Judd Paint Solutions Limited - Period Ending 2015-05-31

Registration number: 06253529

Judd Paint Solutions Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

Judd Paint Solutions Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Judd Paint Solutions Limited (Registration number: 06253529)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					18,280			10,235
Current assets
Stocks					525			650
Debtors					107,101			108,285
Cash at bank and in hand					77,342			21,166
					184,968			130,101
Creditors: Amounts falling due within one year					(159,580)			(131,057)
Net current assets/(liabilities)					25,388			(956)
Net assets					43,668			9,279
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					43,568			9,179
Shareholders' funds					43,668			9,279

For the year ending 31 May 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 27 January 2016

.........................................
Mr D Judd
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Judd Paint Solutions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	3 years straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance basis
Motor vehicles	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Judd Paint Solutions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2014		3,500			45,948			49,448
Additions		-			14,143			14,143
At 31 May 2015		3,500			60,091			63,591
Depreciation
At 1 June 2014		3,500			35,713			39,213
Charge for the year		-			6,098			6,098
At 31 May 2015		3,500			41,811			45,311
Net book value
At 31 May 2015		-			18,280			18,280
At 31 May 2014		-			10,235			10,235

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
A Ordinary of £1 each		100			100			100			100

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