REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR
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J. P. R. (1994) LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR
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J. P. R. (1994) LIMITED |
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 DECEMBER 2016
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Page
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Company Information
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1
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Balance Sheet
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2
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Notes to the Financial Statements
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4
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J. P. R. (1994) LIMITED
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COMPANY INFORMATION
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FOR THE YEAR ENDED 31 DECEMBER 2016
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DIRECTORS:
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SECRETARY:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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ACCOUNTANTS:
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Chartered Accountants
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The Custom House
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The Strand
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Barnstaple
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Devon
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EX31 1EU
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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BALANCE SHEET
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31 DECEMBER 2016
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2016
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2015
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as restated
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Tangible assets
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5
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Investment property
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6
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CURRENT ASSETS
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Stocks
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Debtors
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7
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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8
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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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11
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NET ASSETS
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CAPITAL AND RESERVES
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Called up share capital
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12
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Share premium
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13
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Retained earnings
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13
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1,032,086
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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. |
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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BALANCE SHEET - continued
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31 DECEMBER 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 and authorised for issue by the Board of Directors on
signed on its behalf by:
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 DECEMBER 2016
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1.
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STATUTORY INFORMATION
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J. P. R. (1994) 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.
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STATEMENT OF COMPLIANCE
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The company is a private company and transitioned from previously extant UK GAAP to FRS102 as at 1 January
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2015. An explanation of how the transition to FRS102 has affected the reported financial position of financial
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performance is give on pages 13 and 14 and note 12.
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3.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Significant judgements and estimates
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The preparation of financial statements requires management to make judgements, estimates and assumptions |
that affect the amount reported for assets and liabilities at the balance sheet date and the amounts reported for |
revenues and expenses during the year. However, the nature of estimation means that actual outcomes could |
differ from those estimates. The judgements and estimates having had the most significant effect on any amounts |
are recognised in the financial statements in the year they are discovered. |
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Turnover
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Turnover represents net invoiced sales of goods and services, excluding value added tax, and is derived from the |
ordinary activities. |
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Tangible fixed assets
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Plant and machinery
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-
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Fixtures and fittings
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-
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Motor vehicles
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-
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Computer equipment is depreciated over 3 years on cost. |
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31 DECEMBER 2016
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3.
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ACCOUNTING POLICIES - continued
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Investment property
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No depreciation is charged to investment property as it is held at fair value in accordance with FRS102 (Section
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1A) regulations.
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This represents a departure from the requirements of the Companies Act 2006 however this method of valuation
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is deemed to be appropriate:
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i) management has concluded that the financial statements present fairly the entity's financial position, financial
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performance and cash flows.
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ii) it has complied with applicable legislation, except that is has departed from a particular requirement of
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applicable legislation to achieve fair presentation.
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iii) to comply with the Companies Act 2006 a depreciation charge would be required against investment property
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which would conflict with the objective of the financial statements set out in FRS 102 (Section 1A).
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Any changes to the fair value is transferred to the Other Comprehensive Income statement. Depreciation or
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amortisation is only one of the many factors reflected in the valuation and the amount of depreciation which
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might have been charged cannot be separately identified or quantified.
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Stocks
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Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments
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Financial instruments are defined as a contract which gives rise to a financial asset of one entity and a financial
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liability or equity instrument of another entity.
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Basic financial instruments are classified under section 11 of FRS102 and are held at amortised cost. These
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include cash, trade debtors and creditors, bank loans and other non-complicated loans.
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Other financial instruments which are classified under section 12 of FRS102 and are measured as at fair value
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through the profit or loss.
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Taxation
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31 DECEMBER 2016
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4.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
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5.
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TANGIBLE FIXED ASSETS
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Fixtures
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Plant and
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and
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Motor
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machinery
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fittings
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vehicles
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Totals
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£
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£
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£
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£
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COST
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At 1 January 2016
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Additions
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At 31 December 2016
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DEPRECIATION
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At 1 January 2016
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Charge for year
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At 31 December 2016
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NET BOOK VALUE
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At 31 December 2016
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At 31 December 2015
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6.
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INVESTMENT PROPERTY
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Total
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£
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FAIR VALUE
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At 1 January 2016
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and 31 December 2016
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NET BOOK VALUE
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At 31 December 2016
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At 31 December 2015
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Cost or valuation at 31 December 2016 is represented by:
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£
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Valuation in
2009
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891,866
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Valuation in
2010
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50,000
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Cost
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208,134
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1,150,000
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31 DECEMBER 2016
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6.
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INVESTMENT PROPERTY - continued
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If
Investment property
had not been revalued it would have been included at the following historical cost:
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2016
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2015
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as restated
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£
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£
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Cost
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208,134
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208,134
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Investment property
was valued on
an open market
basis on
31 December 2016
by
the directors of J.P.R. (1994) Limited
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Investment property cost comprises freehold property of £81,846 and long leasehold property of £126,288. |
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The directors have valued the investment property at its considered open market value and have reviewed that |
open market value at 31 December 2016 and consider the current valuation shown is at fair value. |
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7.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2016
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2015
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as restated
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£
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£
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Trade debtors
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Other debtors
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Prepayments
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8.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2016
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2015
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as restated
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£
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£
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Trade creditors
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Tax
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Social security and other taxes
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Directors' current accounts
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Accruals and deferred income
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The directors have given personal guarantees to secure the company's borrowings when necessary. |
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9.
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LEASING AGREEMENTS
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Minimum lease payments under non-cancellable operating leases fall due as follows:
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2016
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2015
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as restated
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£
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£
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Within one year
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37,150
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30,150
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Between one and five years
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148,600
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120,600
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In more than five years
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1,967,150
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1,626,300
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2,152,900
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1,777,050
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31 DECEMBER 2016
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9.
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LEASING AGREEMENTS - continued
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The leasing agreements consist of operating leases on properties with leases of 49 and 58 years still remaining to
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the expiry date.
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10.
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FINANCIAL INSTRUMENTS
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All financial instruments in the financial statements are shown at cost.
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11.
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PROVISIONS FOR LIABILITIES
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2016
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2015
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as restated
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£
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£
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Deferred tax
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89,548
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98,182
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Deferred
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tax
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£
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Balance at 1 January 2016
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As previously reported
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Prior year adjustment
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As restated
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Movement on capital allowances
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(
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Movement on revalued property
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(
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Balance at 31 December 2016
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12.
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CALLED UP SHARE CAPITAL
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Allotted, issued and fully paid:
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Number:
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Class:
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Nominal
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2016
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2015
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value:
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as restated
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£
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£
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Ordinary
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£1
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13.
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RESERVES
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Retained
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Share
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earnings
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premium
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Totals
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£
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£
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£
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At 1 January 2016
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1,131,900
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Prior year adjustment
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(
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(
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1,032,086
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Profit for the year
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Dividends
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(
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(
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At 31 December 2016
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1,052,975
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At the balance sheet date retained earnings included an aggregate of un-distributable profits relating to the |
revaluation of freehold property totalling £949,703 (2015 £949,703). |
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J. P. R. (1994) LIMITED (REGISTERED NUMBER: 00734683)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31 DECEMBER 2016
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14.
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RELATED PARTY DISCLOSURES
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During the year, total dividends of £18,990 (2015 - £25,320) were paid to the directors
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During the year, total dividends of £
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At the balance sheet date the company owed the director
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15.
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ULTIMATE CONTROLLING PARTY
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During the year the company was controlled by Mr and Mrs A J Ruhleman and Mr and Mrs P Ruhleman, its |
directors and major shareholders. |
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16.
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TRANSITION TO FRS 102
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The company transitioned to FRS102 from previously extant UK GAAP as at 1 January 2015.
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The impact from the transition is detailed in the financial statements. The changes relate to the transfer of the
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revaluation reserve of £949,703 to the profit and loss account and a subsequent deferred tax liability of £95,088
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in accordance with FRS102.
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The following changes in accounting policies have arisen from the transition to FRS102:
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Deferred Tax
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Under FRS102, deferred tax is recognised on all timing differences which now includes the revaluation of
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investment property.
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Investment Properties
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Under FRS102, changes in the fair value of investment properties are recorded in the other comprehensive
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income statement. Under previous UK GAAP these changes were recorded in the Statement of Total Recognised
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Gains and Losses.
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