J P F Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03359561 (England and Wales)

Financial Statements for the Year Ended 31 July 2018

for

J P F Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Parker

Mrs P A Parker

R O Parker

Ms S J Parker

N Jones

SECRETARY:

M Parker

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

03359561 (England and Wales)

ACCOUNTANTS:

Cobham Murphy Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

542,433

563,537

Investments

6

-

4,750

542,433

568,287

CURRENT ASSETS

Stocks

820,829

729,714

Debtors

7

1,686,408

1,601,343

Prepayments and accrued income

-

3

Cash at bank and in hand

1,205

1,042

2,508,442

2,332,102

CREDITORS

Amounts falling due within one year

8

1,760,157

1,436,065

NET CURRENT ASSETS

748,285

896,037

TOTAL ASSETS LESS CURRENT LIABILITIES

1,290,718

1,464,324

CREDITORS

Amounts falling due after more than one year

9

(125,609

)

(129,516

)

PROVISIONS FOR LIABILITIES

(91,596

)

(91,859

)

NET ASSETS

1,073,513

1,242,949

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

(279,102

)

(279,102

)

Retained earnings

1,352,565

1,522,001

SHAREHOLDERS' FUNDS

1,073,513

1,242,949

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

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

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 March 2019 and were signed on its behalf by:

R O Parker - Director

1.	STATUTORY INFORMATION

J P F Systems Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

There are no judgements (apart from those involving estimates) that have had a significant effect on amounts

recognised in the financial statements.

Turnover

Turnover is from the provision of windows and doors installation and is measured at the fair value of the

consideration received or receivable, excluding discounts, rebated, value added tax and other sales taxes

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Intangible assets

Software Development costs are amortised over their expected useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

2% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Other loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are

measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit

and loss.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 98 (2017 - 90 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2017

and 31 July 2018

69,666

AMORTISATION

At 1 August 2017

and 31 July 2018

69,666

NET BOOK VALUE

At 31 July 2018

-

At 31 July 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2017

1,037,020

Additions

101,828

Disposals

(29,445

)

At 31 July 2018

1,109,403

DEPRECIATION

At 1 August 2017

473,483

Charge for year

110,213

Eliminated on disposal

(16,726

)

At 31 July 2018

566,970

NET BOOK VALUE

At 31 July 2018

542,433

At 31 July 2017

563,537

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 August 2017

423,737

Additions

96,885

Transfer to ownership

(37,819

)

At 31 July 2018

482,803

DEPRECIATION

At 1 August 2017

133,765

Charge for year

57,588

Transfer to ownership

(14,604

)

At 31 July 2018

176,749

NET BOOK VALUE

At 31 July 2018

306,054

At 31 July 2017

289,972

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 August 2017

4,750

Impairments

(4,750

)

At 31 July 2018

-

NET BOOK VALUE

At 31 July 2018

-

At 31 July 2017

4,750

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Trade debtors

1,364,135

1,308,045

Amounts owed by group undertakings

-

115,018

Other debtors

322,273

178,280

1,686,408

1,601,343

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans and overdrafts

81,741

122,056

Hire purchase contracts

92,478

95,152

Trade creditors

840,524

756,134

Taxation and social security

670,985

407,508

Other creditors

74,429

55,215

1,760,157

1,436,065

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Hire purchase contracts

125,609

129,516

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.18

31.7.17

£

£

Bank overdrafts

81,741

122,056

Hire purchase contracts

218,087

224,668

299,828

346,724

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors of the company operate a current account to which all transactions of a private nature are charged.

Included within debtors is £128,741 (2017 £140,972) owed from Mr & Mrs M Parker, £22,605 (2017 £20,072)

owed from Mr & Mrs R O Parker and £26,295 owed from Ms S Parker.