Company Registration No. 04184603 (England and Wales)
JOULE CONSULTING ENGINEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
JOULE CONSULTING ENGINEERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JOULE CONSULTING ENGINEERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,187
6,108
Current assets
Debtors
4
43,143
66,893
Cash at bank and in hand
226,575
205,221
269,718
272,114
Creditors: amounts falling due within one year
5
(65,204)
(90,787)
Net current assets
204,514
181,327
Total assets less current liabilities
209,701
187,435
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
209,699
187,433
Total equity
209,701
187,435
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2018 and are signed on its behalf by:
H Allen
Director
Company Registration No. 04184603
JOULE CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Joule Consulting Engineers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Timber Wharf, 40 Worsley Street, Castlefield, Manchester, M15 4LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33% straight line
Fixtures, fittings & equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
JOULE CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 4).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2017
45,011
5,924
50,935
Additions
1,852
-
1,852
At 31 March 2018
46,863
5,924
52,787
Depreciation and impairment
At 1 April 2017
38,901
5,924
44,825
Depreciation charged in the year
2,775
-
2,775
At 31 March 2018
41,676
5,924
47,600
Carrying amount
At 31 March 2018
5,187
-
5,187
At 31 March 2017
6,108
-
6,108
JOULE CONSULTING ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
43,141
66,891
Other debtors
2
2
43,143
66,893
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
2,609
-
Trade creditors
1,042
870
Corporation tax
27,911
45,642
Other taxation and social security
10,832
19,031
Other creditors
22,810
25,244
65,204
90,787
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Related party transactions
During the year the company paid £22,500 ( 2017 - £22,500) to the Joule Consulting Engineers Pension Scheme in respect of rent under a commercial agreement. This amount is included within administrative expenses.