Jim Brown Fabrications Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09176391 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st August 2017

for

Jim Brown Fabrications Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr JR Brown

Mrs G Brown

SECRETARY:

Mrs G Brown

REGISTERED OFFICE:

Broadfield

Horse Park Lane, Pilling

Preston

Lancashire

PR3 6AS

REGISTERED NUMBER:

09176391 (England and Wales)

ACCOUNTANTS:

Towers + Gornall Ltd

Chartered Certified Accountants

Abacus House

The Ropewalk

Garstang

Preston

Lancashire

PR3 1NS

FIXED ASSETS

Intangible assets

4

25,000

30,000

Tangible assets

5

42,933

27,049

Investments

6

1

1

67,934

57,050

CURRENT ASSETS

Stocks

7,673

23,970

Debtors

7

34,823

84,330

Cash at bank

31,388

17,622

73,884

125,922

CREDITORS

Amounts falling due within one year

8

99,241

157,327

NET CURRENT LIABILITIES

(25,357

)

(31,405

)

TOTAL ASSETS LESS CURRENT LIABILITIES

42,577

25,645

PROVISIONS FOR LIABILITIES

8,156

5,409

NET ASSETS

34,421

20,236

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

34,321

20,136

SHAREHOLDERS' FUNDS

34,421

20,236

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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 19th January 2018 and were signed on its behalf by:

Mr JR Brown - Director

Mrs G Brown - Director

1.	STATUTORY INFORMATION

Jim Brown Fabrications Ltd 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 31st August 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 1st September 2015.

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 2014, 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.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 20% on reducing balance and 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the entity after deducting all of its financial liabilities.

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 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st September 2016

and 31st August 2017

40,000

AMORTISATION

At 1st September 2016

10,000

Charge for year

5,000

At 31st August 2017

15,000

NET BOOK VALUE

At 31st August 2017

25,000

At 31st August 2016

30,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st September 2016

34,068

Additions

21,413

At 31st August 2017

55,481

DEPRECIATION

At 1st September 2016

7,019

Charge for year

5,529

At 31st August 2017

12,548

NET BOOK VALUE

At 31st August 2017

42,933

At 31st August 2016

27,049

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st September 2016

and 31st August 2017

1

NET BOOK VALUE

At 31st August 2017

1

At 31st August 2016

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

32,756

82,800

Other debtors

2,067

1,530

34,823

84,330

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

40,393

21,947

Taxation and social security

31,536

26,240

Other creditors

27,312

109,140

99,241

157,327

9.	RELATED PARTY DISCLOSURES

On 31 August 2017 the company owed £24,560 to its directors (2016 £102,599). No interest has been charged

to the company in respect of this loan which is repayable on demand and classified in creditors due within one

year.