JESSOP_&_CO_LTD - Accounts


Company Registration No. 08536048 (England and Wales)
JESSOP & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
JESSOP & CO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JESSOP & CO LTD
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,298
742
Current assets
Debtors
4
4,333
6,082
Cash at bank and in hand
24,392
54,462
28,725
60,544
Creditors: amounts falling due within one year
5
(12,372)
(38,598)
Net current assets
16,353
21,946
Total assets less current liabilities
17,651
22,688
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
17,551
22,588
Total equity
17,651
22,688

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 26 March 2019
Mr P A Jessop
Director
Company Registration No. 08536048
JESSOP & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information

Jessop & Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Water End Barns, Water End, Eversholt, Bedfordshire, MK17 9EA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable for 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JESSOP & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
1.6
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 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

JESSOP & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

 

Tax deferred or accelerated is accounted for in respect of all material timing differences.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017
2,792
Additions
1,291
At 30 June 2018
4,083
Depreciation and impairment
At 1 July 2017
2,050
Depreciation charged in the year
735
At 30 June 2018
2,785
Carrying amount
At 30 June 2018
1,298
At 30 June 2017
742
JESSOP & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
3,100
5,750
Other debtors
853
-
Prepayments and accrued income
380
332
4,333
6,082
5
Creditors: amounts falling due within one year
2018
2017
£
£
Taxation and social security
5,770
32,853
Other creditors
6,602
5,745
12,372
38,598
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100Ordinary of £1 each
100
100
100
100
2018-06-302017-07-01falseCCH SoftwareCCH Accounts Production 2018.310No description of principal activity26 March 2019Mr P A Jessop085360482017-07-012018-06-30085360482018-06-30085360482017-06-3008536048core:OtherPropertyPlantEquipment2018-06-3008536048core:OtherPropertyPlantEquipment2017-06-3008536048core:CurrentFinancialInstruments2018-06-3008536048core:CurrentFinancialInstruments2017-06-3008536048core:ShareCapital2018-06-3008536048core:ShareCapital2017-06-3008536048core:RetainedEarningsAccumulatedLosses2018-06-3008536048core:RetainedEarningsAccumulatedLosses2017-06-3008536048core:ShareCapitalOrdinaryShares2018-06-3008536048core:ShareCapitalOrdinaryShares2017-06-3008536048bus:Director12017-07-012018-06-3008536048core:PlantMachinery2017-07-012018-06-3008536048core:OtherPropertyPlantEquipment2017-06-3008536048core:OtherPropertyPlantEquipment2017-07-012018-06-3008536048bus:OrdinaryShareClass12017-07-012018-06-3008536048bus:OrdinaryShareClass12018-06-3008536048bus:PrivateLimitedCompanyLtd2017-07-012018-06-3008536048bus:FRS1022017-07-012018-06-3008536048bus:AuditExemptWithAccountantsReport2017-07-012018-06-3008536048bus:SmallCompaniesRegimeForAccounts2017-07-012018-06-3008536048bus:FullAccounts2017-07-012018-06-30xbrli:purexbrli:sharesiso4217:GBP