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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2016 |
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J F SHEARS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2016 |
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FOR |
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J F SHEARS LIMITED |
J F SHEARS LIMITED (REGISTERED NUMBER: 00605895) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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J F SHEARS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
232 Sladepool Farm Road |
Birmingham |
B14 5EE |
J F SHEARS LIMITED (REGISTERED NUMBER: 00605895) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Revaluation reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
J F SHEARS LIMITED (REGISTERED NUMBER: 00605895) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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J F SHEARS LIMITED (REGISTERED NUMBER: 00605895) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2016 |
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1. | STATUTORY INFORMATION |
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J F Shears Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has applied early adoption of the July 2015 amendments to Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland." As a consequence of early |
adoption "The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015" are also applied. |
This is the first time the company has adopted Financial Reporting Standard 102 "The Financial Reporting |
Standard applicable in the UK and Republic of Ireland." |
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Significant judgements and estimates |
In preparing these financial statements the company's management make judgements, estimates and assumptions |
that affect the amounts reported for assets and liabilities at the statement of financial position date and the |
amounts reported in the income statement for the year under review. |
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The nature of estimates means that the actual outcome could differ and the company's management consider |
there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts |
reported for assets and liabilities within the next financial year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - | not provided |
Plant and machinery etc | - | 25% on cost |
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The company's practice is to maintain its land and buildings in a state of repair and refurbishment such that the |
residual value is at least equal to its book value. Consequently a depreciation charge is considered to be |
immaterial. |
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Tangible fixed assets are initially recorded at cost. |
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Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
J F SHEARS LIMITED (REGISTERED NUMBER: 00605895) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2016 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets, including trade and other debtors and cash at bank, are initially recognised at transaction |
price and are subsequently measured at amortised cost. Basic financial liabilities, including trade and other |
creditors, are initially recognised at transaction price and are subsequently measured at amortised cost. |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees |
are entitled are recognised at the amount expected to be paid in exchange for that service. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2015 |
and 31 May 2016 |
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DEPRECIATION |
At 1 June 2015 |
and 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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Cost or valuation at 31 May 2016 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2007 | 1,000,000 | - | 1,000,000 |
Cost | - | 3,395 | 3,395 |
1,000,000 | 3,395 | 1,003,395 |
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If land and buildings had not been revalued they would have been included at the following historical cost: |
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2016 | 2015 |
£ | £ |
Cost | 350,531 | 350,531 |
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Land and buildings were valued on an open market basis on 31 May 2007 by the directors . |
J F SHEARS LIMITED (REGISTERED NUMBER: 00605895) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary "A" | £1 |
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1,000 |
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Ordinary "B" non voting | £1 |
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1,000 |
2,000 | 2,000 |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2015 |
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Land and buildings deferred tax adjustment | 1,500 |
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At 31 May 2016 |
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10. | TRANSITION TO FRS 102 |
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On transition to FRS 102 on 1 June 2014 the company has taken advantage of transitional relief to use previous |
GAAP revaluations as deemed cost of land and buildings. FRS 102 also requires deferred tax to be provided on |
previously revalued land and buildings which has resulted in a reduction in the revaluation reserve by £80,000 at |
1 June 2014 and at 31 May 2015 by £75,000. |