J.R.S. Fabrication Engineers Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03598027 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

J.R.S. FABRICATION ENGINEERS LTD.

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr J R Stanway

Mrs T Stanway

Mr J M Stanway

SECRETARY:

Mrs T Stanway

REGISTERED OFFICE:

Unit 7 Hurstfield Industrial Estate

Hurst Street

Stockport

Cheshire

SK5 7BB

REGISTERED NUMBER:

03598027 (England and Wales)

ACCOUNTANTS:

Allens Accountants Limited

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

FIXED ASSETS

Tangible assets

4

89,589

90,125

CURRENT ASSETS

Stocks

202,045

105,090

Debtors

5

229,888

199,142

Cash at bank

98,236

119,847

530,169

424,079

CREDITORS

Amounts falling due within one year

6

352,852

337,681

NET CURRENT ASSETS

177,317

86,398

TOTAL ASSETS LESS CURRENT LIABILITIES

266,906

176,523

CREDITORS

Amounts falling due after more than one year

7

(12,787

)

(16,044

)

PROVISIONS FOR LIABILITIES

10

(15,095

)

(14,451

)

NET ASSETS

239,024

146,028

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

238,024

145,028

SHAREHOLDERS' FUNDS

239,024

146,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2021 and were signed on its behalf by:

Mr J R Stanway - Director

1.	STATUTORY INFORMATION

J.R.S. Fabrication Engineers Ltd. 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.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 15% on reducing balance and over the period of the lease

Government grants

Grants and other contributions are accounted for on an accruals basis and recognised in the accounting statements when the conditions for their receipt have been complied with and there is reasonable assurance that the grant or contribution will be received

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 13 (2020 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

191,018

Additions

15,270

Disposals

(17,195

)

At 31 March 2021

189,093

DEPRECIATION

At 1 April 2020

100,893

Charge for year

12,802

Eliminated on disposal

(14,191

)

At 31 March 2021

99,504

NET BOOK VALUE

At 31 March 2021

89,589

At 31 March 2020

90,125

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

204,107

173,550

Other debtors

25,781

25,592

229,888

199,142

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Hire purchase contracts (see note 8)

3,256

3,183

Payments on account

-

20,000

Trade creditors

132,609

59,302

Taxation and social security

54,874

85,634

Other creditors

162,113

169,562

352,852

337,681

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/21

31/3/20

£

£

Hire purchase contracts (see note 8)

12,787

16,044

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/3/21

31/3/20

£

£

Net obligations repayable:

Within one year

3,256

3,183

Between one and five years

12,787

16,044

16,043

19,227

Non-cancellable

operating leases

31/3/21

31/3/20

£

£

Within one year

29,000

29,000

Between one and five years

58,000

87,000

87,000

116,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/21

31/3/20

£

£

Hire purchase contracts

16,043

19,227

The HP contract is secured upon the asset to which it relates.

10.	PROVISIONS FOR LIABILITIES

31/3/21

31/3/20

£

£

Deferred taxation

15,095

14,451

Deferred

tax

£

Balance at 1 April 2020

14,451

Charge to Statement of Income and Retained Earnings during year

644

Balance at 31 March 2021

15,095

Deferred tax arises as a result of accelerated capital allowances on fixed assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/21

31/3/20

value:

£

£

400

A Ordinary

£1

400

400

400

B Ordinary

£1

400

400

200

C Ordinary

£1

200

200

1,000

1,000