C & C Jones Ltd
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Notes to the Accounts |
for the year ended 31 July 2021
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 August 2020 |
50,000 |
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At 31 July 2021 |
50,000 |
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Depreciation |
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At 31 July 2021 |
- |
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Net book value |
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At 31 July 2021 |
50,000 |
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At 31 July 2020 |
50,000 |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Deferred tax asset |
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8,772 |
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6,887 |
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Other debtors |
337 |
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- |
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9,109 |
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6,887 |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Trade creditors |
43 |
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- |
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Taxation and social security costs |
- |
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337 |
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Other creditors |
96,455 |
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85,904 |
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96,498 |
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86,241 |
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6 |
Related party transactions |
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At the period end the company owed £95,829 (2020: £85,242) to Mr Simon Craig Jones and Mrs Carol Mary Jones, directors. The loan is interest free and repayable in less than one year.
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7 |
Controlling party |
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The company is ultimately controlled by Mr Simon Craig Jones and Mrs Carol Mary Jones, directors, who together own 100% of the issued share capital.
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8 |
Basis of preparation |
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At the period end the company's balance sheet showed net current liabilities of £87,389 (2020: £79,354). This includes £95,829 (2020: £85,242) payable to Mr Simon Craig Jones and Mrs Carol Mary Jones, directors. The directors have indicated that they will continue to support the company financially until such time that it can afford to repay them. On this basis, the directors feel it is appropriate that the accounts are prepared on a going concern basis. |
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9 |
Other information |
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C & C Jones Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Tre-ru House |
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The Leats |
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Truro |
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Cornwall |
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TR1 3AG |