At 1 January 2020

409,267

Profit for the year

250,312

Dividends

(162,910

)

At 31 December 2020

496,669

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

Mr D Craven

Balance outstanding at start of year

-

-

Amounts advanced

30,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,000

-

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.