Joe Gardner Limited - Period Ending 2019-03-31

Joe Gardner Limited - Period Ending 2019-03-31


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Registration number: 07980840

Joe Gardner Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

 

Joe Gardner Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Joe Gardner Limited

Company Information

Director

Mr M Gardner

Registered office

First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

Accountants

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

 

Joe Gardner Limited

(Registration number: 07980840)
Balance Sheet as at 31 March 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

3,788

4,545

Current assets

 

Debtors

5

7,027

5,195

Creditors: Amounts falling due within one year

6

(9,332)

(9,606)

Net current liabilities

 

(2,305)

(4,411)

Net assets

 

1,483

134

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,383

34

Total equity

 

1,483

134

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 December 2019
 

.........................................

Mr M Gardner
Director

 

Joe Gardner Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ
United Kingdom

The company's registration number is: 07980840

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Joe Gardner Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% Reducing balance

Plant and machinery

25% Reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

 

Joe Gardner Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2018

11,441

1,449

12,890

Additions

499

-

499

At 31 March 2019

11,940

1,449

13,389

Depreciation

At 1 April 2018

7,711

634

8,345

Charge for the year

1,052

204

1,256

At 31 March 2019

8,763

838

9,601

Carrying amount

At 31 March 2019

3,177

611

3,788

At 31 March 2018

3,730

815

4,545

The net book value of tangible fixed assets includes £1,067 (2018 - £1,513) in respect of assets held under hire purchase contracts.

5

Debtors

2019
£

2018
£

Trade debtors

2,410

1,778

Other debtors

4,617

3,417

7,027

5,195

 

Joe Gardner Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Bank loans and overdrafts

7

800

1,293

Taxation and social security

 

8,532

6,899

Accruals and deferred income

 

-

1,000

Hire purchase and finance liability

 

-

414

 

9,332

9,606

7

Loans and borrowings

2019
£

2018
£

Current loans and borrowings

Bank overdrafts

800

1,293