Jo Downs Glass Design Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05051641 (England and Wales)

Jo Downs Glass Design Limited

Unaudited Financial Statements for the Year Ended 31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms J Downs

SECRETARY:

E R Downs

REGISTERED OFFICE:

1A Parliament Square

Parliament Street

Crediton

Devon

EX17 2AW

REGISTERED NUMBER:

05051641 (England and Wales)

ACCOUNTANTS:

Haines Watts Exeter LLP

1A Parliament Square

Parliament Street

Crediton

Devon

EX17 2AW

FIXED ASSETS

Intangible assets

5

1,425

2,375

Tangible assets

6

108,073

59,810

109,498

62,185

CURRENT ASSETS

Stocks

338,249

225,229

Debtors

7

117,065

130,569

Cash at bank and in hand

190,197

196,088

645,511

551,886

CREDITORS

Amounts falling due within one year

8

(278,328

)

(254,997

)

NET CURRENT ASSETS

367,183

296,889

TOTAL ASSETS LESS CURRENT LIABILITIES

476,681

359,074

CREDITORS

Amounts falling due after more than one year

9

(9,156

)

(8,890

)

PROVISIONS FOR LIABILITIES

(12,097

)

(8,524

)

NET ASSETS

455,428

341,660

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

455,328

341,560

SHAREHOLDERS' FUNDS

455,428

341,660

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 June 2017 and were signed by:

Ms J Downs - Director

1.	STATUTORY INFORMATION

Jo Downs Glass Design Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Branding are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

equal annual instalments over lease term

Plant and machinery

-

10% straight line

Fixtures, fittings & equipment

-

25% straight line

Motor vehicles

-

25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Branding

Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful

life of 5 years

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2015 - 43 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

Branding

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

60,000

41,195

101,195

AMORTISATION

At 1 January 2016

60,000

38,820

98,820

Amortisation for year

-

950

950

At 31 December 2016

60,000

39,770

99,770

NET BOOK VALUE

At 31 December 2016

-

1,425

1,425

At 31 December 2015

-

2,375

2,375

6.	TANGIBLE FIXED ASSETS

Fixtures,

Short

Plant and

fittings

Motor

leasehold

machinery

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2016

43,013

211,522

57,233

10,999

322,767

Additions

-

22,424

9,964

48,845

81,233

At 31 December 2016

43,013

233,946

67,197

59,844

404,000

DEPRECIATION

At 1 January 2016

29,559

176,924

49,536

6,938

262,957

Charge for year

4,181

9,201

6,361

13,227

32,970

At 31 December 2016

33,740

186,125

55,897

20,165

295,927

NET BOOK VALUE

At 31 December 2016

9,273

47,821

11,300

39,679

108,073

At 31 December 2015

13,454

34,598

7,697

4,061

59,810

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

20,662

At 31 December 2016

20,662

DEPRECIATION

Charge for year

5,166

At 31 December 2016

5,166

NET BOOK VALUE

At 31 December 2016

15,496

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

and accrued income

53,935

82,365

Other debtors

7,078

871

Prepayments

56,052

47,333

117,065

130,569

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other loans

11,138

11,724

Hire purchase contracts (see note 10)

4,537

-

Trade creditors

81,938

76,700

Tax

47,441

36,950

Social security and other taxes

16,799

18,085

VAT

73,491

72,939

Other creditors

22,967

17,298

Directors' current accounts

3,576

2,791

Accrued expenses

16,441

18,510

278,328

254,997

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other loans

-

8,890

Hire purchase contracts (see note 10)

9,156

-

9,156

8,890

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

£

Net obligations repayable:

Within one year

4,537

-

Between one and five years

9,156

-

13,693

-

Non-cancellable

operating leases

2016

2015

£

£

Within one year

8,750

42,920

Between one and five years

-

5,460

In more than five years

121,080

121,080

129,830

169,460

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £95,000 were paid to the director .

Ensam Glass Limited

A company in which E R Downs is a shareholder.

During the year the company sold goods and services to Ensam Glass Limited amounting to £9,569

(2015 £46,557.)

During the year the company purchased goods and services from Ensam Glass Limited amounting to

£28,686,(2015 £292,974.)

At the balance sheet date the amount due from Ensam Glass Limited was £123.

During the year the company had a loan with Ensam Glass Limited, interest was charged in respect

of this loan. £7,032 was due at end of the year.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Ms J Downs.

13.	FIRST YEAR ADOPTION

There were no changes to the accounting policies or adjustments to comparative figures, as a result

of the transition to FRS 102.