J B Gaynan & Son Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09477817 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2018

for

J B Gaynan & Son Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs K J Owens

REGISTERED OFFICE:

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

REGISTERED NUMBER:

09477817 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Intangible assets

4

8,000

12,000

Tangible assets

5

6,313

5,165

14,313

17,165

CURRENT ASSETS

Stocks

68,902

63,099

Debtors

6

1,392

2,633

Cash at bank

29,909

14,520

100,203

80,252

CREDITORS

Amounts falling due within one year

7

58,872

56,231

NET CURRENT ASSETS

41,331

24,021

TOTAL ASSETS LESS CURRENT LIABILITIES

55,644

41,186

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

(50,000

)

PROVISIONS FOR LIABILITIES

(768

)

(351

)

NET ASSETS/(LIABILITIES)

4,876

(9,165

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,776

(9,265

)

SHAREHOLDERS' FUNDS

4,876

(9,165

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 29 November 2018 and were signed by:

Mrs K J Owens - Director

1.	STATUTORY INFORMATION

J B Gaynan & Son Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for goods and

services provided in the normal course of business, and is shown net of VAT and other sales related

taxes. The fair value of consideration takes into account trade discounts, settlement discounts and

volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of

the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be

measured reliably, it is probable that the economic benefits associated with the transaction will flow to

the entity and the costs incurred or to be incurred in respect of the transaction can be measured

reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Machinery and equipment

-

10% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and

Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party

to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention to

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised

cost using the effective interest method unless the arrangement constitutes a financing transaction,

where the transaction is measured at the present value of the future receipts discounted at a market

rate of interest.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership

to another entity.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group

companies and preference shares that are classified as debt, are initially recognised at transaction price

unless the arrangement constitutes a financing transaction, where the debt instrument is measured at

the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Trade creditors are classified as current liabilities if payment is due

within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors

are recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 4 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

20,000

AMORTISATION

At 1 April 2017

8,000

Charge for year

4,000

At 31 March 2018

12,000

NET BOOK VALUE

At 31 March 2018

8,000

At 31 March 2017

12,000

5.	TANGIBLE FIXED ASSETS

Machinery

Leasehold

and

Computer

improvements

equipment

equipment

Totals

£

£

£

£

COST

At 1 April 2017

5,682

1,984

425

8,091

Additions

-

2,860

-

2,860

At 31 March 2018

5,682

4,844

425

10,951

DEPRECIATION

At 1 April 2017

2,272

365

289

2,926

Charge for year

1,136

440

136

1,712

At 31 March 2018

3,408

805

425

4,638

NET BOOK VALUE

At 31 March 2018

2,274

4,039

-

6,313

At 31 March 2017

3,410

1,619

136

5,165

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

1,293

2,550

Other debtors

99

83

1,392

2,633

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

3,065

5,525

Taxation and social security

11,503

6,620

Other creditors

44,304

44,086

58,872

56,231

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Other creditors

50,000

50,000