Company Registration No. 08122437 (England and Wales)
JL RADIUS LTD
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
JL RADIUS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
JL RADIUS LTD
ABBREVIATED BALANCE SHEET
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,445
3,205
Current assets
Debtors
925
1,761
Cash at bank and in hand
8,237
18,456
9,162
20,217
Creditors: amounts falling due within one year
(8,808)
(21,867)
Net current assets/(liabilities)
354
(1,650)
Total assets less current liabilities
2,799
1,555
Provisions for liabilities
(489)
(641)
2,310
914
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
2,309
913
Shareholders' funds
2,310
914
For the financial year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 11 November 2014
Mr Jason Ray
Director
Company Registration No. 08122437
JL RADIUS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33.33% reducing balance
Motor vehicles
25% reducing balance
1.5
Deferred taxation
Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
JL RADIUS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2013
3,552
Additions
150
At 30 June 2014
3,702
Depreciation
At 1 July 2013
347
Charge for the year
910
At 30 June 2014
1,257
Net book value
At 30 June 2014
2,445
At 30 June 2013
3,205
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary of £1 each
1
1
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr Jason Ray
-
(12,937)
36,400
-
25,922
(2,459)
(12,937)
36,400
-
25,922
(2,459)