Jovemere Limited - Accounts to registrar (filleted) - small 17.3

JOVEMERE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Massimo Benucci

Edythe Adele Benucci-Vaughan

SECRETARY:

Massimo Benucci

REGISTERED OFFICE:

Flat 3

4 Nettlefold Place

London

SE27 0JW

REGISTERED NUMBER:

01974885 (England and Wales)

ACCOUNTANTS:

AEL Markhams Ltd

Chartered Accountants

201 Haverstock Hill

London

NW3 4QG

FIXED ASSETS

Tangible assets

4

70,438

73,180

CURRENT ASSETS

Stocks

19,200

24,050

Debtors

5

675

202

Cash at bank and in hand

23,750

9,709

43,625

33,961

CREDITORS

Amounts falling due within one year

6

86,566

82,722

NET CURRENT LIABILITIES

(42,941

)

(48,761

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,497

24,419

PROVISIONS FOR LIABILITIES

2,953

-

NET ASSETS

24,544

24,419

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

24,444

24,319

SHAREHOLDERS' FUNDS

24,544

24,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 18 January 2018 and were signed on its behalf by:

Edythe Adele Benucci-Vaughan - Director

1.	STATUTORY INFORMATION

Jovemere 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 May 2017 are the first that are prepared in accordance with FRS

102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 June 2015.

Details of how FRS 102 Section 1A has affected the reported financial position and financial performance is

given in note 9.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures fittings & equipment

-

15% on 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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Provision

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

fittings

leasehold

& equipment

Totals

£

£

£

COST

At 1 June 2016

and 31 May 2017

54,898

72,640

127,538

DEPRECIATION

At 1 June 2016

-

54,358

54,358

Charge for year

-

2,742

2,742

At 31 May 2017

-

57,100

57,100

NET BOOK VALUE

At 31 May 2017

54,898

15,540

70,438

At 31 May 2016

54,898

18,282

73,180

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

675

202

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

3,914

1,436

Other creditors

82,652

81,286

86,566

82,722

7.	RELATED PARTY DISCLOSURES

Included in the rent and rates are rent paid to Mr & Mrs E Benucci of £7,200 (2016 £7,200) who are directors of

the company.

During the year Mr & Mrs E Benucci received dividends totalling £10,000 ( 2016: £20,000)

Other creditors include an amount which is owed to Mr & Mrs E Benucci, who are directors of the company of

£79,933 (2016 £78,760).

8.	ULTIMATE CONTROLLING PARTY

Mr & Mrs E Benucci, who are directors of the company, controls the company by virtue of a controlling interest

of 100% of the issued ordinary share capital.

9.	FIRST YEAR ADOPTION

The policies applied under the company's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit and loss.