JP Events Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC455591 (Scotland)

Unaudited Financial Statements for the Year Ended 31st July 2017

for

JP Events Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTOR:

Mr J McLachlan

SECRETARY:

Mrs E Mclachlan

REGISTERED OFFICE:

96 High Street

North Berwick

EH39 4HE

REGISTERED NUMBER:

SC455591 (Scotland)

ACCOUNTANTS:

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

FIXED ASSETS

Intangible assets

4

78,833

-

Tangible assets

5

19,594

-

98,427

-

CURRENT ASSETS

Stocks

3,800

-

Debtors

6

-

49,271

Cash at bank and in hand

8,584

3,590

12,384

52,861

CREDITORS

Amounts falling due within one year

7

54,518

13,437

NET CURRENT (LIABILITIES)/ASSETS

(42,134

)

39,424

TOTAL ASSETS LESS CURRENT LIABILITIES

56,293

39,424

PROVISIONS FOR LIABILITIES

10

3,543

-

NET ASSETS

52,750

39,424

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

52,650

39,324

SHAREHOLDERS' FUNDS

52,750

39,424

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30th April 2018 and were signed by:

Mr J McLachlan - Director

1.	STATUTORY INFORMATION

JP Events Ltd is a private company, limited by shares , registered in Scotland. 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.

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 2017, 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

-

20% on cost

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

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provision of the instrument.

Financial assets and liabilities are offset with the net amounts presented in the financial statements when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of Financial Liabilities

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 company after deducting all of its liabilities.

Basic Financial Liabilities

Basic financial liabilities including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt are initially recognised at a transaction price unless the arrangement constitutes

a financing transaction, where the debt instrument is measured at the present value of the future receipts

discounted at a market value of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less and are not amortised. If not, they are presented as non-current liabilities. Trade creditors are recognised

initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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 6 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

86,000

At 31st July 2017

86,000

AMORTISATION

Amortisation for year

7,167

At 31st July 2017

7,167

NET BOOK VALUE

At 31st July 2017

78,833

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

23,513

At 31st July 2017

23,513

DEPRECIATION

Charge for year

3,919

At 31st July 2017

3,919

NET BOOK VALUE

At 31st July 2017

19,594

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

-

46,846

Other debtors

-

2,425

-

49,271

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Bank loans and overdrafts

14,221

-

RBS loan Original

1,084

-

Trade creditors

17,444

-

Tax

10,012

4,822

Social security and other taxes

465

345

VAT

1,959

8,270

Directors' current accounts

9,117

-

Accrued expenses

216

-

54,518

13,437

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.7.17

31.7.16

£

£

Between one and five years

19,110

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.17

31.7.16

£

£

Bank loans

14,221

-

Secured by a charge over the assets of the business.

10.	PROVISIONS FOR LIABILITIES

31.7.17

31.7.16

£

£

Deferred tax

Accelerated capital allowances

3,543

-

Deferred

tax

£

Provided during year

3,543

Balance at 31st July 2017

3,543

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.17

31.7.16

value:

£

£

100

Ordinary

1

100

100

12.

RESERVES

Retained

earnings

£

At 1st August 2016

39,324

Profit for the year

23,326

Dividends

(10,000

)

At 31st July 2017

52,650

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st July 2017 and

31st July 2016:

31.7.17

31.7.16

£

£

Mr J McLachlan

Balance outstanding at start of year

2,425

4,100

Amounts advanced

14,736

3,325

Amounts repaid

(26,278

)

(5,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,117

)

2,425

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 (2016 - £2,500) were paid to the directors .

Transaction with Director

On the 30th September 2016 the company acquired the assets and liabilities of JP Deli sole trader. This resulted

in the company owing John McLachlan £26,278 which was credited to his director's loan.

15.	FIRST YEAR ADOPTION

The transition from FRSSE 2015 to FRS 102 (Section 1A) has not affected the company's financial position or

its performance.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st July 2017 set out on pages three to sixteen and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

30th April 2018