Company Registration No. 09660921 (England and Wales)
JBK3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
JBK3 LIMITED
COMPANY INFORMATION
Directors
Mr J Speller
Mrs K Speller
Company number
09660921
Registered office
Market House
10 Market Walk
Saffron Walden
Essex
CB10 1JZ
Accountants
Croucher Needham (Essex) LLP
Market House
10 Market Walk
Saffron Walden
Essex
CB10 1JZ
JBK3 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JBK3 LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,584
40,328
Current assets
Debtors
4
240,496
171,725
Cash at bank and in hand
23,891
4,914
264,387
176,639
Creditors: amounts falling due within one year
5
(155,958)
(129,906)
Net current assets
108,429
46,733
Total assets less current liabilities
143,013
87,061
Creditors: amounts falling due after more than one year
6
(3,692)
(5,538)
Net assets
139,321
81,523
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
139,319
81,521
Total equity
139,321
81,523
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 period ended 30 April 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 members have not required the company to obtain an audit of its financial statements for the period 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.
JBK3 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 April 2018 and are signed on its behalf by:
Mrs K Speller
Director
Company Registration No. 09660921
JBK3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2017
- 3 -
1
Accounting policies
Company information
JBK3 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.
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.
These financial statements for the period ended 30 April 2017
are the
first
financial statements of JBK3 Limited 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 29 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
During the period, the company has changed its accounting reference date from 30 June to 30 April. This change has been made to match that of an associated company, Nazeing Golf Club Limited, that has similar owners, and which is the company from which the land and buildings comprising Nazeing Golf Club are rented. This change has been made to simplify accounting for transactions between the two companies.
As a result of this change, the accounts for the current period cover a 10 month period, whilst those for the prior period are for a 12 month period. As a result of this, the comparative amounts presented in these accounts are not entirely comparable, being for a longer period of time.
1.3
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.
1.4
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, 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
.
JBK3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 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.
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 profit and loss account, 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.
1.9
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
JBK3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 period was 16 (2016 - 15).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016
53,771
Additions
9,159
Disposals
(4,500)
At 30 April 2017
58,430
Depreciation and impairment
At 1 July 2016
13,443
Depreciation charged in the period
11,528
Eliminated in respect of disposals
(1,125)
At 30 April 2017
23,846
Carrying amount
At 30 April 2017
34,584
At 30 June 2016
40,328
JBK3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2017
- 6 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
1,631
Other debtors
240,496
170,094
240,496
171,725
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
63,413
70,841
Corporation tax
13,780
13,242
Other taxation and social security
26,994
19,873
Other creditors
51,771
25,950
155,958
129,906
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
3,692
5,538
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Total operating lease commitments
9,750
60,126
JBK3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2017
- 7 -
9
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Rent payable
2017
2016
£
£
Other related parties
48,000
62,400
During the period, the company continued to pay rent to Nazeing Golf Club Limited, a company with common directors and owners, Mr J & Mrs K Speller. The rent paid in the period amounted to £48,000.
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Other related parties
237,734
2016
Balance
Amounts owed in previous period
£
Other related parties
170,094
During the period, the company continued to loan monies to Nazeing Golf Club Limited, on an interest-free basis. At 30 April 2017, the balance outstanding amounted to £237,734 and this loan has no fixed repayment terms.
10
Controlling party
Throughout the current and preceding periods, the company was controlled by Mr J & Mrs K Speller, by virtue of their owning 100% of the company's issued share capital.