J2SKI_LIMITED - Accounts

J2SKI LIMITED - Company Information

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Company Registration No. 05836696 (England and Wales)

J2SKI LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2014

J2SKI LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

J2SKI LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

953

1,869

Current assets

Stocks

267

Debtors

14,776

42,934

Cash at bank and in hand

55,620

32,409

70,396

75,610

Creditors: amounts falling due within one year

(17,451)

(25,203)

Net current assets

52,945

50,407

Total assets less current liabilities

53,898

52,276

Capital and reserves

Called up share capital

1,056

Share premium account

49,944

Profit and loss account

2,898

1,276

Shareholders' funds

53,898

52,276

For the financial year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 November 2014

D Pellatt

Director

Company Registration No. 05836696

J2SKI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% straight line

Computer equipment

25% straight line

Fixtures, fittings & equipment

20% straight line

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

J2SKI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2014

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 July 2013

10,000

13,572

23,572

Additions

528

Disposals

(692)

At 30 June 2014

10,000

13,408

23,408

Depreciation

At 1 July 2013

10,000

11,703

21,703

On disposals

(548)

Charge for the year

1,300

At 30 June 2014

10,000

12,455

22,455

Net book value

At 30 June 2014

953

At 30 June 2013

1,869

Share capital

2014

2013

Allotted, called up and fully paid

1,056 Ordinary shares of £1 each

1,056

J2SKI LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2014

- 4 -

Related party relationships and transactions

Loans to related parties

Transactions in relation to loans with related parties during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

D Pellat - loan

4.00

8,317

11,733

216

17,550

2,716

R Pellat - loan

4,110

R Pellat - loan

4.00

22,087

26,000

1,044

41,905

7,226

34,514

37,733

1,260

63,565

9,942

Rizwana Pellatt is the company secretary and an employee of the company, a participating shareholder, and spouse of David Pellatt, the company's director and a participating shareholder.

All of the above loans were repaid by way of a dividend declared on 16 July 2014.