JIGSAW QUEST LTD.
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
JIGSAW QUEST LTD.
COMPANY INFORMATION
Director
Mrs K Barnes
Company number
7899706 (England and Wales)
Registered office
Endmeadow Farm
Heights Lane
Fence
Lancashire
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
JIGSAW QUEST LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JIGSAW QUEST LTD.
BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
356,529
336,404
Current assets
Stocks
27,755
37,311
Debtors
111,339
109,665
Cash at bank and in hand
24,952
20,452
164,046
167,428
Creditors: amounts falling due within one year
4
(47,432)
(64,521)
Net current assets
116,614
102,907
Total assets less current liabilities
473,143
439,311
Creditors: amounts falling due after more than one year
4
(25,113)
(31,465)
Provisions for liabilities
(30,227)
(28,511)
Net assets
417,803
379,335
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
417,703
379,235
Total equity
417,803
379,335
The notes on pages 3 - 6 form an integral part of these financial statements.
JIGSAW QUEST LTD.
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2018
31 January 2018
- 2 -
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
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 January 2018 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 member has 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 31 October 2018
Mrs K Barnes
Director
Company Registration No. 7899706
JIGSAW QUEST LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 3 -
1
Accounting policies
Company information
Jigsaw Quest Ltd. is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Endmeadow Farm, Heights Lane, Fence, Lancashire.
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. 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.
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 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 and long leasehold property
10% straight line
Leasehold alterations
over the period of the lease
Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% reducing balance
JIGSAW QUEST LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 4 -
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.5
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
JIGSAW QUEST LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 5 -
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.
D
eferred 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
reserves
, in which case the deferred tax is also dealt with in
reserves.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 2).
3
Tangible fixed assets
Total
£
Cost
At 1 February 2017
425,517
Additions
86,290
Disposals
(26,215)
At 31 January 2018
485,592
Depreciation and impairment
At 1 February 2017
89,113
Depreciation charged in the year
51,583
Eliminated in respect of disposals
(11,633)
At 31 January 2018
129,063
Carrying amount
At 31 January 2018
356,529
At 31 January 2017
336,404
JIGSAW QUEST LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 6 -
4
Creditors: amounts falling due after more than one year
The company has a loan creditor of £31,338 (2017 - £37,371) secured by a fixed equitable charge over all present and future leasehold property of the company; and by a first fixed charge over, amongst other things, book and other debts, chattels, goodwill, and uncalled capital both present and future; and by a first and floating charge over all assets and undertakings both present and future of the company.
Of the above amount, £6,225 is payable within one year (2017 - £5,906) and £25,113 is payable in more than one year (2017 - £31,465).
No instalments are payable in more than five years (2017 - £5,333).
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
6
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances and loans
-
27,015
31,696
(46,733)
11,978
27,015
31,696
(46,733)
11,978