JKL (HEATERS) LIMITED Small abridged accounts

JKL (HEATERS) LIMITED Small abridged accounts


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Statement of Consent to Prepare Abridged Financial Statements
All of the members of JKL (HEATERS) LIMITED have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02978627
JKL (HEATERS) LIMITED
Filleted Unaudited Abridged Financial Statements
31 December 2016
JKL (HEATERS) LIMITED
Abridged Financial Statements
Year ended 31 December 2016
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
JKL (HEATERS) LIMITED
Abridged Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Fixed assets
Tangible assets
5
12,699
16,386
Current assets
Stocks
2,755
2,250
Debtors
37,587
56,546
Cash at bank and in hand
79,289
39,933
---------
--------
119,631
98,729
Creditors: amounts falling due within one year
92,028
90,598
---------
--------
Net current assets
27,603
8,131
--------
--------
Total assets less current liabilities
40,302
24,517
--------
--------
Net assets
40,302
24,517
--------
--------
Capital and reserves
Called up share capital
400
400
Profit and loss account
39,902
24,117
--------
--------
Members funds
40,302
24,517
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2016 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 abridged 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 abridged financial statements .
JKL (HEATERS) LIMITED
Abridged Statement of Financial Position (continued)
31 December 2016
These abridged financial statements were approved by the board of directors and authorised for issue on 12 June 2017 , and are signed on behalf of the board by:
K Garland Director
Company registration number: 02978627
JKL (HEATERS) LIMITED
Notes to the Abridged Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 280 Main Road, Walters Ash, High Wycombe, Bucks, HP14 4TJ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 5 (2015: 6 ).
5. Tangible assets
£
Cost
At 1 January 2016
46,111
Disposals
( 6,250)
--------
At 31 December 2016
39,861
--------
Depreciation
At 1 January 2016
29,725
Charge for the year
3,192
Disposals
( 5,755)
--------
At 31 December 2016
27,162
--------
Carrying amount
At 31 December 2016
12,699
--------
At 31 December 2015
16,386
--------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2016
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J J Goodey
11,095
565
11,660
L A Saxton
11,094
565
11,659
K G Garland
11,094
565
11,659
--------
-------
--------
33,283
1,695
34,978
--------
-------
--------
2015
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J J Goodey
8,436
2,659
11,095
L A Saxton
8,436
2,658
11,094
K G Garland
8,436
2,658
11,094
--------
-------
--------
25,308
7,975
33,283
--------
-------
--------
7. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.