J P F Systems Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03359561 (England and Wales)

Financial Statements for the Year Ended 31 July 2017

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

G Fell

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

-

6,967

Tangible assets

5

563,537

573,880

Investments

6

4,750

4,750

568,287

585,597

CURRENT ASSETS

Stocks

729,714

674,730

Debtors

7

1,601,343

1,435,583

Cash at bank and in hand

1,042

117,425

2,332,099

2,227,738

CREDITORS

Amounts falling due within one year

8

1,436,062

1,185,920

NET CURRENT ASSETS

896,037

1,041,818

TOTAL ASSETS LESS CURRENT LIABILITIES

1,464,324

1,627,415

CREDITORS

Amounts falling due after more than one year

9

(129,516

)

(187,401

)

PROVISIONS FOR LIABILITIES

(91,859

)

(94,667

)

NET ASSETS

1,242,949

1,345,347

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

(279,102

)

(279,102

)

Retained earnings

1,522,001

1,624,399

SHAREHOLDERS' FUNDS

1,242,949

1,345,347

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 13 February 2018 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

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.

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 90 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2016

and 31 July 2017

69,666

AMORTISATION

At 1 August 2016

62,699

Charge for year

6,967

At 31 July 2017

69,666

NET BOOK VALUE

At 31 July 2017

-

At 31 July 2016

6,967

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2016

960,353

Additions

103,769

Disposals

(27,102

)

At 31 July 2017

1,037,020

DEPRECIATION

At 1 August 2016

386,477

Charge for year

99,894

Eliminated on disposal

(12,888

)

At 31 July 2017

473,483

NET BOOK VALUE

At 31 July 2017

563,537

At 31 July 2016

573,876

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

Plant and

machinery

etc

£

COST

At 1 August 2016

286,141

Additions

43,599

Transfer to ownership

(20,915

)

At 31 July 2017

308,825

DEPRECIATION

At 1 August 2016

92,084

Charge for year

40,121

Transfer to ownership

(12,348

)

At 31 July 2017

119,857

NET BOOK VALUE

At 31 July 2017

188,968

At 31 July 2016

194,057

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 August 2016

and 31 July 2017

4,750

NET BOOK VALUE

At 31 July 2017

4,750

At 31 July 2016

4,750

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

1,308,045

1,045,386

Amounts owed by group undertakings

115,018

104,185

Other debtors

178,280

286,012

1,601,343

1,435,583

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Bank loans and overdrafts

122,056

-

Hire purchase contracts

95,152

89,010

Trade creditors

756,131

631,547

Taxation and social security

407,508

392,866

Other creditors

55,215

72,497

1,436,062

1,185,920

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.17

31.7.16

£

£

Hire purchase contracts

129,516

187,401

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.17

31.7.16

£

£

Bank overdraft

122,056

-

Hire purchase contracts

224,668

276,411

346,724

276,411

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 £140,972 (2016 £186,518) owed from Mr & Mrs M Parker and £20,072 (2016

£89,234) owed from Mr & Mrs R O Parker.

12.	ULTIMATE CONTROLLING PARTY

The company is under the common control of Mr M Parker and Mrs P A Parker by virtue of their shareholdings.