J.b. And J. Kay Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02095736 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

J.B. AND J. KAY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J B Kay

Mrs J Kay

REGISTERED OFFICE:

Union Bank Farm

Union Bank Lane

Bold Heath Widnes

Cheshire

WA8 5XA

REGISTERED NUMBER:

02095736 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,032,165

1,142,184

CURRENT ASSETS

Stocks

73,391

15,830

Debtors

5

16,036

17,630

Cash at bank and in hand

86,415

186,751

175,842

220,211

CREDITORS

Amounts falling due within one year

6

765,843

866,826

NET CURRENT LIABILITIES

(590,001

)

(646,615

)

TOTAL ASSETS LESS CURRENT LIABILITIES

442,164

495,569

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

441,764

495,169

442,164

495,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 17 January 2018 and were signed on its behalf by:

J B Kay - Director

Mrs J Kay - Director

1.	STATUTORY INFORMATION

J.b. And J. Kay 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

These are the first financial statements the Company has prepared in accordance with Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of

Ireland'' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The

financial statements for the year ended 30 April 2016 were prepared in accordance with Financial

Reporting Standard for Smaller Entities (effective January 2015) (FRSSE).

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and

accounting policy choices differ from the FRSSE. Consequently the directors have amended certain

accounting policies to comply with FRS 102. The directors have also taken advantage of certain

exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 ''Transition to FRS''.

There are no changes in the prior period on transition to FRS 102 as the directors consider them to be

immaterial to financial statements

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.

Stocks

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

obsolete and slow moving items.

Financial assets

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and

which do not constitute a financing transaction are initially measured at the transaction price and

subsequently measured at amortised cost, being the transaction price less any amounts settled and

any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a

financing transaction are initially measured at the transaction price and subsequently measured at

amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

Motor

property

leasehold

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 May 2016

and 30 April 2017

700,516

1,564

1,149,222

16,544

1,867,846

DEPRECIATION

At 1 May 2016

-

-

711,254

14,408

725,662

Charge for year

-

-

109,485

534

110,019

At 30 April 2017

-

-

820,739

14,942

835,681

NET BOOK VALUE

At 30 April 2017

700,516

1,564

328,483

1,602

1,032,165

At 30 April 2016

700,516

1,564

437,968

2,136

1,142,184

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/17

30/4/16

£

£

Other debtors

1,828

1,828

VAT

14,208

15,802

16,036

17,630

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/17

30/4/16

£

£

Bank loans and overdrafts

132,492

201,265

Hire purchase contracts

89,750

125,350

Trade creditors

48,833

43,775

Taxation

(10,615

)

(10,615

)

Directors' current accounts

503,913

505,581

Accrued expenses

1,470

1,470

765,843

866,826