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Unaudited Financial Statements |
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for the Year Ended 31 October 2021 |
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for |
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JID Construction Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2021 |
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for |
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JID Construction Limited |
JID Construction Limited (Registered number: 09289739) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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JID Construction Limited |
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Company Information |
for the Year Ended 31 October 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
JID Construction Limited (Registered number: 09289739) |
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Balance Sheet |
31 October 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 9 | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JID Construction Limited (Registered number: 09289739) |
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Balance Sheet - continued |
31 October 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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JID Construction Limited (Registered number: 09289739) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2021 |
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1. | STATUTORY INFORMATION |
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JID Construction Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principal activity of the company continued to be that of building completion and finishing activities. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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. |
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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. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
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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. |
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Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliable.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 recovered . |
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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. |
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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: |
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Plant and machinery | 25% on reducing balance |
Motor vehicles | 25% on reducing balance |
Computer equipment | 25% on reducing balance |
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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. |
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GOVERNMENT GRANTS |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
JID Construction Limited (Registered number: 09289739) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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CURRENT TAX |
The tax currently payable is based on taxable profit for the year. 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. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
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GOING CONCERN |
At the balance sheet date, liabilities exceed assets by £14,199. However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors and shareholders.The director are therefore satisfied that the financial statements have been correctly prepared on the going concern basis. |
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PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to the Statement of Income and Retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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JID Construction Limited (Registered number: 09289739) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2020 |
and 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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The directors consider the carrying value of trade and other receivables approximate to their fair values. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The directors consider the carrying amounts of current liabilities approximate to their fair values. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
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The directors consider the carrying amounts of long term liabilities approximate to their fair values. |
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8. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 2,832 | 3,776 |
JID Construction Limited (Registered number: 09289739) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 November 2020 |
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Provided during year | ( |
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Balance at 31 October 2021 |
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9. | RESERVES |
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PROFIT AND LOSS RESERVE |
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The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve. |
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10. | RELATED PARTY DISCLOSURES |
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As at the balance sheet date, included in other debtors were amounts of £16,033 (2020 - £1,950) due from the directors. |
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11. | EVENTS DURING THE REPORTING PERIOD |
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The Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide and the UK government continued to impose restrictions in 2021. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success. |