Registration number:
Jay-craft Food Machinery Ltd
for the Year Ended 31 May 2019
Jay-craft Food Machinery Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
|
Statement of comprehensive income |
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Statement of financial position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Jay-craft Food Machinery Ltd
Company Information
Directors |
Mr Jonathan Murphy Mrs Debra Murphy |
Company secretary |
Mrs Debra Murphy |
Registered office |
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Accountants |
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Page 1 |
Jay-craft Food Machinery Ltd
Directors' Report for the Year Ended 31 May 2019
The directors present their report and the financial statements for the year ended 31 May 2019.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the sale, hire and repair of food processing machinery.
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Jay-craft Food Machinery Ltd
for the Year Ended 31 May 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jay-craft Food Machinery Ltd for the year ended 31 May 2019 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Jay-craft Food Machinery Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jay-craft Food Machinery Ltd and state those matters that we have agreed to state to the Board of Directors of Jay-craft Food Machinery Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jay-craft Food Machinery Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Jay-craft Food Machinery Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jay-craft Food Machinery Ltd. You consider that Jay-craft Food Machinery Ltd 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 Jay-craft Food Machinery Ltd. 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 Certified Accountants & Business Advisers
King's Lynn
Norfolk
PE30 1HB
Page 3 |
Jay-craft Food Machinery Ltd
Statement of comprehensive income
for the Year Ended 31 May 2019
Note |
2019 |
2018 |
|
Turnover |
|
|
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Cost of sales |
( |
( |
|
Gross profit |
|
|
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Administrative expenses |
( |
|
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Other operating income |
|
|
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Operating profit |
74,355 |
147,905 |
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Income from shares in group undertakings |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
13,908 |
16,788 |
||
Profit before tax |
|
|
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Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Jay-craft Food Machinery Ltd
(Registration number: 04754510)
Statement of financial position as at 31 May 2019
Note |
2019 |
2018 |
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Fixed assets |
|||
Tangible assets |
|
|
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Investments |
|
|
|
Other financial assets |
1,455,568 |
1,091,166 |
|
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|
||
Current assets |
|||
Stocks |
|
|
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Debtors |
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|
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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 assets |
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|
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Revaluation reserve |
118,456 |
118,456 |
|
Profit and loss account |
1,134,564 |
1,094,763 |
|
Total equity |
1,253,120 |
1,213,319 |
For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Page 5 |
Jay-craft Food Machinery Ltd
(Registration number: 04754510)
Statement of financial position as at 31 May 2019
Approved and authorised by the
.........................................
Director
Page 6 |
Jay-craft Food Machinery Ltd
Statement of Changes in Equity for the Year Ended 31 May 2019
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 June 2018 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 May 2019 |
|
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 June 2017 |
|
- |
|
|
Prior period adjustment |
- |
|
( |
- |
At 1 June 2017 (As restated) |
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|
|
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Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 May 2018 |
|
|
|
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Page 7 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Page 8 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
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 |
Short Leasehold |
10 Year Straight Line |
Plant and machinery |
25% Reducing balance |
Motor Vehicles |
25% Reducing balance |
FF & Equipment |
15% Reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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.
Page 9 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 Statement of comprehensive income 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Profit before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
|
Depreciation expense |
|
|
Income from shares in group undertakings |
(31,400) |
(31,600) |
Page 10 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 June 2018 |
|
|
|
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Additions |
- |
|
|
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At 31 May 2019 |
|
|
|
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Depreciation |
||||
At 1 June 2018 |
|
|
|
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Charge for the year |
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|
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At 31 May 2019 |
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|
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Carrying amount |
||||
At 31 May 2019 |
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|
|
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At 31 May 2018 |
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|
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Included within the net book value of land and buildings above is £14,994 (2018 - £14,994) in respect of freehold land and buildings and £7,577 (2018 - £8,953) in respect of short leasehold land and buildings.
Investments |
2019 |
2018 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Provision |
|
Carrying amount |
|
At 31 May 2019 |
|
At 31 May 2018 |
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Page 11 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
|||
Cost or valuation |
|||
At 1 June 2018 |
- |
1,091,166 |
1,091,166 |
Additions |
364,402 |
- |
364,402 |
At 31 May 2019 |
364,402 |
1,091,166 |
1,455,568 |
Impairment |
|||
Carrying amount |
|||
At 31 May 2019 |
|
|
1,455,568 |
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
Other inventories |
|
|
|
|
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
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Page 12 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
Tax liability |
19,607 |
36,083 |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
95 |
|
95 |
|
|
4 |
|
4 |
|
|
1 |
|
1 |
|
|
|
|
Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.
Page 13 |
Jay-craft Food Machinery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
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Bank borrowings |
|
|
2019 |
2018 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Related party transactions |
Jaycraft Food Machinery (UK) Limited is a wholly owned subsidiary of Jay-craft Food Machinery Limited.
The group is exempt under Section 398, to prepare group accounts.
At 31 May 2019, the capital and reserves of the subsidiary amounted to £416,431
Page 14 |