Jack's Fish and Chips Limited - Accounts to registrar (filleted) - small 18.1

SPECTRUM SOUTHERN LIMITED - Company Information

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REGISTERED NUMBER: 01553547 (England and Wales)

JACK'S FISH AND CHIPS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTOR:

D J King

SECRETARY:

D J King

REGISTERED OFFICE:

53 Guildford Road

Bagshot

Surrey

GU19 5NG

REGISTERED NUMBER:

01553547 (England and Wales)

FIXED ASSETS

Intangible assets

Tangible assets

1,230

795,821

Investment property

2,713,945

2,715,175

3,509,766

CURRENT ASSETS

Debtors

395,169

322,348

Cash at bank

24,440

6,352

419,609

328,700

CREDITORS

Amounts falling due within one year

(97,906

)

(400,802

)

NET CURRENT ASSETS/(LIABILITIES)

321,703

(72,102

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,036,878

3,437,664

CREDITORS

Amounts falling due after more than one
year

(137,500

)

(367,066

)

PROVISIONS FOR LIABILITIES

(14,693

)

(14,082

)

NET ASSETS

2,884,685

3,056,516

CAPITAL AND RESERVES

Called up share capital

850

Share premium

577,106

Fair value reserve

631,733

Capital redemption reserve

175

Retained earnings

1,674,821

1,846,652

SHAREHOLDERS' FUNDS

2,884,685

3,056,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 27 June 2018 and were signed by:

D J King - Director

1.	STATUTORY INFORMATION

Jack's Fish and Chips Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest . Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair

value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the

current or past reporting periods using tax rates that have been enacted or substantively enacted by

the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against future taxable profits or against the reversal of deferred tax liabilities.

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

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 1 (2016 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

COST

At 1 October 2016

and 30 September 2017

2,517

AMORTISATION

At 1 October 2016

and 30 September 2017

2,517

NET BOOK VALUE

At 30 September 2017

At 30 September 2016

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

COST

At 1 October 2016

794,181

5,418

799,599

Disposals

(794,181

)

(794,181

)

At 30 September 2017

5,418

DEPRECIATION

At 1 October 2016

3,778

Charge for year

410

At 30 September 2017

4,188

NET BOOK VALUE

At 30 September 2017

1,230

At 30 September 2016

794,181

1,640

795,821

6.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 October 2016

and 30 September 2017

2,713,945

NET BOOK VALUE

At 30 September 2017

2,713,945

At 30 September 2016

2,713,945

Investment properties were valued on an open market basis at 30 September 2017 by a director of the

company.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

Other debtors

84,868

66,412

Directors' loan accounts

307,512

247,512

VAT

990

Prepayments

2,769

7,434

395,169

322,348

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

Bank loans and overdrafts

264,904

Corporation tax

20,054

80,312

Other taxes and social

security

Other creditors

32,655

32,746

Accruals and deferred income

45,157

22,795

97,906

400,802

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2017

2016

Bank loans

229,566

Other loans

137,500

367,066

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

Bank loans

494,470

The above debts are secured by a legal charge over a number of the company's freehold properties

and related assets.

11.

RESERVES

Fair

value

reserve

At 1 October 2016

and 30 September 2017

631,733

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the company loaned £60,000 to the director. At the period end, the director owed

£307,512 to the company (2016 - £247,512).

13.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. The impact

from the transition relates to the revaluation of the investment properties owned by the company and

the recognition of the deferred tax liability that may arise on any potential future sale of these

investment properties. The deferred tax liability at transition date was £14,693 and the increase in the

value of the investment properties of the company was £646,426 leading to a fair value reserve upon

transition and at 30 September 2016 of £631,733. There was no change in the profit after tax for the

period ended 30 September 2016.