John Smart Limited - Accounts to registrar (filleted) - small 18.2
John Smart Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| John Smart Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2019 |
| John Smart Limited (Registered number: 03079741) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| John Smart Limited |
| Company Information |
| for the Year Ended 31 December 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| John Smart Limited (Registered number: 03079741) |
| Balance Sheet |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Other financial assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| John Smart Limited (Registered number: 03079741) |
| Balance Sheet - continued |
| 31 December 2019 |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| John Smart Limited (Registered number: 03079741) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2019 |
| 1. | GENERAL INFORMATION |
| John Smart Limited is a |
| 2. | 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. |
| 3. | ACCOUNTING POLICIES |
| 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. |
| The company's functional and presentational currency is pound sterling. |
| 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. |
| GOING CONCERN |
| The financial statements have been prepared on a going concern basis. |
| 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. |
| 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 |
| Furniture and fittings | 25% reducing balance |
| Office equipment | 25% reducing balance |
| Freehold land and buildings | Not depreciated |
| REVENUE RECOGNITION |
| Turnover represents rent receivable which are credited to revenue in the accounting period in which they are receivable. |
| The company recognises revenue when: |
| The amount of revenue can be reliably measured; |
| it is probable that future economic benefits will flow to the entity; |
| and specific criteria have been met for each of the company's activities. |
| John Smart Limited (Registered number: 03079741) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 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. |
| 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. |
| INVESTMENT PROPERTY |
| In accordance with the Financial Reporting Standards 102 Section 1A, investment properties for which fair value can be measured reliably without undue cost and effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
| The investment properties class of fixed assets was revalued on 31 December 2019 by J R Smart who is internal to the company. The basis of this valuation was open market value. This class of assets has a current value of £943,421 [2018:£916,889] due to part addition in current year a carrying amount at historical cost of £830,226 [2018:£803,694]. The depreciation on this historical cost is £nil [2018:£nil]. |
| John Smart Limited (Registered number: 03079741) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| DEFINED CONTRIBUTION PENSION OBLIGATION |
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 6. | OTHER FINANCIAL ASSETS (CURRENT AND NON-CURRENT) |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Accrued income |
| John Smart Limited (Registered number: 03079741) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Trade creditors |
| Corporation tax liability |
| Directors' current accounts | 24,118 | 97 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Loans and borrowings (see note 10) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 75,000 | 75,000 |
| 10. | LOANS AND BORROWINGS |
| An analysis of the maturity of loans and borrowings is given below: |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank borrowings |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 75,000 | 75,000 |
| BANK BORROWINGS |
| The carrying amount of bank borrowings at year end is £131,858 (2018 - £150,156). |
| Bank borrowings are secured over the properties held by the company. |