Company Registration No. 06842545 (England and Wales)
J G RESTORATIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company is 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 £106,000.
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary of £1 each
31 March 2023
31 March 2022
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
17 October 2023
J G RESTORATIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
2023
2022
Notes
£
£
Turnover
1,063,709
896,610
Cost of sales
(850,015)
(694,873)
Gross profit
213,694
201,737
Administrative expenses
(76,669)
(72,916)
Profit before taxation
137,025
128,821
Taxation
(26,411)
(24,977)
Profit for the financial year
110,614
103,844
J G RESTORATIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,934
7,912
Current assets
Stock and work in progress
2,110
1,970
Debtors
3
26,843
26,967
Cash at bank and in hand
91,207
89,594
120,160
118,531
Creditors: amounts falling due within one year
4
(71,604)
(76,567)
Net current assets
48,556
41,964
Total assets less current liabilities
54,490
49,876
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
54,488
49,874
Total equity
54,490
49,876
For the financial year ended 31 March 2023 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 17 October 2023 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 2023
- 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 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 amounts 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 2023
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
62,368
Depreciation and impairment
At 1 April 2022
54,456
Depreciation charged in the year
1,978
At 31 March 2023
56,434
Carrying amount
At 31 March 2023
5,934
At 31 March 2022
7,912
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,843
26,967
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,309
4,301
Corporation tax
26,411
24,977
Other taxation and social security
20,124
21,054
Other creditors
21,760
26,235
71,604
76,567
5
Called up share capital
2023
2022
£
£
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
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
£
£
Administrative expenses
Pensions
271
265
Directors' remuneration
18,120
17,640
Office Rent
820
820
Repairs and renewals
3,086
2,876
Computer and internet services
411
319
Motor expenses
24,094
21,810
Travel and accomodation expenses
7,137
6,974
Legal and professional fees
5,405
4,116
Accountancy
800
800
Bank charges
748
775
Vehicle rental
1,280
1,280
Insurances
1,997
1,938
Printing and stationery
552
411
Advertising
4,286
4,224
Website costs
895
996
Telephone
901
1,293
Mobile telephone
3,406
3,359
Sundry expenses
482
383
Depreciation
1,978
2,637
76,669
72,916