Company Registration No. 04012186 (England and Wales)
JACQUET WESTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
JACQUET WESTON LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
JACQUET WESTON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. N Weston
Mr. K Weston
Mr. A Jones
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
10 Bridge Street
Christchurch
Dorset
BH23 1EF
JACQUET WESTON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
119,340
126,359
Current assets
Stocks
183,948
187,332
Debtors
4
774,905
388,545
Cash at bank and in hand
5,482
1,556
964,335
577,433
Creditors: amounts falling due within one year
5
(693,587)
(446,595)
Net current assets
270,748
130,838
Total assets less current liabilities
390,088
257,197
Creditors: amounts falling due after more than one year
6
(151,852)
(23,798)
Provisions for liabilities
(22,414)
Net assets
238,236
210,985
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
237,236
209,985
Total equity
238,236
210,985
JACQUET WESTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 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 2021 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 30 November 2021 and are signed on its behalf by:
Mr. N Weston
Director
Company Registration No. 04012186
The notes on pages 4 to 8 form part of these financial statements
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Jacquet Weston Limited 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 and cash equivalents
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 2021
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 2021
1
Accounting policies
(Continued)
- 6 -
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
23
19
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2020
89,222
135,983
139,662
364,867
Additions
10,192
11,188
21,380
At 31 March 2021
99,414
147,171
139,662
386,247
Depreciation and impairment
At 1 April 2020
54,267
98,692
85,549
238,508
Depreciation charged in the year
5,914
8,957
13,528
28,399
At 31 March 2021
60,181
107,649
99,077
266,907
Carrying amount
At 31 March 2021
39,233
39,522
40,585
119,340
At 31 March 2020
34,955
37,291
54,113
126,359
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
496,714
384,772
Corporation tax recoverable
57,672
Other debtors
6,520
Prepayments and accrued income
213,999
3,773
774,905
388,545
JACQUET WESTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
68,107
116,086
Obligations under hire purchase agreements
23,798
11,546
Trade creditors
316,722
182,179
Other taxation and social security
272,195
125,586
Other creditors
4,575
8,409
Accruals and deferred income
8,190
2,789
693,587
446,595
The bank overdraft of £23,662 (2020 - £116,086) 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
2021
2020
£
£
Bank loans
151,852
Obligations under hire purchase agreements
23,798
151,852
23,798
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
8
Directors' transactions
At the balance sheet date, the directors owed the company £6,520.