JFL 1 Ltd iXBRL

Company Number: NI610082

JFL 1 Ltd

Unaudited Financial Statements

for the year ended 31 May 2017

JFL 1 Ltd

DIRECTORS AND OTHER INFORMATION

Directors	David Alexander
	Wendy Alexander (Appointed 20 November 2016)
Company Number	NI610082
Registered Office and Business Address	6 Ballyhannon Lodge
	Portadown
	Co. Armagh
	BT63 5YT
Accountants	CavanaghKelly
	Chartered Accountants
	36 - 38 Northland Row
	Dungannon
	Co Tyrone
	BT71 6AP

JFL 1 Ltd

CHARTERED ACCOUNTANTS' REPORT

to the Board of Directors on the unaudited financial statements of JFL 1 Ltd for the year ended 31 May 2017

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 May 2017 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of JFL 1 Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JFL 1 Ltd and state those matters that we have agreed to state to the Board of Directors of JFL 1 Ltd, as a body, in this report in accordance with the guidance of Chartered Accountants Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JFL 1 Ltd and its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

It is your duty to ensure that JFL 1 Ltd 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 JFL 1 Ltd. You consider that JFL 1 Ltd 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 JFL 1 Ltd. 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.

__________________________________

CAVANAGHKELLY

Chartered Accountants

36 - 38 Northland Row

Dungannon

Co Tyrone

BT71 6AP

17 January 2018

JFL 1 Ltd

Company Number: NI610082

STATEMENT OF FINANCIAL POSITION

as at 31 May 2017

			2017		2016
		Notes	£		£
Non-Current Assets

Property, plant and equipment		5	-		14,758
			─────────		─────────
Current Assets

Receivables		6	57,629		76,838
Cash and cash equivalents			12,795		6,824
			─────────		─────────
			70,424		83,662
			─────────		─────────
Payables: Amounts falling due within one year		7	(46,769)		(68,917)
			─────────		─────────
Net Current Assets			23,655		14,745
			─────────		─────────
Total Assets less Current Liabilities			23,655		29,503
Payables

Amounts falling due after more than one year		8	-		(2,901)
			─────────		─────────
Net Assets			23,655		26,602
			═════════		═════════
Equity

Called up share capital			100		100
Income statement			23,555		26,502
			─────────		─────────
Equity attributable to owners of the company			23,655		26,602
			═════════		═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that 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 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 17 January 2018 and signed on its behalf by

________________________________
David Alexander
Director

JFL 1 Ltd

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2017

1.	GENERAL INFORMATION
	JFL 1 Ltd is a private company limited by shares incorporated in Northern Ireland.

2.	ACCOUNTING POLICIES
	The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
	Statement of compliance
	The financial statements of the company for the year ended 31 May 2017 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
	Basis of preparation
	The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
	Cash flow statement
	The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
	Revenue
	Revenue represents the total invoice value, excluding value added tax, of sales made during the year to 31 May 2017.
	Property, plant and equipment and depreciation
	Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
		Motor vehicles	-	25% straight line
	The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

3.	ADOPTION OF FRS 102 SECTION 1A
	This is the first set of financial statements prepared by JFL 1 Ltd in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 June 2015.

4.	EMPLOYEES
		2017	2016
		Number	Number
	Administration	2	2
		═════════	═════════

5.	PROPERTY, PLANT AND EQUIPMENT
		Motor	Total
		vehicles
		£	£
	Cost
	At 1 June 2016	19,677	19,677
	Disposals	(19,677)	(19,677)
		─────────	─────────
	At 31 May 2017	-	-
		─────────	─────────
	Depreciation
	At 1 June 2016	4,919	4,919
	On disposals	(4,919)	(4,919)
		─────────	─────────
	At 31 May 2017	-	-
		─────────	─────────
	Carrying amount
	At 31 May 2017	-	-
		═════════	═════════
	At 31 May 2016	14,758	14,758
		═════════	═════════

6.	RECEIVABLES	2017	2016
		£	£
	Other debtors	57,629	76,838
		═════════	═════════

7.	PAYABLES	2017	2016
	Amounts falling due within one year	£	£
	Net obligations under finance leases
	and hire purchase contracts	-	3,869
	Taxation	4,132	4,764
	Directors' current accounts	39,437	57,084
	Other creditors	2,000	2,000
	Accruals	1,200	1,200
		─────────	─────────
		46,769	68,917
		═════════	═════════

8.	PAYABLES	2017	2016
	Amounts falling due after more than one year	£	£
	Finance leases and hire purchase contracts	-	2,901
		═════════	═════════
	Net obligations under finance leases
	and hire purchase contracts
	Repayable within one year	-	3,869
	Repayable between one and five years	-	2,901
		─────────	─────────
		-	6,770
		═════════	═════════

9.	RELATED PARTY TRANSACTIONS
	At the year end a balance of £39,437 was due to the directors' in repect of monies advanced to the company.