Company Registration No. 06842545 (England and Wales)
J G RESTORATIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
J G RESTORATIONS LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 5
The following pages do not form part of the statutory accounts:
Detailed trading and profit and loss account
6 - 7
J G RESTORATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2017
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2017.
Principal activities
The principal activity of the company continued to be that of Construction
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Gutysz
M Bartoletti
Results and dividends
Ordinary dividends were paid amounting to £36,000.
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary of £1 each
31 March 2017
31 March 2016
J Gutysz
1
1
M Bartoletti
1
1
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J Gutysz
Director
19 December 2017
J G RESTORATIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
2017
2018
Notes
£
£
Turnover
567,330
443,715
Cost of sales
(380,161)
(297,296)
Gross profit
187,169
146,419
Administrative expenses
(77,459)
(73,256)
Operating profit
109,710
73,163
Interest receivable and similar income
73
-
Profit before taxation
109,783
73,163
Taxation
(20,900)
(10,065)
Profit for the financial year
88,883
63,098
J G RESTORATIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 3 -
2017
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
32,274
26,990
Current assets
Stock and work in progress
4,110
4,090
Debtors
3
113,809
67,015
Cash at bank and in hand
12,051
11,265
129,970
82,370
Creditors: amounts falling due within one year
4
(72,037)
(72,036)
Net current assets
57,933
10,334
Total assets less current liabilities
90,207
37,324
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
90,205
37,322
Total equity
90,207
37,324
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities:
-
• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2017 and are signed on its behalf by:
J Gutysz
Director
Company Registration No. 06842545
J G RESTORATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
J G Restorations Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Hidcot Court, Swindon, SN25 2ER.
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.
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:
Plant and machinery
25% reducing balance
Fixtures and fittings
25% 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
.
1.4
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
J G RESTORATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
45,526
Additions
16,042
At 31 March 2017
61,568
Depreciation and impairment
At 1 April 2016
18,536
Depreciation charged in the year
10,758
At 31 March 2017
29,294
Carrying amount
At 31 March 2017
32,274
At 31 March 2016
26,990
3
Debtors
2017
2018
Amounts falling due within one year:
£
£
Trade debtors
113,809
67,015
4
Creditors: amounts falling due within one year
2017
2018
£
£
Bank loans and overdrafts
10,464
6,423
Trade creditors
2,962
7,232
Corporation tax
20,900
10,065
Other taxation and social security
2,307
6,383
Other creditors
35,404
41,933
72,037
72,036
5
Called up share capital
2017
2018
£
£
Ordinary share capital
Authorised
100 Ordinary of £1 each
100
100
Issued and fully paid
2 Ordinary of £1 each
2
2
J G RESTORATIONS LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
2017
2018
£
£
£
£
Turnover
Work done
567,330
443,715
Cost of sales
Opening stock and work in progress
4,090
2,170
Materials and tools
154,026
116,835
Closing stock and work in progress
(4,110)
(4,090)
Subcontractors
110,772
90,636
Subcontracted services
74,964
67,470
Waste disposal
8,451
6,404
Equipment hire
31,968
17,871
(380,161)
(297,296)
Gross profit
187,169
146,419
Administrative expenses
(77,459)
(73,256)
Operating profit
109,710
73,163
Investment revenues
Bank interest received
73
-
73
-
Profit before taxation
109,783
73,163
J G RESTORATIONS LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
2017
2018
£
£
Administrative expenses
Wages
2,100
-
Directors' remuneration
16,080
16,080
Office Rent
826
883
Repairs and renewals
396
763
Computer and internet services
435
1,272
Motor expenses
15,305
13,294
Travel and accomodation expenses
9,462
7,426
Accountancy
700
700
Bank charges
971
900
Vehicle rental
964
2,108
Loan interest
1,224
976
Insurances
2,346
2,280
Printing and stationery
1,306
1,265
Advertising
8,106
9,430
Website costs
3,430
4,701
Telephone
669
604
Mobile telephone
1,790
1,564
Sundry expenses
591
13
Depreciation
10,758
8,997
77,459
73,256