Company Registration No. 07088620 (England and Wales)
The Jolly Savage Limited
Unaudited accounts
for the year ended 30 November 2018
The Jolly Savage Limited
Unaudited accounts
Contents
The Jolly Savage Limited
Company Information
for the year ended 30 November 2018
Directors
Oliver Thomas Savage
Leon Barrie Jolly
Secretary
Oliver Thomas Savage
Company Number
07088620 (England and Wales)
Registered Office
Ground Floor
66 Wilbury Way
Hitchin
Hertfordshire
SG4 0TP
Accountants
Savage Accountants Limited
3 Tabor Close
Harlington
Dunstable
Bedfordshire
LU5 6PF
The Jolly Savage Limited
Statement of financial position
as at 30 November 2018
Tangible assets
4,530
7,849
Inventories
234,061
259,613
Cash at bank and in hand
148,027
136,477
Creditors: amounts falling due within one year
(303,820)
(291,144)
Net current assets
337,611
279,877
Net assets
351,595
287,726
Profit and loss account
351,591
287,722
Shareholders' funds
351,595
287,726
For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 August 2019.
Oliver Thomas Savage
Director
Company Registration No. 07088620
The Jolly Savage Limited
Notes to the Accounts
for the year ended 30 November 2018
The Jolly Savage Limited is a private company, limited by shares, registered in England and Wales, registration number 07088620. The registered office is Ground Floor, 66 Wilbury Way, Hitchin, Hertfordshire, SG4 0TP.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
No material adjustments were required.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write of the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis at rates of 25-33% per annum.
Assets held under finance leases are depreciated in the same way as owned assets.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expenses in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as an expense in the period in which the reversal occurs.
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
The Jolly Savage Limited
Notes to the Accounts
for the year ended 30 November 2018
The cost 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.
The company operates an auto enrolment scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance sheet obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the HMRC approved rate at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not re-translated.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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Intangible fixed assets
Other
The Jolly Savage Limited
Notes to the Accounts
for the year ended 30 November 2018
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 December 2017
7,892
7,145
15,037
At 30 November 2018
7,892
7,932
15,824
At 1 December 2017
4,103
3,085
7,188
Charge for the year
1,289
2,817
4,106
At 30 November 2018
5,392
5,902
11,294
At 30 November 2018
2,500
2,030
4,530
At 30 November 2017
3,789
4,060
7,849
Finished goods
234,061
259,613
Trade debtors
219,190
149,903
Accrued income and prepayments
2,887
12,179
Other debtors
37,266
12,849
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Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
52,433
50,857
Trade creditors
37,694
36,678
Taxes and social security
100,911
114,231
Other creditors
86,000
50,000
Loans from directors
26,015
38,670
The Jolly Savage Limited
Notes to the Accounts
for the year ended 30 November 2018
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Operating lease commitments
2018
2017
At 30 November 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
30,500
30,500
Within two to five years
99,125
129,625
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Average number of employees
During the year the average number of employees was 12 (2017: 12).
