Company Registration No. 01465700 (England and Wales)
Jeff Edwards Transport Limited
Annual report and unaudited accounts
for the year ended 31 December 2016
Jeff Edwards Transport Limited
Annual report and unaudited accounts
Contents
Jeff Edwards Transport Limited
Company Information
for the year ended 31 December 2016
Company Number
01465700 (England and Wales)
Registered Office
21 Horniman Drive
Forest Hill
London
SE23 3BJ
UK
Accountants
Ambly Accountants Ltd
56 Amberley Gardens
Stoneleigh
Surrey
KT19 0NG
Jeff Edwards Transport Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Jeff Edwards Transport Limited for the year ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Jeff Edwards Transport Limited for the year ended
31 December 2016 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Jeff Edwards Transport Limited, as a body, in accordance with the terms of our engagement letter dated 10 March 2017. Our work has been undertaken solely to prepare for your approval the accounts of Jeff Edwards Transport Limited and state those matters that we have agreed to state to the Board of Directors of Jeff Edwards Transport Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jeff Edwards Transport Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Jeff Edwards Transport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Jeff Edwards Transport Limited. You consider that Jeff Edwards Transport Limited 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 accounts of Jeff Edwards Transport Limited. 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 accounts.
Ambly Accountants Ltd
Chartered Accountants
56 Amberley Gardens
Stoneleigh
Surrey
KT19 0NG
18 March 2017
Jeff Edwards Transport Limited
Statement of financial position
as at
31 December 2016
Tangible assets
34,298
37,334
Inventories
72,970
77,554
Cash at bank and in hand
69,850
25,508
Creditors: amounts falling due within one year
(91,237)
(38,519)
Net current assets
120,386
118,487
Total assets less current liabilities
154,684
155,821
Provisions for liabilities
Net assets
154,684
149,622
Called up share capital
100
100
Profit and loss account
154,584
149,522
Shareholders' funds
154,684
149,622
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 16 March 2017.
J L Edwards
Director
Company Registration No. 01465700
Jeff Edwards Transport Limited
Statement of Changes in Equity
as at
31 December 2016
Share
capital
Profit
& loss
account
Total
At 1 January 2015
100
146,447
146,547
Profit for the year
13,075
13,075
Dividends
(10,000)
(10,000)
At 31 December 2015
100
149,522
149,622
At 1 January 2016
100
149,522
149,622
Profit for the year
15,062
15,062
Dividends
(10,000)
(10,000)
At 31 December 2016
100
154,584
154,684
Jeff Edwards Transport Limited
Notes to the Accounts
for the year ended 31 December 2016
Jeff Edwards Transport Limited is a private company, limited by shares, registered in England and Wales, registration number 01465700. The registered office and principal place of business is 21 Horniman Drive, Forest Hill, London, SE23 3BJ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2016
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
15% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Jeff Edwards Transport Limited
Notes to the Accounts
for the year ended 31 December 2016
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2016
71,110
25,797
2,629
99,536
Additions
3,415
2,282
-
5,697
At 31 December 2016
74,525
28,079
2,629
105,233
At 1 January 2016
51,731
9,633
838
62,202
Charge for the year
5,698
2,766
269
8,733
At 31 December 2016
57,429
12,399
1,107
70,935
At 31 December 2016
17,096
15,680
1,522
34,298
At 31 December 2015
19,379
16,164
1,791
37,334
Finished goods
72,970
77,554
Trade debtors
47,783
33,955
Accrued income and prepayments
21,020
19,989
7
Creditors: amounts falling due within one year
2016
2015
Trade creditors
16,204
19,129
Other taxes and social security costs
9,676
8,502
Other creditors
5,523
2,004
Loans from directors
57,734
6,734
8
Share capital
2016
2015
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Jeff Edwards Transport Limited
Notes to the Accounts
for the year ended 31 December 2016
9
Operating lease commitments
2016
2015
At 31 December 2016 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
45,000
45,000
Within two to five years
127,500
172,500
10
Transactions with related parties
Dividends to the director during the year amount to £10,000.
11
Average number of employees
During the year the average number of employees was 3 (2015: 3).