Registration number:
JCD Crane and Lifting Gear Company Limited
for the Year Ended 31 December 2016
Office 36
Bridge House
Riverside North
Bewdley
Worcestershire
DY12 1AB
JCD Crane and Lifting Gear Company Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
JCD Crane and Lifting Gear Company Limited
Company Information
Directors |
Mr Stephen John Gennard Mr Brett Maxwell Walker |
Company secretary |
Mr Stephen John Gennard |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
JCD Crane and Lifting Gear Company 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 JCD Crane and Lifting Gear Company Limited for the year ended 31 December 2016 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that JCD Crane and Lifting Gear Company 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 JCD Crane and Lifting Gear Company Limited. You consider that JCD Crane and Lifting Gear Company 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 JCD Crane and Lifting Gear Company 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.
......................................
Bridge House
Riverside North
Bewdley
Worcestershire
DY12 1AB
Page 2 |
JCD Crane and Lifting Gear Company Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Page 3 |
JCD Crane and Lifting Gear Company Limited
(Registration number: 02582520)
Abridged Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial 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.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 4 |
JCD Crane and Lifting Gear Company Limited
(Registration number: 02582520)
Abridged Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
Mr Stephen John Gennard
Director
.........................................
Mr Brett Maxwell Walker
Director
Page 5 |
JCD Crane and Lifting Gear Company Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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|
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2016 |
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|
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Share capital |
Profit and loss account |
Total |
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At 1 January 2015 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2015 |
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|
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Page 6 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in Other.
The address of its registered office is:
The principal place of business is:
Unit 12 & 13 Peacocks Estate
Providence Street
Cradley Heath
West Midlands
B64 5DG
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% on reducing balance |
Furniture and fittings |
15% on reducing balance |
Motor vehicles |
25% on reducing balance |
Page 7 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 8 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 January 2016 |
|
Additions |
|
Disposals |
( |
At 31 December 2016 |
|
Depreciation |
|
At 1 January 2016 |
|
Charge for the year |
|
Eliminated on disposal |
( |
At 31 December 2016 |
|
Carrying amount |
|
At 31 December 2016 |
|
At 31 December 2015 |
|
Stocks |
2016 |
2015 |
|
Finished goods and goods for resale |
|
|
Creditors: amounts falling due within one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,267 (2015 - £3,688).
Creditors: amounts falling due after more than one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,251 (2015 - £9,419).
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Page 10 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
4,312 |
- |
- |
4,312 |
|
Current assets |
|||||
Stocks |
8,850 |
- |
- |
8,850 |
|
Debtors |
103,688 |
- |
- |
103,688 |
|
Cash at bank and in hand |
29,330 |
- |
- |
29,330 |
|
141,868 |
- |
- |
141,868 |
||
Creditors: Amounts falling due within one year |
(77,940) |
- |
- |
(77,940) |
|
Net current assets |
63,928 |
- |
- |
63,928 |
|
Net assets |
68,240 |
- |
- |
68,240 |
|
Capital and reserves |
|||||
Called up share capital |
(100) |
- |
- |
(100) |
|
Profit and loss account |
(68,140) |
- |
- |
(68,140) |
|
Total equity |
(68,240) |
- |
- |
(68,240) |
Page 11 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
22,185 |
- |
- |
22,185 |
|
Current assets |
|||||
Stocks |
10,250 |
- |
- |
10,250 |
|
Debtors |
117,161 |
- |
- |
117,161 |
|
Cash at bank and in hand |
20,980 |
- |
- |
20,980 |
|
148,391 |
- |
- |
148,391 |
||
Creditors: Amounts falling due within one year |
(83,546) |
- |
- |
(83,546) |
|
Net current assets |
64,845 |
- |
- |
64,845 |
|
Total assets less current liabilities |
87,030 |
- |
- |
87,030 |
|
Creditors: Amounts falling due after more than one year |
(9,419) |
- |
- |
(9,419) |
|
Net assets |
77,611 |
- |
- |
77,611 |
|
Capital and reserves |
|||||
Called up share capital |
(100) |
- |
- |
(100) |
|
Profit and loss account |
(77,511) |
- |
- |
(77,511) |
|
Total equity |
(77,611) |
- |
- |
(77,611) |
Page 12 |
JCD Crane and Lifting Gear Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Profit and Loss Account for the year ended 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
285,878 |
- |
- |
285,878 |
|
Cost of sales |
(164,552) |
- |
- |
(164,552) |
|
Gross profit |
121,326 |
- |
- |
121,326 |
|
Distribution costs |
(6,847) |
- |
- |
(6,847) |
|
Administrative expenses |
(106,434) |
- |
- |
(106,434) |
|
Operating profit |
8,045 |
- |
- |
8,045 |
|
Other interest receivable and similar income |
2 |
- |
- |
2 |
|
2 |
- |
- |
2 |
||
Profit before tax |
8,047 |
- |
- |
8,047 |
|
Taxation |
1,324 |
- |
- |
1,324 |
|
Profit for the financial year |
9,371 |
- |
- |
9,371 |
Page 13 |