JGS Construction Services Limited Filleted accounts for Companies House (small and micro)

J G S CONSTRUCTION SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06058336

JGS Construction Services Limited

Filleted Unaudited Financial Statements

31 January 2018

JGS Construction Services Limited

Financial Statements

Year ended 31 January 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

JGS Construction Services Limited

Statement of Financial Position

31 January 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	9,450	10,500
Tangible assets	6	33,349	31,170
		--------	--------
		42,799	41,670

Current assets

Stocks		6,900	4,830
Debtors	7	12,159	7,262
Cash at bank and in hand		456,583	503,282
		---------	---------
		475,642	515,374

Creditors: amounts falling due within one year	8	40,230		110,626
		---------		---------
Net current assets			435,412	404,748
			---------	---------
Total assets less current liabilities			478,211	446,418
			---------	---------
Net assets			478,211	446,418
			---------	---------

JGS Construction Services Limited

Statement of Financial Position (continued)

31 January 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	478,111	446,318
	---------	---------
Shareholders funds	478,211	446,418
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2018 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 his 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 17 July 2018 , and are signed on behalf of the board by:

Mr J Grace
Director

Company registration number: 06058336

JGS Construction Services Limited

Notes to the Financial Statements

Year ended 31 January 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Durham House, 38 Street Lane, Denby, Derbyshire, DE5 8NE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at 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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Plant & Machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 11 (2017: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2017 and 31 January 2018	21,000
	--------
Amortisation
At 1 February 2017	10,500
Charge for the year	1,050
	--------
At 31 January 2018	11,550
	--------
Carrying amount
At 31 January 2018	9,450
	--------
At 31 January 2017	10,500
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 February 2017	2,041	84,067	5,455	91,563
Additions	–	18,195	2,298	20,493
Disposals	–	( 22,750)	–	( 22,750)
	-------	--------	-------	--------
At 31 January 2018	2,041	79,512	7,753	89,306
	-------	--------	-------	--------
Depreciation
At 1 February 2017	1,849	54,382	4,162	60,393
Charge for the year	48	10,172	897	11,117
Disposals	–	( 15,553)	–	( 15,553)
	-------	--------	-------	--------
At 31 January 2018	1,897	49,001	5,059	55,957
	-------	--------	-------	--------
Carrying amount
At 31 January 2018	144	30,511	2,694	33,349
	-------	--------	-------	--------
At 31 January 2017	192	29,685	1,293	31,170
	-------	--------	-------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	–	6,762
Other debtors	12,159	500
	--------	-------
	12,159	7,262
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	3,528	8,344
Corporation tax	23,081	28,251
Social security and other taxes	12,333	7,834
Other creditors	1,288	66,197
	--------	---------
	40,230	110,626
	--------	---------

9. Director's advances, credits and guarantees

At the year end the directors loan account was overdrawn by £12,159. This loan was repaid in full within 9 months of the year end.

10. Related party transactions

The company was under the control of Mr J Grace throughout the current and previous year. Mr J Grace is the managing director and majority shareholder.