Company Registration No. 4720340 (England and Wales)
Just Displays Limited
Unaudited Abbreviated Financial Statements
For The Year Ended 30 April 2016
JUST DISPLAYS LIMITED
Just Displays Limited
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JUST DISPLAYS LIMITED FOR THE YEAR ENDED 30 APRIL 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Just Displays Limited for the year ended 30 April 2016 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the
Association of
Chartered
Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.
This report is made solely to the Board of Directors of Just Displays Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Just Displays Limited and state those matters that we have agreed to state to the Board of Directors of Just Displays Limited, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Just Displays Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Just Displays Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Just Displays Limited. You consider that Just Displays 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 financial statements of Just Displays 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 financial statements.
Clark Howes Ltd
Chartered Certified Accountants
26 August 2016
11 Bell Business Park
Smeaton Close
Aylesbury
Buckinghamshire
UK
HP19 8JR
JUST DISPLAYS LIMITED
Just Displays Limited
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
62,602
35,484
Current assets
Stocks
18,290
20,180
Debtors
124,314
114,527
Cash at bank and in hand
10,269
7,993
152,873
142,700
Creditors: amounts falling due within one year
3
(113,325)
(166,912)
Net current assets/(liabilities)
39,548
(24,212)
Total assets less current liabilities
102,150
11,272
Creditors: amounts falling due after more than one year
(93,071)
(7,777)
Provisions for liabilities
(8,740)
(2,879)
339
616
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
239
516
Shareholders' funds
339
616
JUST DISPLAYS LIMITED
Just Displays Limited
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
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For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 26 August 2016
Mr G Green
Director
Company Registration No. 4720340
JUST DISPLAYS LIMITED
Just Displays Limited
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers . Turnover is recognised when the goods are physically delivered to customers and when services are provided.
the value, net of Value Added Tax and discounts, of
goods
provided to customers
and
work carried out in respect of
services
provided to customers
.
Turnover is recognised when the goods are physically delivered to customers and when services are provided.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33% and 20% on straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases
, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company,
are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods.
The finance element of the rental payment is charged to the
P
rofit and
L
oss
A
ccount so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such in the balance sheet.
1.7
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing difference will reverse.
JUST DISPLAYS LIMITED
Just Displays Limited
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
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2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015
198,725
Additions
45,570
At 30 April 2016
244,295
Depreciation
At 1 May 2015
163,241
Charge for the year
18,452
At 30 April 2016
181,693
Net book value
At 30 April 2016
62,602
At 30 April 2015
35,484
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £84,467 (2015 - £0).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Related party relationships and transactions
The following director
had
an
interest free loan during the year. The movement on the loan
is
as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr G. Green - Loan
-
(22,478)
48,069
-
-
25,591
(22,478)
48,069
-
-
25,591