Company Registration No. 06090808 (England and Wales)
J & H GREAVES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
J & H GREAVES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 October 2018.
Principal activities
The principal activity of the company continued to be that of a courier.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Greaves
Mrs H Greaves
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J Greaves
Mrs H Greaves
Director
Director
21 March 2019
21 March 2019
J & H GREAVES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF J & H GREAVES LIMITED
- 2 -
The financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act that relate to preparing the financial statements of the company for the Year ended 31st October 2018.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express an opinion on the financial statements.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Jones Cooper Limited
21 March 2019
Financial Accountants
Suite One
Hedley Court
Boothferry Road
Goole
East Yorkshire
DN14 6AA
J & H GREAVES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 3 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,172
70,583
Current assets
Debtors
4
323,812
301,840
Cash at bank and in hand
18,685
37,027
342,497
338,867
Creditors: amounts falling due within one year
5
(115,773)
(103,865)
Net current assets
226,724
235,002
Total assets less current liabilities
284,896
305,585
Creditors: amounts falling due after more than one year
6
(10,019)
(17,091)
Provisions for liabilities
(10,584)
(13,567)
Net assets
264,293
274,927
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
264,291
274,925
Total equity
264,293
274,927
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 October 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.
J & H GREAVES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2018
31 October 2018
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2019 and are signed on its behalf by:
Mr J Greaves
Mrs H Greaves
Director
Director
Company Registration No. 06090808
J & H GREAVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 5 -
1
Accounting policies
Company information
J & H Greaves Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Suite One, Hedley Court, Boothferry Road, Goole, East Yorkshire, DN14 6AA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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:
Freehold land and buildings
10% reducing balance basis
Plant and equipment
15% reducing balance basis
Fixtures and fittings
25% reducing balance basis
Computers
33% straight line basis
Motor vehicles
25% reducing balance basis
J & H GREAVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 6 -
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
.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
1.4
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.
J & H GREAVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
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 3 (2017 - 3).
J & H GREAVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2017
4,161
107,615
111,776
Additions
-
24,474
24,474
Disposals
-
(39,840)
(39,840)
At 31 October 2018
4,161
92,249
96,410
Depreciation and impairment
At 1 November 2017
1,421
39,772
41,193
Depreciation charged in the year
274
15,734
16,008
Eliminated in respect of disposals
-
(18,963)
(18,963)
At 31 October 2018
1,695
36,543
38,238
Carrying amount
At 31 October 2018
2,466
55,706
58,172
At 31 October 2017
2,740
67,843
70,583
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
269,451
258,079
Other debtors
54,361
43,761
323,812
301,840
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
73,057
61,475
Corporation tax
17,562
17,679
Other taxation and social security
23,656
22,272
Other creditors
1,498
2,439
115,773
103,865
J & H GREAVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 9 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
10,019
17,091
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A shares of £1 each
1
1
1 Ordinary B shares of £1 each
1
1
2
2
8
Directors' transactions
Dividends totalling £63,600 (2017 - £61,600) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
8,603
4,397
(2,273)
10,727
Directors loan account
-
18,811
6,368
(2,273)
22,906
27,414
10,765
(4,546)
33,633