Company Registration No. 04012186 (England and Wales)
JACQUET WESTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
26-32 Oxford Road
Bournemouth
Dorset
United Kingdom
BH8 8EZ
JACQUET WESTON LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
JACQUET WESTON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. N Weston
Mr. K Weston
Mr. A Jones
(Appointed 10 January 2020)
Mr. C Romer
Ms. B Jordan
Secretary
Mrs. C Weston
Company number
04012186
Registered office
Tower Works Membury Airfield
Ramsbury Road Lambourn Woodlands
Hungerford
Berkshire
United Kingdom
RG17 7TJ
Accountants
TC Group
26-32 Oxford Road
Bournemouth
Dorset
United Kingdom
BH8 8EZ
JACQUET WESTON LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126,359
123,341
Current assets
Stocks
187,332
213,067
Debtors
4
388,545
371,590
Cash at bank and in hand
1,556
3,745
577,433
588,402
Creditors: amounts falling due within one year
5
(446,595)
(474,003)
Net current assets
130,838
114,399
Total assets less current liabilities
257,197
237,740
Creditors: amounts falling due after more than one year
6
(23,798)
(35,344)
Provisions for liabilities
(22,414)
(19,450)
Net assets
210,985
182,946
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
209,985
181,946
Total equity
210,985
182,946
JACQUET WESTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
The financial statements were approved by the board of directors and authorised for issue on 18 November 2020 and are signed on its behalf by:
Mr. N Weston
Director
Company Registration No. 04012186
The notes on pages 4 to 7 form part of these financial statements
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Jacquet Weston Limited
(04012186)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Tower Works Membury Airfield, Ramsbury Road Lambourn Woodlands, Hungerford, Berkshire, United Kingdom, RG17 7TJ.
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
pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
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:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15%/25% reducing balance
Motor vehicles
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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
is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19
(2019 - 19).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2019
74,502
125,754
132,462
332,718
Additions
14,720
10,229
7,200
32,149
At 31 March 2020
89,222
135,983
139,662
364,867
Depreciation and impairment
At 1 April 2019
50,061
89,804
69,512
209,377
Depreciation charged in the year
4,206
8,888
16,037
29,131
At 31 March 2020
54,267
98,692
85,549
238,508
Carrying amount
At 31 March 2020
34,955
37,291
54,113
126,359
At 31 March 2019
24,441
35,950
62,950
123,341
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
384,772
340,660
Corporation tax recoverable
-
27,627
Prepayments and accrued income
3,773
3,303
388,545
371,590
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank overdrafts
116,086
33,934
Obligations under hire purchase agreements
11,546
12,785
Trade creditors
182,179
289,442
Other taxation and social security
125,586
116,556
Other creditors
8,409
16,030
Accruals and deferred income
2,789
5,256
446,595
474,003
The bank overdraft is secured by way of a floating charge over the company's assets.
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Obligations under hire purchase agreements
23,798
35,344
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000