Jo Clevely Design Limited - Period Ending 2017-01-31

Registration number: 07494978

Jo Clevely Design Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Westlake Clark
Chartered Accountants
118 Old Milton Road
New Milton
Hampshire
BH25 6EB

Jo Clevely Design Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Jo Clevely Design Limited

Company Information

Directors

Mrs J B T Clevely Mr R J Clevely

Registered office

Tanners River Petworth West Sussex GU28 9AY

Bankers

Barclays Pall Mall 2 Leicester Leicestershire LE87 2BB

Accountants

Westlake Clark Chartered Accountants 118 Old Milton Road New Milton Hampshire BH25 6EB

Page 1

Jo Clevely Design Limited

(Registration number: 07494978)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	17,912	8,163
Current assets
Stocks	5	5,000	-
Debtors	6	61,716	41,869
Cash at bank and in hand		52,950	51,684
		119,666	93,553
Creditors: Amounts falling due within one year	7	(133,923)	(99,912)
Net current liabilities		(14,257)	(6,359)
Total assets less current liabilities		3,655	1,804
Provisions for liabilities		(3,403)	(1,551)
Net assets		252	253
Capital and reserves
Called up share capital		200	200
Profit and loss account		52	53
Total equity		252	253

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Jo Clevely Design Limited

(Registration number: 07494978)
Balance Sheet as at 31 January 2017 (continued)

For the financial year ending 31 January 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 October 2017 and signed on its behalf by:
 

.........................................

Mrs J B T Clevely

Director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Jo Clevely Design Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Tanners
River
Petworth
West Sussex
GU28 9AY

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 4

Jo Clevely Design Limited

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

2	Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line
Motor vehicles	25% reducing balance
Office equipment	20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2016 - 5).

Page 5

Jo Clevely Design Limited

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Computer equipment £	Total £
Cost or valuation
At 1 February 2016	1,720	33,155	5,043	39,918
Additions	-	21,000	-	21,000
Disposals	-	(23,155)	-	(23,155)
At 31 January 2017	1,720	31,000	5,043	37,763
Depreciation
At 1 February 2016	1,171	25,541	5,043	31,755
Charge for the year	110	5,824	-	5,934
Eliminated on disposal	-	(17,838)	-	(17,838)
At 31 January 2017	1,281	13,527	5,043	19,851
Carrying amount
At 31 January 2017	439	17,473	-	17,912
At 31 January 2016	549	7,614	-	8,163

5

Stocks

	2017 £	2016 £
Other inventories	5,000	-

6

Debtors

	2017 £	2016 £
Trade debtors	21,979	27,447
Directors' current account	2,633	13,855
Other debtors	37,104	567
Total current trade and other debtors	61,716	41,869

Page 6

Jo Clevely Design Limited

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

7

Creditors

	2017 £	2016 £
Due within one year
Trade creditors	30,332	23,415
Corporation tax liability	21,300	6,250
Social security and other taxes	16,808	19,747
Other creditors	56,151	3,000
Accruals and deferred income	9,332	47,500
	133,923	99,912

8	Related party transactions

Transactions with directors

2017	At 1 February 2016 £	Advances to directors £	Repayments by director £	At 31 January 2017 £
Mrs J B T Clevely
Interest free loan	13,854	2,633	(13,854)	2,633

2016	Advances to directors £	At 31 January 2016 £
Mrs J B T Clevely
Interest free loan	13,854	13,854

9	Transition to FRS 102

The company has adopted FRS102 Section 1A for the first time in the year ended 31 January 2017. The last financial statements prepared under previous UK GAAP were for the year ended 31 March 2016. The date of transition to FRS102 was 1 February 2016. The effect of this transition from previous financial reporting framework to FRS102 Section 1A is outlined below:

Deferred tax
The company is required to recognise deferred tax on timing differences.

Balance Sheet at 1 February 2015
 

Page 7

Jo Clevely Design Limited

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

9	Transition to FRS 102 (continued)

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	11,214	-	-	11,214
Current assets
Debtors	42,672	-	-	42,672
Cash at bank and in hand	10,552	-	-	10,552
	53,224	-	-	53,224
Creditors: Amounts falling due within one year	(62,135)	-	-	(62,135)
Net current liabilities	(8,911)	-	-	(8,911)
Total assets less current liabilities	2,303	-	-	2,303
Provisions for liabilities	-	-	(2,131)	(2,131)
Net assets/(liabilities)	2,303	-	(2,131)	172
Capital and reserves
Called up share capital	200	-	-	200
Profit and loss account	2,103	-	(2,131)	(28)
Total equity	2,303	-	(2,131)	172

Page 8

Jo Clevely Design Limited

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

9	Transition to FRS 102 (continued)

Balance Sheet at 31 January 2016
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	8,163	-	-	8,163
Current assets
Debtors	41,868	-	-	41,868
Cash at bank and in hand	51,684	-	-	51,684
	93,552	-	-	93,552
Creditors: Amounts falling due within one year	(99,911)	-	-	(99,911)
Net current liabilities	(6,359)	-	-	(6,359)
Total assets less current liabilities	1,804	-	-	1,804
Provisions for liabilities	-	-	(1,551)	(1,551)
Net assets/(liabilities)	1,804	-	(1,551)	253
Capital and reserves
Called up share capital	200	-	-	200
Profit and loss account	1,604	-	(1,551)	53
Total equity	1,804	-	(1,551)	253

Page 9