Company Registration No. 01553547 (England and Wales)
JACK'S FISH AND CHIPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
JACK'S FISH AND CHIPS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
JACK'S FISH AND CHIPS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
692
922
Investment properties
6
3,127,424
2,713,945
3,128,116
2,714,867
Current assets
Debtors
7
429,724
396,024
Cash at bank and in hand
4,768
-
434,492
396,024
Creditors: amounts falling due within one year
8
(545,773)
(112,769)
Net current (liabilities)/assets
(111,281)
283,255
Total assets less current liabilities
3,016,835
2,998,122
Creditors: amounts falling due after more than one year
9
(35,000)
(35,000)
Provisions for liabilities
(13,146)
(13,146)
Net assets
2,968,689
2,949,976
Capital and reserves
Called up share capital
850
850
Share premium account
577,106
577,106
Fair value reserve
633,280
633,280
Capital redemption reserve
175
175
Profit and loss reserves
1,757,278
1,738,565
Total equity
2,968,689
2,949,976
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year 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.
JACK'S FISH AND CHIPS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2019
30 September 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 June 2020
Mr D King
Director
Company Registration No. 01553547
JACK'S FISH AND CHIPS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
Share capital
Share premium account
Fair value reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2017
850
577,106
631,733
175
1,674,821
2,884,685
Year ended 30 September 2018:
Profit and total comprehensive income for the year
-
-
-
-
65,291
65,291
Transfers
-
-
1,547
-
(1,547)
-
Balance at 30 September 2018
850
577,106
633,280
175
1,738,565
2,949,976
Year ended 30 September 2019:
Profit and total comprehensive income for the year
-
-
-
-
53,713
53,713
Dividends
-
-
-
-
(35,000)
(35,000)
Balance at 30 September 2019
850
577,106
633,280
175
1,757,278
2,968,689
JACK'S FISH AND CHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
1
Accounting policies
Company information
Jack's Fish and Chips Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
53 Guildford Road, Bagshot, Surrey, GU19 5NG.
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.
1.2
Intangible fixed assets other than goodwill
Intangible assets
are initially measured
at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents & licences
5% straight line
1.3
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:
Fixtures and fittings
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
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
JACK'S FISH AND CHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JACK'S FISH AND CHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
1
1
4
Intangible fixed assets
Patents & licences
£
Cost
At 1 October 2018 and 30 September 2019
2,517
Amortisation and impairment
At 1 October 2018 and 30 September 2019
2,517
Carrying amount
At 30 September 2019
-
At 30 September 2018
-
JACK'S FISH AND CHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 October 2018 and 30 September 2019
5,418
Depreciation and impairment
At 1 October 2018
4,496
Depreciation charged in the year
230
At 30 September 2019
4,726
Carrying amount
At 30 September 2019
692
At 30 September 2018
922
6
Investment property
2019
£
Fair value
At 1 October 2018
2,713,945
Additions
413,479
At 30 September 2019
3,127,424
Investment properties were valued on an open market value basis at 30 September 2019 by the director of the company.
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
429,724
396,024
JACK'S FISH AND CHIPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
8
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
-
6,075
Corporation tax
18,123
46,897
Other taxation and social security
2,143
1,529
Other creditors
525,507
58,268
545,773
112,769
Bank loans and overdrafts are secured by a legal charge over a number of the company's properties and related assets.
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
35,000
35,000
10
Related party transactions
At 30 September 2019, the company was owed £262,572 by the director (2018 - £262,572).
2019-09-30
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false
30 June 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
Mr D King
Mr D King
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