JN Building Services Limited 31/10/2017 iXBRL

JN Building Services Limited 31/10/2017 iXBRL

JN BUILDING SERVICES LIMITED - Company Information

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31/10/2017 2017-10-31 false false false false false false false false false false true false false true false false false false false true false false No description of principal activities is disclosed 2016-11-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 02391935 2016-11-01 2017-10-31 02391935 2017-10-31 02391935 2016-10-31 02391935 2015-11-01 2016-10-31 02391935 2016-10-31 02391935 core:PlantMachinery 2016-11-01 2017-10-31 02391935 core:FurnitureFittingsToolsEquipment 2016-11-01 2017-10-31 02391935 core:MotorVehicles 2016-11-01 2017-10-31 02391935 core:OnerousContractsExcludingVacantProperties 2016-11-01 2017-10-31 02391935 core:PlantMachinery 2016-10-31 02391935 core:FurnitureFittingsToolsEquipment 2016-10-31 02391935 core:MotorVehicles 2016-10-31 02391935 core:PlantMachinery 2017-10-31 02391935 core:FurnitureFittingsToolsEquipment 2017-10-31 02391935 core:MotorVehicles 2017-10-31 02391935 core:WithinOneYear 2017-10-31 02391935 core:WithinOneYear 2016-10-31 02391935 core:ShareCapital 2017-10-31 02391935 core:ShareCapital 2016-10-31 02391935 core:RetainedEarningsAccumulatedLosses 2017-10-31 02391935 core:RetainedEarningsAccumulatedLosses 2016-10-31 02391935 core:BetweenOneFiveYears 2017-10-31 02391935 core:BetweenOneFiveYears 2016-10-31 02391935 core:PlantMachinery 2016-10-31 02391935 core:FurnitureFittingsToolsEquipment 2016-10-31 02391935 core:MotorVehicles 2016-10-31 02391935 bus:Director4 2016-11-01 2017-10-31 02391935 bus:SmallEntities 2016-11-01 2017-10-31 02391935 bus:AuditExemptWithAccountantsReport 2016-11-01 2017-10-31 02391935 bus:FullAccounts 2016-11-01 2017-10-31 02391935 bus:SmallCompaniesRegimeForAccounts 2016-11-01 2017-10-31 02391935 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 02391935 core:LeaseholdImprovements 2016-11-01 2017-10-31 02391935 core:LeaseholdImprovements 2016-10-31 02391935 core:LeaseholdImprovements 2017-10-31
Company registration number: 02391935
JN Building Services Limited
Unaudited filleted financial statements
31 October 2017
JN Building Services Limited
Contents
Statement of financial position
Notes to the financial statements
JN Building Services Limited
Statement of financial position
31 October 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 51,858 63,446
_______ _______
51,858 63,446
Current assets
Stocks 31,391 16,911
Debtors 6 933,078 639,212
Cash at bank and in hand 350,713 233,729
_______ _______
1,315,182 889,852
Creditors: amounts falling due
within one year 7 ( 511,069) ( 239,279)
_______ _______
Net current assets 804,113 650,573
_______ _______
Total assets less current liabilities 855,971 714,019
Provisions for liabilities ( 9,261) ( 12,689)
_______ _______
Net assets 846,710 701,330
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 841,710 696,330
_______ _______
Shareholders funds 846,710 701,330
_______ _______
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2018 , and are signed on behalf of the board by:
Mr J P Vallance
Director
Company registration number: 02391935
JN Building Services Limited
Notes to the financial statements
Year ended 31 October 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Cooper Yard, Old Cider Works, Abbotskerwell, Newton Abbot, TQ12 5NF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 15 % reducing balance
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
Improvements to property - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Loans to or from group companies are initially recorded at transaction price, including transaction costs. Non-interest bearing loans repayable on demand are measured at transaction price.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 37 (2016: 37 ).
5. Tangible assets
Plant and machinery Office equipment Motor vehicles Improve - ments to property Total
£ £ £ £ £
Cost
At 1 November 2016 27,426 23,574 150,501 41,579 243,080
Additions - 6,978 - - 6,978
Disposals - ( 10,274) ( 7,000) - ( 17,274)
_______ _______ _______ _______ _______
At 31 October 2017 27,426 20,278 143,501 41,579 232,784
_______ _______ _______ _______ _______
Depreciation
At 1 November 2016 23,286 21,693 93,078 41,577 179,634
Charge for the year 621 3,053 14,181 - 17,855
Disposals - ( 10,264) ( 6,299) - ( 16,563)
_______ _______ _______ _______ _______
At 31 October 2017 23,907 14,482 100,960 41,577 180,926
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2017 3,519 5,796 42,541 2 51,858
_______ _______ _______ _______ _______
At 31 October 2016 4,140 1,881 57,423 2 63,446
_______ _______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 630,581 352,493
Other debtors 302,497 286,719
_______ _______
933,078 639,212
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 149,875 101,048
Corporation tax 79,146 22,696
Social security and other taxes 132,011 108,574
Other creditors 150,037 6,961
_______ _______
511,069 239,279
_______ _______
There is a fixed and floating charge dated 19 November 2001 issued by HSBC Bank PLC in respect of all monies due or to become due from the company.
8. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2017 2016
£ £
Later than 1 year and not later than 5 years 25,200 25,200
_______ _______
25,200 25,200
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance outstanding
£ £ £ £
Mr M Hayman - 9,940 (9,940) -
_______ _______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance outstanding
£ £ £ £
Mr M Hayman - - - -
_______ _______ _______ _______
10. Controlling party
100% of the company is owned by the parent, JN Electrical Limited.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.