N Turner Joinery Contractors Limited Filleted accounts for Companies House (small and micro)

N Turner Joinery Contractors Limited Filleted accounts for Companies House (small and micro)

N TURNER JOINERY CONTRACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03552178
N TURNER JOINERY CONTRACTORS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
6 April 2018
N TURNER JOINERY CONTRACTORS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 6 APRIL 2018
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
N TURNER JOINERY CONTRACTORS LIMITED
BALANCE SHEET
6 April 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
9,694
11,827
Current assets
Debtors
6
16,557
18,924
Cash at bank and in hand
1,138
4,894
------------
------------
17,695
23,818
Creditors: amounts falling due within one year
7
( 13,682)
( 10,188)
------------
------------
Net current assets
4,013
13,630
------------
------------
Total assets less current liabilities
13,707
25,457
Provisions
Taxation including deferred tax
( 1,842)
( 2,095)
------------
------------
Net assets
11,865
23,362
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
11,864
23,361
------------
------------
Shareholders funds
11,865
23,362
------------
------------
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 profit and loss account has not been delivered.
For the year ending 6 April 2018 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 December 2018 , and are signed on behalf of the board by:
N G Turner Director
Company registration number: 03552178
N TURNER JOINERY CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 6 APRIL 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Mushroom Farm, Penistone Road, Hade Edge, Holmfirth, West Yorkshire, HD9 2JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of work done in the year, including estimates of amounts not invoiced at the year end by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 7 April 2017
7,010
17,865
1,471
26,346
Additions
760
–
–
760
------------
------------
------------
------------
At 6 April 2018
7,770
17,865
1,471
27,106
------------
------------
------------
------------
Depreciation
At 7 April 2017
5,233
7,815
1,471
14,519
Charge for the year
380
2,513
–
2,893
------------
------------
------------
------------
At 6 April 2018
5,613
10,328
1,471
17,412
------------
------------
------------
------------
Carrying amount
At 6 April 2018
2,157
7,537
–
9,694
------------
------------
------------
------------
At 6 April 2017
1,777
10,050
–
11,827
------------
------------
------------
------------
6. Debtors
2018
2017
£
£
Trade debtors
3,300
5,633
Prepayments and accrued income
269
229
Corporation tax repayable
1,154
–
PAYE recoverable
11,834
13,062
------------
------------
16,557
18,924
------------
------------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Accruals and deferred income
1,680
1,830
Corporation tax
–
2,329
Obligations under finance leases and hire purchase contracts
–
441
Director loan accounts
12,002
5,588
------------
------------
13,682
10,188
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2018
2017
£
£
Included in provisions
1,842
2,095
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2018
2017
£
£
Accelerated capital allowances
1,842
2,095
------------
------------
9. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1
1.00
1
1.00
------------
------------
------------
------------
10. Related party transactions
Included within creditors is an amount of £12,002 (2017: £5,588) in respect of a loan from the director to the company. This amount is unsecured, repayable on demand and currently interest-free.