I.P. Jones Fencing Contractors Ltd - Period Ending 2015-12-31

Registration number: 03986044

I.P. Jones Fencing Contractors Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

SBCA Chartered Accountants
17 Moor Park Avenue
Preston
PR1 6AS

I.P. Jones Fencing Contractors Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

I.P. Jones Fencing Contractors Ltd
(Registration number: 03986044)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					691,923			722,284
Current assets
Stocks					54,214			87,654
Debtors					821,279			1,027,168
Cash at bank and in hand					305,457			145,133
					1,180,950			1,259,955
Creditors: Amounts falling due within one year					(967,264)			(1,067,532)
Net current assets					213,686			192,423
Total assets less current liabilities					905,609			914,707
Creditors: Amounts falling due after more than one year					(139,820)			(157,787)
Provisions for liabilities					(132,895)			(121,532)
Net assets					632,894			635,388
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					631,894			634,388
Shareholders' funds					632,894			635,388

For the year ending 31 December 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 directors acknowledge their 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 Board on 26 July 2016 and signed on its behalf by:

.........................................
Mr Ian Phillip Jones
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

I.P. Jones Fencing Contractors Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 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 January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

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

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
Tenant's improvements	25% straight line
Plant and machinery	20% reducing balance
Office equipment	20% reducing balance
Motor vehicles	25% reducing balance

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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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I.P. Jones Fencing Contractors Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		1,243,464			1,243,464
Additions		146,691			146,691
Disposals		(120,513)			(120,513)
At 31 December 2015		1,269,642			1,269,642
Depreciation
At 1 January 2015		521,180			521,180
Charge for the year		111,035			111,035
Eliminated on disposals		(54,496)			(54,496)
At 31 December 2015		577,719			577,719
Net book value
At 31 December 2015		691,923			691,923
At 31 December 2014		722,284			722,284

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I.P. Jones Fencing Contractors Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		-			-			1,000			1,000
Ordinary A of £1 (2014 - £0.00) each		280			280			-			-
Ordinary B of £1 (2014 - £0.00) each		270			270			-			-
Ordinary C of £1 (2014 - £0.00) each		200			200			-			-
Ordinary D of £1 (2014 - £0.00) each		200			200			-			-
Ordinary E of £1 (2014 - £0.00) each		50			50			-			-
		1,000			1,000			1,000			1,000

New shares allotted

During the year 280 Ordinary A having an aggregate nominal value of £280 were allotted for an aggregate consideration of £280.

During the year 270 Ordinary B having an aggregate nominal value of £270 were allotted for an aggregate consideration of £270.

During the year 200 Ordinary C having an aggregate nominal value of £200 were allotted for an aggregate consideration of £200.

During the year 200 Ordinary D having an aggregate nominal value of £200 were allotted for an aggregate consideration of £200.

During the year 50 Ordinary E having an aggregate nominal value of £50 were allotted for an aggregate consideration of £50.

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