JT Madge Services Ltd - Filleted accounts

JT MADGE SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2018

Company Registration Number: 09531586

JT MADGE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 9

JT MADGE SERVICES LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2018
DIRECTOR
James Madge
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
09531586 England and Wales

JT MADGE SERVICES LTD
BALANCE SHEET
AS AT 31 March 2018
			Notes		2018				2017
					£				£
FIXED ASSETS
Intangible assets			5				14,000				16,000
Tangible assets			6				19,099				20,709
							33,099				36,709
CURRENT ASSETS
Debtors			7		22,232				18,749
Cash at bank and in hand					-				2,000
					22,232				20,749
CREDITORS: Amounts falling due within one year
			8		41,826				43,804
NET CURRENT (LIABILITIES)							(19,594)				(23,055)
TOTAL ASSETS LESS CURRENT LIABILITIES							13,505				13,654
Provisions for liabilities and charges							527				50
NET ASSETS							12,978				13,604
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							12,878				13,504
SHAREHOLDERS' FUNDS							12,978				13,604
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
James Madge
Director
Date approved by the board: 17 December 2018

JT MADGE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
1	GENERAL INFORMATION
	JT Madge Services Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				88 Fernhill Road
	287-291 Banbury Road				Begbroke
	Oxford				Oxfordshire
	OX2 7JQ				OX5 1RR
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes the shareholders £14,425, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the shareholders. The director does not consider the support of the shareholders likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition
	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of cleaning services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years.
	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 expectations.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Plant and machinery					Reducing balance basis at 20% per annum
	Computer equipment					Reducing balance basis at 33% per annum
	Motor vehicles					Reducing balance basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2018		2017
	Average number of employees								8		16
5	INTANGIBLE FIXED ASSETS
											Net goodwill
											£
	Cost
	At 1 April 2017										20,000
	At 31 March 2018										20,000
	Accumulated amortisation and impairments
	At 1 April 2017										4,000
	Charge for year										2,000
	At 31 March 2018										6,000
	Net book value
	At 1 April 2017										16,000
	At 31 March 2018										14,000
6	TANGIBLE ASSETS
					Plant and machinery		Computer equipment		Motor vehicles		Total
					£		£		£		£
	Cost
	At 1 April 2017				1,308		978		29,012		31,298
	Additions				707		2,340		-		3,047
	At 31 March 2018				2,015		3,318		29,012		34,345
	Accumulated depreciation
	At 1 April 2017				427		492		9,670		10,589
	Charge for year				217		572		3,868		4,657
	At 31 March 2018				644		1,064		13,538		15,246
	Net book value
	At 1 April 2017				881		486		19,342		20,709
	At 31 March 2018				1,371		2,254		15,474		19,099
7	DEBTORS
									2018		2017
									£		£
	Trade debtors								15,361		16,610
	Prepayments and accrued income								1,910		1,473
	Other debtors								4,961		666
									22,232		18,749
8	CREDITORS: Amounts falling due within one year
									2018		2017
									£		£
	Bank loans and overdrafts								481		1,513
	Trade creditors								130		128
	Taxation and social security								23,550		17,744
	Accruals and deferred income								1,302		1,300
	Other creditors								16,363		23,119
									41,826		43,804
9	RELATED PARTY TRANSACTIONS
	The following director's advances, credits and guarantees took place during the year
			Balance at 1 April 2017		Amounts advanced		Amounts repaid				Balance at 31 March 2018
			£		£		£				£
	J Madge		-		21,486		16,855				4,631