JOMIL_(C_B_FELTS)_LIMITED - Accounts

JOMIL (CB FELTS) LIMITED - Company Information

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JOMIL (C B FELTS) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

Company Registration No. 01766467 (England and Wales)

JOMIL (C B FELTS) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 5

JOMIL (C B FELTS) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

24,095

12,668

Current assets

Stocks

140,103

126,547

Debtors

219,481

197,918

Cash at bank and in hand

1,624,491

1,926,136

1,984,075

2,250,601

Creditors: amounts falling due within one year

(284,961)

(268,984)

Net current assets

1,699,114

1,981,617

Total assets less current liabilities

1,723,209

1,994,285

1,723,209

1,994,285

Capital and reserves

Called up share capital

Profit and loss account

1,723,126

1,994,202

Shareholders' funds

1,723,209

1,994,285

For the financial year ended 31 March 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 2 July 2014

Maria Louisa Walton

Director

Company Registration No. 01766467

JOMIL (C B FELTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold land and buildings

10% straight line

Fixtures, fittings & equipment

25% straight line

Motor vehicles

20% straight line

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

JOMIL (C B FELTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

141,087

Additions

26,048

Disposals

(10,995)

At 31 March 2014

156,140

Depreciation

At 1 April 2013

128,419

On disposals

(6,157)

Charge for the year

9,783

At 31 March 2014

132,045

Net book value

At 31 March 2014

24,095

At 31 March 2013

12,668

JOMIL (C B FELTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Share capital

2014

2013

Allotted, called up and fully paid

80 Ordinary shares of £1 each

3 Ordinary A, B and C shares of £1 each

Rights of Shares

The ordinary A, B and C shares rank pari pasu in all respects with the Ordinary shares. Dividends are paid at the discretion of the directors.

JOMIL (C B FELTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 5 -

Related party relationships and transactions

Loans from directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Christopher Bulloch - Directors Loan

22,740

176,250

155,050

43,940

Maria Louisa Walton - Directors Loan

23,200

176,250

155,050

44,400

Andrew Charles Bulloch - Directors Loan

5,000

167,200

172,200

50,940

519,700

482,300

88,340

Other transactions

The company leased its premises from the M C & M J Bulloch discretionary settlement at a commercial rent of £11,400 (2013 - £11,400).