Company Registration No. 06549013 (England and Wales)
JONES PUBLISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
JONES PUBLISHING LIMITED
COMPANY INFORMATION
Director
K Jones
Company number
06549013
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Accountants
H W Fisher & Company Limited
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Business address
11A
Montagu Mews North
London
W1H 2JZ
United Kingdom
Bankers
The Royal Bank of Scotland
28 Cavendish Square
London
W1M 0DB
United Kingdom
JONES PUBLISHING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JONES PUBLISHING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,479
6,957
Tangible assets
4
14,922
12,039
18,401
18,996
Current assets
Debtors
5
179,114
138,992
Creditors: amounts falling due within one year
6
(228,669)
(209,661)
Net current liabilities
(49,555)
(70,669)
Total assets less current liabilities
(31,154)
(51,673)
Provisions for liabilities
7
(2,537)
(2,047)
Net liabilities
(33,691)
(53,720)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(33,791)
(53,820)
Total equity
(33,691)
(53,720)
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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
The financial statements were approved and signed by the director and authorised for issue on 19 December 2019
K Jones
Director
Company Registration No. 06549013
JONES PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Jones Publishing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern
.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets - goodwill
Goodwill is amortised over its estimated useful life of 10 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Website design and development
4 years straight line basis
1.6
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:
Plant and machinery
20% Reducing balance
JONES PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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
.
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
and
bank loans
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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
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.
JONES PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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.
1.12
Retirement benefits
The company contributes to the staff pension scheme. Contributions that are payable are charged to the profit and loss account as they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 5).
3
Intangible fixed assets
Goodwill
Website design and development
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
60,000
34,634
94,634
Amortisation and impairment
At 1 April 2018
60,000
27,677
87,677
Amortisation charged for the year
-
3,478
3,478
At 31 March 2019
60,000
31,155
91,155
Carrying amount
At 31 March 2019
-
3,479
3,479
At 31 March 2018
-
6,957
6,957
JONES PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2018
40,274
Additions
5,877
At 31 March 2019
46,151
Depreciation and impairment
At 1 April 2018
28,235
Depreciation charged in the year
2,994
At 31 March 2019
31,229
Carrying amount
At 31 March 2019
14,922
At 31 March 2018
12,039
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
37,706
51,989
Other debtors
139,874
80,954
Prepayments and accrued income
1,534
6,049
179,114
138,992
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
49,025
34,848
Trade creditors
85,954
78,079
Corporation tax
23,725
15,914
Other taxation and social security
12,723
15,878
Other creditors
15,441
7,787
Accruals and deferred income
41,801
57,155
228,669
209,661
JONES PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
7
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
2,537
2,047
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 1p each
100
100
100
100
9
Related party transactions
As at 31 March 2019, a sum of £105,117 (2018: £60,767) was owed by the director to the company.