COMPANY REGISTRATION NUMBER:
04582281
Filleted Unaudited Financial Statements
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|
Year ended 31 December 2017
Officers and Professional Advisers
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1
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Statement of Financial Position
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2
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Notes to the Financial Statements
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4
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Statement of Financial Position
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31 December 2017
FIXED ASSETS
Tangible assets
|
4
|
105,612
|
133,679
|
|
|
|
|
CURRENT ASSETS
Debtors
|
5
|
59,679
|
56,267
|
Cash at bank and in hand
|
649,239
|
650,321
|
|
---------
|
---------
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|
708,918
|
706,588
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
6
|
1,264,552
|
1,340,228
|
|
------------
|
------------
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NET CURRENT LIABILITIES
|
555,634
|
633,640
|
|
---------
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---------
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TOTAL ASSETS LESS CURRENT LIABILITIES
|
(
450,022)
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(
499,961)
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|
|
|
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PROVISIONS
Taxation including deferred tax
|
4,977
|
7,582
|
|
---------
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---------
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NET LIABILITIES
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(
454,999)
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(
507,543)
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|
---------
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---------
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|
|
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CAPITAL AND RESERVES
Called up share capital
|
7
|
2
|
2
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Profit and loss account
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(
455,001)
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(
507,545)
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|
---------
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---------
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SHAREHOLDERS DEFICIT
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(
454,999)
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(
507,543)
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---------
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---------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have 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
.
Statement of Financial Position (continued)
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31 December 2017
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2018
, and are signed on behalf of the board by:
Mr J L Adams
Director
Company registration number:
04582281
Notes to the Financial Statements
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Year ended 31 December 2017
1.
GENERAL INFORMATION
JLA Disposal Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are collection of non-hazardous waste.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31st December 2017. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements. This basis is considered appropriate by the director as the company is supported by fellow group companies.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services The company's turnover represents the value, excluding Value added Tax, of services supplied to customers during the year in relation to collection and disposal of non-hazardous waste. Turnover from recycling is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in in respect of the transaction can be measured reliably. This is usually on receipt of the material.
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 balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Land - 0% per annum of cost
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date and should take into account the time value of money where material. The provision is then adjusted at each reporting date. The unwinding of any discount is included within finance costs.
4.
TANGIBLE ASSETS
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Land and buildings
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Plant and machinery
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Total
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£
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£
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£
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Cost
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At 1 January 2017 and 31 December 2017
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20,505
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308,956
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329,461
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--------
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---------
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---------
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Depreciation
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At 1 January 2017
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–
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195,782
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195,782
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Charge for the year
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–
|
28,067
|
28,067
|
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--------
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---------
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---------
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At 31 December 2017
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–
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223,849
|
223,849
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|
--------
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---------
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---------
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Carrying amount
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At 31 December 2017
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20,505
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85,107
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105,612
|
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--------
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---------
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---------
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At 31 December 2016
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20,505
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113,174
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133,679
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--------
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---------
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---------
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5.
DEBTORS
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2017
|
2016
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£
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£
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Trade debtors
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42,000
|
42,000
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Other debtors
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17,679
|
14,267
|
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--------
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--------
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59,679
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56,267
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--------
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--------
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6.
CREDITORS:
amounts falling due within one year
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2017
|
2016
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£
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£
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Trade creditors
|
9,047
|
7,383
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
651,621
|
701,150
|
Corporation tax
|
296
|
–
|
Social security and other taxes
|
7,896
|
34,866
|
Other creditors
|
595,692
|
596,829
|
|
------------
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------------
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1,264,552
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1,340,228
|
|
------------
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------------
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The Environmental provision is secured by a bond account included in the bank and cash figure on the balance sheet.
7.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2017
|
2016
|
|
No.
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£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
2
|
2
|
2
|
2
|
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8.
CONTINGENCIES
Both
JLA Disposal Limited
and JLA Recycling Limited, a fellow subsidiary company, and Tir Canol Holdings Limited, the parent company, are party to a cross guarantee in respect of the group's bank borrowings. At the year end the bank borrowings of Tir Canol Holdings Limited covered by the cross guarantee amounted to £339,106 (2016: £355,142).
9.
RELATED PARTY TRANSACTIONS
During the year the company entered into transactions with related parties as follows: Other related parties
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|
2017 |
2016 |
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£ |
£ |
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Balance owing from other related parties |
42,000 |
42,000 |
|
Balance owing to other related parties |
(20,505) |
(20,505) |
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-------- |
-------- |
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|
21,495 |
21,495 |
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-------- |
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No interest has been charged on any of the outstanding amounts. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
10.
PARENT UNDERTAKINGS
The ultimate parent company is Tir Canol Holdings Limited, a company registered in Great Britain.