JT Madge Services Ltd - Filleted accounts

JT MADGE SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

Company Registration Number: 09531586

JT MADGE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 9

JT MADGE SERVICES LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2021
DIRECTOR
James Madge
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
09531586 England and Wales

JT MADGE SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2021
			Notes		2021				2020
					£				£
FIXED ASSETS
Intangible assets			5				8,000				10,000
Tangible assets			6				14,304				15,396
							22,304				25,396
CURRENT ASSETS
Debtors			7		8,081				31,928
Cash at bank and in hand					20,001				2,382
					28,082				34,310
CREDITORS: Amounts falling due within one year			8		48,563				43,094
NET CURRENT LIABILITIES							(20,481)				(8,784)
TOTAL ASSETS LESS CURRENT LIABILITIES							1,823				16,612
Provisions for liabilities and charges							1,139				949
NET ASSETS							684				15,663
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							584				15,563
SHAREHOLDERS' FUNDS							684				15,663

JT MADGE SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2021
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
James Madge
Director
Date approved by the board: 9 December 2021

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1	GENERAL INFORMATION
	JT Madge Services Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Cranbrook House
	287-291 Banbury Road
	Oxford
	OX2 7JQ
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its creditors £48,563 which could be required for repayment without notice. The company is therefore dependent upon the continued support of the creditors. The director does not consider the support of the creditors likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of cleaning services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Grant Income
	Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

	Grant income of £23,942 (2020 - £nil) was recognised during the year, received from the governments Job Retention Scheme. This was a scheme introduced due to the COVID-19 pandemic, where employers are able to claim grants of up to 80% of furloughed employees wages costs.

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Intangible fixed assets

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. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years.
	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 expectations.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Plant and machinery					Reducing balance basis at 20% per annum
	Computer equipment					Reducing balance basis at 33% per annum
	Motor vehicles					Reducing balance basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2021		2020
	Average number of employees								6		6
5	INTANGIBLE FIXED ASSETS
											Goodwill
											£
	Cost
	At 1 April 2020										20,000
	At 31 March 2021										20,000
	Accumulated amortisation and impairments
	At 1 April 2020										10,000
	Charge for year										2,000
	At 31 March 2021										12,000
	Net book value
	At 1 April 2020										10,000
	At 31 March 2021										8,000

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
6	TANGIBLE ASSETS
					Plant and machinery		Computer equipment		Motor vehicles		Total
					£		£		£		£
	Cost
	At 1 April 2020				6,831		3,954		29,012		39,797
	Additions				2,337		224		-		2,561
	At 31 March 2021				9,168		4,178		29,012		42,358
	Accumulated depreciation and impairments
	At 1 April 2020				2,653		2,639		19,109		24,401
	Charge for year				1,218		454		1,981		3,653
	At 31 March 2021				3,871		3,093		21,090		28,054
	Net book value
	At 1 April 2020				4,178		1,315		9,903		15,396
	At 31 March 2021				5,297		1,085		7,922		14,304
7	DEBTORS
									2021		2020
									£		£
	Trade debtors								4,701		-
	Prepayments and accrued income								1,078		481
	Other debtors								2,302		31,447
									8,081		31,928
8	CREDITORS: Amounts falling due within one year
									2021		2020
									£		£
	Bank loans and overdrafts								3,539		-
	Trade creditors								374		3,413
	Taxation and social security								42,057		37,474
	Accruals and deferred income								1,300		1,300
	Other creditors								1,293		907
									48,563		43,094

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
9	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
	The following director's advances, credits and guarantees took place during the year
			Balance at 1 April 2020		Amounts advanced		Amounts repaid		Amounts written off or waived		Balance at 31 March 2021
			£		£		£		£		£
	James Madge		31,117		50,097		79,726		-		1,488

Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.