Company Registration No. 06842545 (England and Wales)
J G RESTORATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
J G RESTORATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
J G RESTORATIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,549
14,065
Current assets
Stock and work in progress
2,020
1,940
Debtors
3
21,853
119,484
Cash at bank and in hand
72,574
28,419
96,447
149,843
Creditors: amounts falling due within one year
4
(56,964)
(52,306)
Net current assets
39,483
97,537
Total assets less current liabilities
50,032
111,602
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
50,030
111,600
Total equity
50,032
111,602
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 March 2021 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 and delivered 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 20 December 2021 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 2021
- 2 -
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
Upper Pavenhill Farm, Upper Pavenhill, Purton, Swindon, SN5 4DQ.
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 2021
- 3 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020 and 31 March 2021
62,368
Depreciation and impairment
At 1 April 2020
48,303
Depreciation charged in the year
3,516
At 31 March 2021
51,819
Carrying amount
At 31 March 2021
10,549
At 31 March 2020
14,065
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
21,853
119,484
4
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,479
4,589
Corporation tax
11,247
12,107
Other taxation and social security
10,627
32,823
Other creditors
30,611
2,787
56,964
52,306
5
Called up share capital
2021
2020
£
£
Ordinary share capital
Authorised
100 Ordinary of £1 each
100
100
Issued and fully paid
2 Ordinary of £1 each
2
2