James Stewart Associates Limited - Period Ending 2017-12-31

James Stewart Associates Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2017

Registration number: 06407252

James Stewart Associates Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

James Stewart Associates Limited

Company Information

Director

Mr M J Stewart

Company secretary

Mr Stewart (Director)

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

Page 1

James Stewart Associates Limited

Balance Sheet

31 December 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	-	3,680
Tangible assets	5	6,882	9,120
		6,882	12,800
Current assets
Stocks		400	400
Debtors	6	10,012	6,765
		10,412	7,165
Creditors: Amounts falling due within one year	7	(25,836)	(38,934)
Net current liabilities		(15,424)	(31,769)
Net liabilities		(8,542)	(18,969)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(8,642)	(19,069)
Total equity		(8,542)	(18,969)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

James Stewart Associates Limited

Balance Sheet

31 December 2017

For the financial year ending 31 December 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 September 2018
 

......................................... Mr M J Stewart Director

Company Registration Number: 06407252

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

James Stewart Associates Limited

Notes to the Financial Statements

Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
3 Chapel Close
Yeoford
Crediton
Devon
EX17 5BL

These financial statements were authorised for issue by the director on 28 September 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At 31 December 2017 the balance sheet showed an excess of liabilities over assets amounting to £8,542 (2016: £18,969). The continuance of the company's activities is therefore dependent on the support of the Director. These financial statements have been drawn up on a going concern basis, which assumes that this support will not be withdrawn.

Revenue recognition

Turnover represents amounts receivable from customers in respect of work completed during the period, excluding Value Added Tax.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 4

James Stewart Associates Limited

Notes to the Financial Statements

Year Ended 31 December 2017

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Timber office	15 years
Office equipment	25% and 33% straight line
Tools and equipment	25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 5

James Stewart Associates Limited

Notes to the Financial Statements

Year Ended 31 December 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2017	36,800	36,800
At 31 December 2017	36,800	36,800
Amortisation
At 1 January 2017	33,120	33,120
Amortisation charge	3,680	3,680
At 31 December 2017	36,800	36,800
Carrying amount
At 31 December 2017	-	-
At 31 December 2016	3,680	3,680

Page 6

James Stewart Associates Limited

Notes to the Financial Statements

Year Ended 31 December 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2017	8,197	13,733	21,930
At 31 December 2017	8,197	13,733	21,930
Depreciation
At 1 January 2017	7,852	4,958	12,810
Charge for the year	161	2,077	2,238
At 31 December 2017	8,013	7,035	15,048
Carrying amount
At 31 December 2017	184	6,698	6,882
At 31 December 2016	345	8,775	9,120

6

Debtors

	2017  £	2016  £
Trade debtors	10,012	3,390
Other debtors	-	3,375
	10,012	6,765

7

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	99	1,158
Corporation tax		1,150	-
Social security and other taxes		4,267	1,855
Other creditors		19,370	35,208
Accrued expenses		950	713
		25,836	38,934

Page 7

James Stewart Associates Limited

Notes to the Financial Statements

Year Ended 31 December 2017

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	99	1,158

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 8