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No description of principal activities is disclosed
2018-09-01
Sage Accounts Production 20.0 - FRS102_2014
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2018-09-01
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1
2018-09-01
2019-08-31
Statement of consent to prepare abridged financial statements
All of the members of Jug & Fin Ltd have consented to the preparation of the abridged income statement and the abridged statement of financial position for the current year ending 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number:
SC198560
Jug & Fin Services Ltd
Unaudited abridged financial statements
31 August 2019
Jug & Fin Services Ltd
Contents
Directors and other information
Director's report
Accountants report
Abridged income statement
Abridged statement of financial position
Notes to the financial statements
Jug & Fin Services Ltd
Directors and other information
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Director
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Mr S Paterson
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Secretary
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Ms A Lane
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Company number
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SC198560
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Registered office
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3 Riverside House
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Balconie Road
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Evanton
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Ross-shire, Scotland
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IV16 9UG
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Business address
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3 Riverside House
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Balconie Road
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Evanton, Ross-shire
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Scotland
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IV16 9UG
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Accountants
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Frame Kennedy
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Metropolitan House
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31 - 33 High Street
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Inverness
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IV1 1HT
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Jug & Fin Services Ltd
Director's report
Year ended 31 August 2019
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2019.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
31 August 2020
and signed on behalf of the board by:
Mr S Paterson
Director
Jug & Fin Services Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Jug & Fin Services Ltd
Year ended 31 August 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jug & Fin Services Ltd for the year ended 31 August 2019 which comprise the abridged income statement, abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Jug & Fin Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jug & Fin Services Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jug & Fin Services Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Jug & Fin Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jug & Fin Services Ltd. You consider that Jug & Fin Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Jug & Fin Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Frame Kennedy
Metropolitan House
31 - 33 High Street
Inverness
IV1 1HT
31 August 2020
Jug & Fin Services Ltd
Abridged income statement
Year ended 31 August 2019
|
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2019
|
2018
|
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Note
|
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
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|
751,428
|
690,398
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
|
(
206,742)
|
(
298,003)
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Operating profit
|
|
|
|
544,686
|
392,395
|
|
|
|
|
|
|
|
|
|
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Other interest receivable and similar income
|
|
|
|
16,377
|
14,379
|
|
|
Interest payable and similar expenses
|
|
|
|
(
9,771)
|
(
12,745)
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Profit before taxation
|
|
5
|
|
551,292
|
394,029
|
|
|
|
|
|
|
|
|
|
|
Tax on profit
|
|
|
|
(
109,694)
|
(
66,682)
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Profit for the financial year
|
|
|
|
441,598
|
327,347
|
|
|
|
|
|
|
_______
|
_______
|
|
|
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|
|
|
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|
All the activities of the company are from continuing operations.
Jug & Fin Services Ltd
Abridged statement of financial position
31 August 2019
|
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2019
|
|
|
|
2018
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
6
|
862,210
|
|
|
|
870,407
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
862,210
|
|
|
|
870,407
|
|
|
|
|
|
|
|
|
|
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Current assets
|
|
|
|
|
|
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Debtors
|
|
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1,637,897
|
|
|
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1,277,629
|
|
|
Cash at bank and in hand
|
|
|
10,079
|
|
|
|
26,247
|
|
|
|
|
|
_______
|
|
|
|
_______
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|
|
|
|
|
1,647,976
|
|
|
|
1,303,876
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
|
(
354,147)
|
|
|
|
(
388,348)
|
|
|
|
|
|
_______
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|
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|
_______
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Net current assets
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|
|
|
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1,293,829
|
|
|
|
915,528
|
|
|
|
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|
_______
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|
_______
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Total assets less current liabilities
|
|
|
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2,156,039
|
|
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1,785,935
|
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|
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Provisions for liabilities
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|
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(
23,623)
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(
21,617)
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|
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|
|
|
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|
|
|
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_______
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_______
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Net assets
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2,132,416
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1,764,318
|
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_______
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_______
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Capital and reserves
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Called up share capital
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100
|
|
|
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100
|
Profit and loss account
|
|
|
|
|
2,132,316
|
|
|
|
1,764,218
|
|
|
|
|
|
_______
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_______
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Shareholders funds
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2,132,416
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|
|
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1,764,318
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|
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_______
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_______
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For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2020
, and are signed on behalf of the board by:
Mr S Paterson
Director
Company registration number:
SC198560
Jug & Fin Services Ltd
Notes to the financial statements
Year ended 31 August 2019
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Jug and Fin Services Ltd, 3 Riverside House, Balconie Road, Evanton, Ross-shire, Scotland, IV16 9UG.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
There were no material departures from the standard.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Land and buildings
|
-
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No depreciation
|
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Plant and machinery
|
-
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20% reducing balance, boats 5% reducing balance
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Fittings fixtures and equipment
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-
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20% - 33.33% reducing balance
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Motor vehicles
|
-
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25% straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2018:
2
).
5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
|
|
|
|
2019
|
2018
|
|
|
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
10,296
|
11,068
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
6.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 September 2018
|
1,043,593
|
|
|
|
|
|
|
|
Additions
|
2,100
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 August 2019
|
1,045,693
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 September 2018
|
173,187
|
|
|
|
|
|
|
|
Charge for the year
|
10,296
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 August 2019
|
183,483
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 August 2019
|
862,210
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 August 2018
|
870,406
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the director
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
S Paterson & A Lane
|
624,048
|
151,909
|
(
73,500)
|
702,457
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the director
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
S Paterson & A Lane
|
538,666
|
159,382
|
(
74,000)
|
624,048
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Interest is charged at 2.5%.
8.
Controlling party
The company is controlled by the director.