Company Registration No. 08959954 (England and Wales)
BOB JONES AND DAUGHTERS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
BOB JONES AND DAUGHTERS LTD
COMPANY INFORMATION
Directors
Mrs D Carroll
Miss G Jones
Mr R W Jones
Company number
08959954
Registered office
Boyden End House
Wickhambrook
Newmarket
Suffolk
UK
CB8 8XX
Accountants
LB Group (Colchester)
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
BOB JONES AND DAUGHTERS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
BOB JONES AND DAUGHTERS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129,373
132,733
Current assets
Stocks
10,625
8,125
Debtors
4
85,078
75,984
Cash at bank and in hand
4
673
95,707
84,782
Creditors: amounts falling due within one year
5
(48,404)
(40,295)
Net current assets
47,303
44,487
Total assets less current liabilities
176,676
177,220
Provisions for liabilities
(24,581)
(25,219)
Net assets
152,095
152,001
Capital and reserves
Called up share capital
1
1
Revaluation reserve
6
104,792
107,513
Profit and loss reserves
47,302
44,487
Total equity
152,095
152,001
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
BOB JONES AND DAUGHTERS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2017 and are signed on its behalf by:
Mr R W Jones
Director
Company Registration No. 08959954
BOB JONES AND DAUGHTERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Bob Jones and Daughters Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Boyden End House, Wickhambrook, Newmarket, Suffolk, UK, CB8 8XX.
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.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Bob Jones and Daughters Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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:
Leasehold Property Investments
2% on cost
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
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
Impairment of fixed assets
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Bob Jones and Daughters Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.
BOB JONES AND DAUGHTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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
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, 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.
1.7
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 statement of financial position 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.
1.8
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 income statement 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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BOB JONES AND DAUGHTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument
is any
contract that evidences a residual interest in the assets of the company after deducting all of its
liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016 and 31 March 2017
132,550
3,780
136,330
Depreciation and impairment
At 1 April 2016
2,651
946
3,597
Depreciation charged in the year
2,651
709
3,360
At 31 March 2017
5,302
1,655
6,957
Carrying amount
At 31 March 2017
127,248
2,125
129,373
At 31 March 2016
129,899
2,834
132,733
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
5,733
4,226
Other debtors
79,345
71,758
85,078
75,984
BOB JONES AND DAUGHTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
3,770
Trade creditors
17,722
16,026
Corporation tax
4,340
455
Other taxation and social security
6,334
14,509
Other creditors
20,008
5,535
48,404
40,295
6
Revaluation reserve
2017
2016
£
£
At beginning of year
107,513
-
Revaluation surplus arising in the year
(2,721)
107,513
At end of year
104,792
107,513
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1
177,220
Adjustments arising from transition to FRS 102:
Deferred tax adjustment
-
(25,219)
Equity reported under FRS 102
1
152,001
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
44,487
Notes to reconciliations on adoption of FRS 102