ACCOUNTS - Final Accounts

J&S ACCOUNTANTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-10-312017-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-11-01 04840798 2016-11-01 2017-10-31 04840798 2015-11-01 2016-10-31 04840798 2017-10-31 04840798 2016-10-31 04840798 c:Director1 2016-11-01 2017-10-31 04840798 d:FurnitureFittings 2016-11-01 2017-10-31 04840798 d:FurnitureFittings 2017-10-31 04840798 d:FurnitureFittings 2016-10-31 04840798 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-11-01 2017-10-31 04840798 d:CurrentFinancialInstruments 2017-10-31 04840798 d:CurrentFinancialInstruments 2016-10-31 04840798 d:CurrentFinancialInstruments d:WithinOneYear 2017-10-31 04840798 d:CurrentFinancialInstruments d:WithinOneYear 2016-10-31 04840798 d:ShareCapital 2017-10-31 04840798 d:ShareCapital 2016-10-31 04840798 d:RetainedEarningsAccumulatedLosses 2017-10-31 04840798 d:RetainedEarningsAccumulatedLosses 2016-10-31 04840798 c:FRS102 2016-11-01 2017-10-31 04840798 c:AuditExempt-NoAccountantsReport 2016-11-01 2017-10-31 04840798 c:FullAccounts 2016-11-01 2017-10-31 04840798 c:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 iso4217:GBP xbrli:pure

Registered number: 04840798

J & S ACCOUNTANTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

J & S ACCOUNTANTS LIMITED

REGISTERED NUMBER: 04840798

BALANCE SHEET

AS AT 31 OCTOBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		2,543		1,218
			2,543		1,218
Current assets
Stocks	5	330		330
Debtors: amounts falling due within one year	6	36,617		36,144
Cash at bank and in hand	7	85,736		51,655
		122,683		88,129
Creditors: amounts falling due within one year	8	(105,256)		(89,265)
Net current assets/(liabilities)			17,427		(1,136)
Total assets less current liabilities			19,970		82

Net assets			19,970		82

Capital and reserves
Called up share capital	3	3
Profit and loss account	19,967	79
	19,970	82

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 July 2018.

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J & S ACCOUNTANTS LIMITED

REGISTERED NUMBER: 04840798

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2017

Mr E M Jones

Director

The notes on pages 3 to 7 form part of these financial statements.

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J & S ACCOUNTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

1.	General information

J & S Accountants Limited is a private company, limited by shares and registered in England.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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J & S ACCOUNTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings

15%

Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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J & S ACCOUNTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

2.Accounting policies (continued)

2.9

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

2.14

Taxation

Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 4 (2016 - 4).

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J & S ACCOUNTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

4.	Tangible fixed assets

		Fixtures & fittings
		£
	Cost or valuation
	At 1 November 2016	2,956
	Additions	1,774
	At 31 October 2017	4,730
	Depreciation
	At 1 November 2016	1,738
	Charge for the year on owned assets	449
	At 31 October 2017	2,187
	Net book value
	At 31 October 2017	2,543
	At 31 October 2016	1,218

5.	Stocks
		2017	2016
		£	£

Raw materials and consumables	330	330
	330	330

Debtors

					2017	2016
					£	£


Trade debtors	33,775	33,249
Other debtors	-	53
Prepayments and accrued income	2,842	2,842
	36,617	36,144

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J & S ACCOUNTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	85,736	51,655
	85,736	51,655

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	540	540
Corporation tax	17,240	18,586
Other taxation and social security	5,500	3,779
Other creditors	78,226	65,019
Accruals and deferred income	3,750	1,341
	105,256	89,265

9.	Pension commitments

"The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £78 (2016 - £nil). Contributions totalling £15 (2016 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

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