ACCOUNTS - Final Accounts preparation

JEANFIELD JOINERY 2021 LIMITED - Company Information

Registered number: SC688852

JEANFIELD JOINERY 2021 LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

JEANFIELD JOINERY 2021 LIMITED

COMPANY INFORMATION

DIRECTORS	Mr J K Woolnough (appointed 10 February 2021)
	Mr J W Kerr (appointed 10 February 2021)


REGISTERED NUMBER	SC688852


REGISTERED OFFICE	Aberfeldy Business Park
	Dunkeld Road
	PH15 2AQ




ACCOUNTANTS	EQ Accountants LLP
	Chartered Accountants
	Westby
	64 West High Street
	Forfar
	Angus
	DD8 1BJ

JEANFIELD JOINERY 2021 LIMITED

REGISTERED NUMBER: SC688852

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

		2021
		£

FIXED ASSETS
Intangible assets			1
Tangible assets			21,875
			21,876
CURRENT ASSETS
Debtors: amounts falling due within one year	6	28,484
Cash at bank and in hand		12,785
		41,269
Creditors: amounts falling due within one year	7	(74,805)
NET CURRENT (LIABILITIES)/ASSETS			(33,536)
TOTAL ASSETS LESS CURRENT LIABILITIES			(11,660)

NET (LIABILITIES)/ASSETS			(11,660)

CAPITAL AND RESERVES
Called up share capital			1,000
Profit and loss account			(12,660)
			(11,660)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 January 2022.

Mr J K Woolnough	Mr J W Kerr
Director	Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

JEANFIELD JOINERY 2021 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

1.	GENERAL INFORMATION

Jeanfield Joinery 2021 Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC688852. The registered office is Aberfeldy Business Park, Dunkeld Road, Aberfeldy, Perthshire, PH15 2AQ.
The financial statements are presented in Sterling which is in functional currency of the company and rounded to the nearest £.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

JEANFIELD JOINERY 2021 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.3

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.4

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

12.5% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3

JEANFIELD JOINERY 2021 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

EMPLOYEES

The average monthly number of employees, including directors, during the period was 3.

4.	INTANGIBLE ASSETS

		Goodwill
		£
	COST
	Additions	1
	At 30 June 2021	1

	NET BOOK VALUE
	At 30 June 2021	1

5.	TANGIBLE FIXED ASSETS

		Plant and machinery
		£
	COST OR VALUATION
	Additions	25,000
	At 30 June 2021	25,000
	DEPRECIATION
	Charge for the period on owned assets	3,125
	At 30 June 2021	3,125
	NET BOOK VALUE
	At 30 June 2021	21,875

Page 4

JEANFIELD JOINERY 2021 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2021

DEBTORS

					2021
					£


	Trade debtors	27,756
	Prepayments and accrued income	728
		28,484

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021
		£

	Trade creditors	4,303
	Amounts owed to group undertakings	66,771
	Other creditors	2,481
	Accruals and deferred income	1,250
		74,805

8.	SHARE CAPITAL
		2021
		£

		ALLOTTED, CALLED UP AND FULLY PAID

		510 Ordinary A shares of £1.00 each	510
		490 Ordinary B shares of £1.00 each	490

			1,000

510 Ordinary A shares and 490 Ordinary B shares of £1 were issued and paid in the year.

Page 5