J & C ASSOCIATES LIMITED Company accounts

J & C ASSOCIATES LIMITED Company accounts

J & C ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03162355
J & C ASSOCIATES LIMITED
Unaudited Financial Statements
28 February 2017
J & C ASSOCIATES LIMITED
Financial Statements
Year ended 28 February 2017
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Detailed income statement
8
Notes to the detailed income statement
9
J & C ASSOCIATES LIMITED
Director's Report
Year ended 28 February 2017
The director presents her report and the unaudited financial statements of the company for the year ended 28 February 2017 .
Director
The director who served the company during the year was as follows:
J E Barlay
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 November 2017 and signed on behalf of the board by:
J E Barlay
Director
J & C ASSOCIATES LIMITED
Statement of Income and Retained Earnings
Year ended 28 February 2017
2017
2016
Note
£
£
Turnover
9,256,504
6,645,784
Cost of sales
8,294,521
5,609,775
------------
------------
Gross profit
961,983
1,036,009
Administrative expenses
555,890
572,492
---------
------------
Operating profit
406,093
463,517
Other interest receivable and similar income
1,512
1,119
---------
------------
Profit before taxation
5
407,605
464,636
Tax on profit
84,161
96,023
---------
---------
Profit for the financial year and total comprehensive income
323,444
368,613
---------
---------
Dividends paid and payable
( 235,000)
( 215,000)
Retained earnings at the start of the year
909,356
755,743
---------
---------
Retained earnings at the end of the year
997,800
909,356
---------
---------
All the activities of the company are from continuing operations.
J & C ASSOCIATES LIMITED
Statement of Financial Position
28 February 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
8,597
9,524
Current assets
Debtors
7
1,763,812
1,249,343
Cash at bank and in hand
617,095
618,535
------------
------------
2,380,907
1,867,878
Creditors: amounts falling due within one year
8
1,391,702
968,044
------------
------------
Net current assets
989,205
899,834
---------
---------
Total assets less current liabilities
997,802
909,358
---------
---------
Net assets
997,802
909,358
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
997,800
909,356
---------
---------
Members funds
997,802
909,358
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2017 , and are signed on behalf of the board by:
J E Barlay
Director
Company registration number: 03162355
J & C ASSOCIATES LIMITED
Notes to the Financial Statements
Year ended 28 February 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tudor House, Llanvanor Road, Finchley Road, London, NW2 2AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the amount can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Website costs
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).
5. Profit before taxation
Profit before taxation is stated after (crediting)/charging:
2017
2016
£
£
Depreciation of tangible assets
2,827
3,125
-------
-------
6. Tangible assets
Website cost
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2016
5,000
24,633
49,302
78,935
Additions
–
–
1,900
1,900
-------
--------
--------
--------
At 28 February 2017
5,000
24,633
51,202
80,835
-------
--------
--------
--------
Depreciation
At 1 March 2016
4,410
21,498
43,503
69,411
Charge for the year
118
784
1,925
2,827
-------
--------
--------
--------
At 28 February 2017
4,528
22,282
45,428
72,238
-------
--------
--------
--------
Carrying amount
At 28 February 2017
472
2,351
5,774
8,597
-------
--------
--------
--------
At 29 February 2016
590
3,135
5,799
9,524
-------
--------
--------
--------
7. Debtors
2017
2016
£
£
Trade debtors
1,581,568
1,160,959
Other debtors
182,244
88,384
------------
------------
1,763,812
1,249,343
------------
------------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,250
5,642
Trade creditors
1,247,026
852,908
Corporation tax
84,161
96,022
Social security and other taxes
13,888
–
Other creditors
45,377
13,472
------------
---------
1,391,702
968,044
------------
---------
9. Related party transactions
The company was under the control of the director, Mrs J Barlay who beneficially owns the entire issued share capital of the company.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.
J & C ASSOCIATES LIMITED
Management Information
Year ended 28 February 2017
The following pages do not form part of the financial statements.
J & C ASSOCIATES LIMITED
Detailed Income Statement
Year ended 28 February 2017
2017
2016
£
£
Turnover
9,256,504
6,645,784
Cost of sales
Sub-contractors fees
8,294,521
5,609,775
------------
------------
Gross profit
961,983
1,036,009
Overheads
Administrative expenses
555,890
572,492
---------
---------
Operating profit
406,093
463,517
Other interest receivable and similar income
1,512
1,119
---------
---------
Profit before taxation
407,605
464,636
---------
---------
J & C ASSOCIATES LIMITED
Notes to the Detailed Income Statement
Year ended 28 February 2017
2017
2016
£
£
Administrative expenses
Director's remuneration
–
73
Unpaid director's remuneration
8,160
8,060
Directors pension contributions
10,000
50,000
Administrative staff salaries
328,803
280,641
Employers national insurance contributions
31,439
31,460
Staff pension contributions - defined contribution
815
–
Rent
31,040
28,747
Insurance
4,129
4,102
Repairs
–
225
Motor and travel
24,356
17,165
Telephone
20,502
24,092
Software support & website maintenance
1,345
3,072
Printing postage and stationery
3,319
3,430
Sundry expenses
2,938
2,200
Conference fees
6,734
2,397
Books and journal
980
878
Advertising and marketing
64,039
56,810
Entertaining
13,766
14,067
Legal and professional fees (allowable)
15,232
11,158
Bookkeeping fees
17,868
16,305
Accountancy fees
5,500
5,000
Depreciation
2,827
3,125
Provision for doubtful debts
–
7,471
Bank charges
(1,557)
1,044
Foreign currency gains/losses
(36,345)
970
---------
---------
555,890
572,492
---------
---------
Other interest receivable and similar income
Interest on cash and cash equivalents
1,512
1,119
-------
-------