J & L Davison Plumbing Limited Company Accounts

J & L Davison Plumbing Limited Company Accounts

J & L DAVISON PLUMBING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09372289
J & L Davison Plumbing Limited
Filleted Unaudited Financial Statements
31 December 2016
J & L Davison Plumbing Limited
Financial Statements
Year ended 31 December 2016
Contents
Pages
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 to 7
J & L Davison Plumbing Limited
Officers and Professional Advisers
The board of directors
J F Davison
L J Davison
Registered office
11 Queens Road
Brentwood
Essex
CM14 4HE
Accountants
Tiffin Green Limited
Chartered accountant
11 Queens Road
Brentwood
Essex
CM14 4HE
J & L Davison Plumbing Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of J & L Davison Plumbing Limited
Year ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J & L Davison Plumbing Limited for the year ended 31 December 2016, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of J & L Davison Plumbing Limited, as a body, in accordance with the terms of our engagement letter dated 29 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of J & L Davison Plumbing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & L Davison Plumbing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that J & L Davison Plumbing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J & L Davison Plumbing Limited. You consider that J & L Davison Plumbing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of J & L Davison Plumbing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Tiffin Green Limited Chartered accountant
11 Queens Road Brentwood Essex CM14 4HE
28 September 2017
J & L Davison Plumbing Limited
Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Fixed assets
Tangible assets
5
10,025
12,922
Current assets
Stocks
1,400
–
Debtors
6
13,694
4,815
Cash at bank and in hand
2,313
5,220
--------
--------
17,407
10,035
Creditors: amounts falling due within one year
7
( 21,627)
( 11,945)
--------
--------
Net current liabilities
( 4,220)
( 1,910)
--------
--------
Total assets less current liabilities
5,805
11,012
Creditors: amounts falling due after more than one year
8
( 5,412)
( 9,447)
-------
--------
Net assets
393
1,565
-------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
391
1,563
----
-------
Members funds
393
1,565
----
-------
These 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 statement of comprehensive income 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 September 2017 , and are signed on behalf of the board by:
J F Davison
Director
Company registration number: 09372289
J & L Davison Plumbing Limited
Statement of Changes in Equity
Year ended 31 December 2016
Called up share capital
Profit and loss account
Total
£
£
£
At 2 January 2015
–
–
–
Profit for the year
24,563
24,563
----
--------
--------
Total comprehensive income for the year
–
24,563
24,563
Issue of shares
2
–
2
Dividends paid and payable
–
( 23,000)
( 23,000)
----
--------
--------
Total investments by and distributions to owners
2
( 23,000)
( 22,998)
At 31 December 2015
2
1,563
1,565
Profit for the year
27,828
27,828
----
--------
--------
Total comprehensive income for the year
–
27,828
27,828
Dividends paid and payable
–
( 29,000)
( 29,000)
----
--------
--------
Total investments by and distributions to owners
–
( 29,000)
( 29,000)
----
--------
--------
At 31 December 2016
2
391
393
----
--------
--------
J & L Davison Plumbing Limited
Notes to the 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 11 Queens Road, Brentwood, Essex, CM14 4HE.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 2 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discount and value added tax.
Taxation
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & fittings
-
25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2015: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2016
955
16,275
17,230
Additions
333
–
333
-------
--------
--------
At 31 December 2016
1,288
16,275
17,563
-------
--------
--------
Depreciation
At 1 January 2016
239
4,069
4,308
Charge for the year
179
3,051
3,230
-------
--------
--------
At 31 December 2016
418
7,120
7,538
-------
--------
--------
Carrying amount
At 31 December 2016
870
9,155
10,025
-------
--------
--------
At 31 December 2015
716
12,206
12,922
-------
--------
--------
6. Debtors
2016
2015
£
£
Other debtors
13,694
4,815
--------
-------
7. Creditors: amounts falling due within one year
2016
2015
£
£
Corporation tax
10,592
2,909
Social security and other taxes
5,248
3,276
Other creditors
5,787
5,760
--------
--------
21,627
11,945
--------
--------
8. Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
5,412
9,447
-------
-------
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 2 January 2015.
No transitional adjustments were required in equity or profit or loss for the period.