Registration number:
Julian Stephens Limited
for the Year Ended 31 May 2017
Chartered Management Accountant
Woodside
Cinder Hill
North Chailey
Lewes
East Sussex
BN8 4HP
Julian Stephens Limited
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Julian Stephens Limited
Company Information
Director |
J L Stephens |
Company secretary |
I R L Stephens |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Julian Stephens Limited
for the Year Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Julian Stephens Limited for the year ended 31 May 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Julian Stephens Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Julian Stephens Limited and state those matters that we have agreed to state to the Board of Directors of Julian Stephens Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Julian Stephens Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Julian Stephens Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Julian Stephens Limited. You consider that Julian Stephens Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Julian Stephens Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Management Accountant
Cinder Hill
North Chailey
Lewes
East Sussex
BN8 4HP
Page 2 |
Julian Stephens Limited
(Registration number: 04707040)
Abridged Balance Sheet as at 31 May 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 3 |
Julian Stephens Limited
(Registration number: 04707040)
Abridged Balance Sheet as at 31 May 2017
Approved and authorised by the director on
.........................................
J L Stephens
Director
Page 4 |
Julian Stephens Limited
Statement of Changes in Equity for the Year Ended 31 May 2017
Share capital |
Profit and loss account |
Total |
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At 1 June 2016 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 May 2017 |
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( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 June 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 May 2016 |
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( |
( |
Page 5 |
Julian Stephens Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Page 6 |
Julian Stephens Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Julian Stephens Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
Intangible assets |
Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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Amortisation charge |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Tangible assets |
Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Included within the net book value of land and buildings above is £4,338 (2016 - £4,338) in respect of leasehold land and buildings.
Page 8 |
Julian Stephens Limited
Notes to the Abridged Financial Statements for the Year Ended 31 May 2017
Stocks |
2017 |
2016 |
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Other inventories |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £Nil (2016 - £
|
- |
23,000 |
Transition to FRS 102 |
Page 9 |