J2SKI_LIMITED - Accounts

J2SKI LIMITED - Company Information

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Company Registration No. 05836696 (England and Wales)

J2SKI LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2015

J2SKI LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

J2SKI LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

637

953

Current assets

Stocks

Debtors

50,732

14,776

Cash at bank and in hand

20,408

55,620

71,175

70,396

Creditors: amounts falling due within one year

(20,206)

(17,451)

Net current assets

50,969

52,945

Total assets less current liabilities

51,606

53,898

Capital and reserves

Called up share capital

1,056

Share premium account

49,944

Profit and loss account

606

2,898

Shareholders' funds

51,606

53,898

For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 for issue on 30 March 2016

D Pellatt

Director

Company Registration No. 05836696

J2SKI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

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:

Plant and machinery

25% straight line

Computer equipment

25% straight line

Fixtures, fittings & equipment

20% straight line

1.6

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.

J2SKI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 July 2014

10,000

13,408

23,408

Additions

358

At 30 June 2015

10,000

13,766

23,766

Depreciation

At 1 July 2014

10,000

12,455

22,455

Charge for the year

674

At 30 June 2015

10,000

13,129

23,129

Net book value

At 30 June 2015

637

At 30 June 2014

953

Share capital

2015

2014

Allotted, called up and fully paid

1,056 Ordinary shares of £1 each

1,056

J2SKI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2015

- 4 -

Related party relationships and transactions

Loans to related parties

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

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

D Pellat - loan

3.25

2,716

D Pellat - loan

3.00

18,412

18,510

R Pellat - loan

3.25

7,226

R Pellat - loan

3.00

13,222

9,942

31,634

9,942

31,732

Rizwana Pellatt is the company secretary and an employee of the company, a participating shareholder, and spouse of David Pellatt, the company's director and a participating shareholder.

Interest is charged at the official rate where the loan balance exceeds the exempt limit of £10,000.

All of the above loans were repaid by way of a dividend declared on 31 December 2015 and 23 March 2016.