Johns Cross Conversions Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03466679

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

JOHNS CROSS CONVERSIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

E P Waller

D J Waller

L R Collins

SECRETARY:

E P Waller

REGISTERED OFFICE:

Lifestyle Park

Harbour Road

Rye

East Sussex

TN31 7TE

REGISTERED NUMBER:

03466679

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

FIXED ASSETS

Tangible assets

4

191,533

42,497

CURRENT ASSETS

Stocks

3,342,637

1,272,465

Debtors

5

199,087

27,168

Cash in hand

816

5,090

3,542,540

1,304,723

CREDITORS

Amounts falling due within one year

6

3,367,406

1,083,091

NET CURRENT ASSETS

175,134

221,632

TOTAL ASSETS LESS CURRENT LIABILITIES

366,667

264,129

CREDITORS

Amounts falling due after more than one year

7

(104,180

)

(5,413

)

PROVISIONS FOR LIABILITIES

(4,728

)

(3,033

)

NET ASSETS

257,759

255,683

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

257,659

255,583

SHAREHOLDERS' FUNDS

257,759

255,683

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26 April 2018 and were signed on its behalf by:

D J Waller - Director

E P Waller - Director

L R Collins - Director

1.	STATUTORY INFORMATION

Johns Cross Conversions Limited is a private company, limited by shares , registered in Not specified/Other. 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.

The directors have made an assessment about the company's ability to continue as a going concern and they do

not consider there to be any material uncertainties. As a result they have adopted the going concern basis of

accounting.

Turnover

Turnover represents invoices raised in respect of sales of converted motor vehicles and new and second hand

motor homes and caravans, excluding value added tax.

Turnover is recognised at the point at which the invoice is raised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

over term of lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost and 25% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% 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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2017

31,463

-

39,867

Additions

-

146,794

13,520

At 31 December 2017

31,463

146,794

53,387

DEPRECIATION

At 1 January 2017

3,098

-

38,818

Charge for year

-

14,679

3,729

At 31 December 2017

3,098

14,679

42,547

NET BOOK VALUE

At 31 December 2017

28,365

132,115

10,840

At 31 December 2016

28,365

-

1,049

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2017

22,663

32,768

-

126,761

Additions

6,515

-

19,171

186,000

At 31 December 2017

29,178

32,768

19,171

312,761

DEPRECIATION

At 1 January 2017

17,772

24,576

-

84,264

Charge for year

4,038

8,192

6,326

36,964

At 31 December 2017

21,810

32,768

6,326

121,228

NET BOOK VALUE

At 31 December 2017

7,368

-

12,845

191,533

At 31 December 2016

4,891

8,192

-

42,497

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2017

and 31 December 2017

32,768

DEPRECIATION

At 1 January 2017

24,576

Charge for year

8,192

At 31 December 2017

32,768

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

8,192

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

194,941

26,636

Other debtors

1,915

-

Prepayments

2,231

532

199,087

27,168

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts (see note 8)

750,802

254,132

Other loans (see note 8)

112,945

39,400

Hire purchase contracts

5,413

7,217

Payments on account

106,936

140,137

Trade creditors

2,278,801

457,634

Tax

25,306

55,535

Social security and other taxes

11,176

9,157

VAT

69,355

112,824

Other creditors

3,153

2,055

Accrued expenses

3,519

5,000

3,367,406

1,083,091

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans (see note 8)

104,180

-

Hire purchase contracts

-

5,413

104,180

5,413

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

50,900

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.17

31.12.16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

187,464

88,395

Bank loans

563,338

165,737

Other loans

112,945

39,400

863,747

293,532

Amounts falling due between one and two years:

Bank loans - 1-2 years

13,320

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

39,960

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

50,900

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank overdrafts

187,464

88,395

The company has 3 debentures outstanding to which Hsbc Bank PLC are entitled.

The amounts secured are all monies due or to become due from the company to the chargee on any account

whatsoever.

There is a fixed and floating charge over the undertaking and all property and assets present and future,

including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant & machinery.

The company also has a Rental deposit deed to which Fairways Garage Estate Limited are entitled.

The amount secured is all monies due or to become due from the company to the chargee under the rental

deposit deed which is supplemental to an underlease of even date.

10.	RELATED PARTY DISCLOSURES

During the year the company paid rent to the directors totalling £24,000 (2016 - £24,000) and to the pension

fund in which the directors have a beneficial interest totalling £20,000 (2016 - £20,000) for the use of business

premises owned by the directors and the pension fund respectively.

Dividends totalling £95,825 were paid to the directors during the year.

The following reproduces the text of the report prepared for the directors 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 Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Johns Cross Conversions Limited for the year ended 31 December 2017 which comprise the

Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Johns Cross Conversions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Johns Cross Conversions Limited and state those matters that we have agreed to state to the Board of Directors of Johns Cross Conversions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Johns Cross Conversions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Johns Cross Conversions Limited 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 Johns Cross Conversions Limited. You consider that Johns Cross Conversions Limited 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 Johns Cross Conversions Limited. 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.

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

26 April 2018