Jane Salvage Limited Small abridged accounts

JANE SALVAGE LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Jane Salvage Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30th April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08472787

JANE SALVAGE LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2017

JANE SALVAGE LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30TH APRIL 2017

Contents	Page

Officers and professional advisers	1

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

JANE SALVAGE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	J E Salvage
	N T Wahab

Company secretary	J E Salvage

Registered office	475 Salisbury House
	London Wall
	London
	EC2M 5QQ

Accountants	Cloke & Co
	Chartered Certified Accountants
	475 Salisbury House
	London Wall
	London
	EC2M 5QQ

JANE SALVAGE LIMITED

CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF JANE SALVAGE LIMITED

YEAR ENDED 30TH APRIL 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Jane Salvage Limited for the year ended 30th April 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Jane Salvage Limited, as a body, in accordance with the terms of our engagement letter dated 7th July 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Jane Salvage Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jane Salvage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Jane Salvage Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jane Salvage Limited. You consider that Jane Salvage Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Jane Salvage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

Cloke & Co Chartered Certified Accountants

475 Salisbury House London Wall London EC2M 5QQ

19 October 2017

JANE SALVAGE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

30 April 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	5		259	459

CURRENT ASSETS

Debtors	890	1,170
Cash at bank and in hand	36,777	25,374
	--------	--------
	37,667	26,544

CREDITORS: amounts falling due within one year	37,370		26,598
	--------		--------
NET CURRENT ASSETS/(LIABILITIES)		297	( 54)
		----	----
TOTAL ASSETS LESS CURRENT LIABILITIES		556	405
		----	----
NET ASSETS		556	405
		----	----

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	456	305
	----	----
MEMBERS FUNDS	556	405
	----	----

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30th April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

JANE SALVAGE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

30 April 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 17 October 2017 , and are signed on behalf of the board by:

J E Salvage

Director

Company registration number: 08472787

JANE SALVAGE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30TH APRIL 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 475 Salisbury House, London Wall, London, EC2M 5QQ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities .

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1st May 2016	1,138
Additions	270
	-------
At 30th April 2017	1,408
	-------
Depreciation
At 1st May 2016	679
Charge for the year	470
	-------
At 30th April 2017	1,149
	-------
Carrying amount
At 30th April 2017	259
	-------
At 30th April 2016	459
	-------

6. Related party transactions

The company was under the control of J E Salvage , one of the company's directors and majority shareholder, throughout the current period. By virtue of their shareholdings, the Directors received dividends during the year amounting to £7,143 (2016 - £Nil).

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st May 2015.

No transitional adjustments were required in equity or profit or loss for the year.