Company Registration No. 05384561 (England and Wales)
JESMOND COURT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
JESMOND COURT LIMITED
COMPANY INFORMATION
Director
D Fisher
Secretary
AJ Fisher
Company number
05384561
Registered office
The Apartment Group 1st Floor, Two
Jesmond Three Sixty
Newcastle upon Tyne
NE2 1DB
Accountants
RMT Accountants & Business Advisors Ltd
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
JESMOND COURT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JESMOND COURT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
211,887
224,750
Current assets
Stocks
22,505
17,424
Debtors
4
471,475
469,278
Cash at bank and in hand
98,310
109,347
592,290
596,049
Creditors: amounts falling due within one year
5
(850,701)
(760,935)
Net current liabilities
(258,411)
(164,886)
Total assets less current liabilities
(46,524)
59,864
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(46,624)
59,764
Total equity
(46,524)
59,864
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 19 March 2018
D Fisher
Director
Company Registration No. 05384561
JESMOND COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Jesmond Court Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Apartment Group 1st Floor, Two, Jesmond Three Sixty, Newcastle upon Tyne, NE2 1DB.
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.
Transition to FRS 102
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Jesmond Court Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is a member qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
Notwithstanding the deficiency of shareholders' funds, the financial statements have been prepared on the going concern basis which assumes the continued financial support of the company's directors and shareholders.
If the going concern basis proved to be invalid, the financial statements would have to be prepared on a break up basis in which the balance sheet would be restated to include all assets at their estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing to trade.
1.3
Turnover
Turnover represents invoiced sales of goods and services, excluding value added tax. Turnover is attributable to the continuing principal activity of the company and arose wholly within the United Kingdom.
1.4
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.
JESMOND COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
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:
Land and buildings
Over 25 years
Plant and machinery
Over 25 years
Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
20% reducing balance
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stock is valued at the lower of cost and net realisable value.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
JESMOND COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2016 - 15).
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2016
83,132
222,103
126,013
22,035
453,283
Additions
-
636
4,735
-
5,371
At 31 March 2017
83,132
222,739
130,748
22,035
458,654
Depreciation and impairment
At 1 April 2016
35,409
80,603
93,571
18,950
228,533
Depreciation charged in the year
3,325
9,152
5,140
617
18,234
At 31 March 2017
38,734
89,755
98,711
19,567
246,767
Carrying amount
At 31 March 2017
44,398
132,984
32,037
2,468
211,887
At 31 March 2016
47,723
141,500
32,442
3,085
224,750
JESMOND COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts due from related parties
331,293
346,972
Other debtors
140,182
122,306
471,475
469,278
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
133,348
135,559
Amounts due to related parties
677,147
571,068
Other taxation and social security
19,040
24,672
Other creditors
21,166
29,636
850,701
760,935
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
100
100
100
7
Financial commitments, guarantees and contingent liabilities
The company is subject to a cross guarantee with Jesmond Holdings Limited, the ultimate parent company.
JESMOND COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
292,093
2016
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
307,772
9
Parent company
The parent company is Jesmond Holdings Limited, a company incorporated in England and Wales.