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Unaudited Financial Statements for the Year Ended 30 December 2020 |
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Java Asset Management Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 December 2020 |
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for |
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Java Asset Management Limited |
Java Asset Management Limited (Registered number: 06181412) |
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Contents of the Financial Statements |
for the Year Ended 30 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Java Asset Management Limited |
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Company Information |
for the Year Ended 30 December 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
Java Asset Management Limited (Registered number: 06181412) |
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Balance Sheet |
30 December 2020 |
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30.12.20 | 30.12.19 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Java Asset Management Limited (Registered number: 06181412) |
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Balance Sheet - continued |
30 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Java Asset Management Limited (Registered number: 06181412) |
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Notes to the Financial Statements |
for the Year Ended 30 December 2020 |
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1. | STATUTORY INFORMATION |
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Java Asset Management Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of valuation of work in progress has had the most significant effects on amounts recognised in the financial statements |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised on the sale completion of properties. |
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Tangible fixed assets |
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Motor vehicles | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
Java Asset Management Limited (Registered number: 06181412) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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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. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Java Asset Management Limited (Registered number: 06181412) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Going concern |
The director considers that the company has sufficient resources to enable it to remain in business for at least 12 months following the approval of this financial statement and has the financial support of its shareholders and lenders for the foreseeable future. Consequently, the director considers it to be appropriate to prepare the financial statements on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Java Asset Management Limited (Registered number: 06181412) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 December 2020 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Motor |
vehicles |
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COST |
At 31 December 2019 |
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Disposals | ( |
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At 30 December 2020 |
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DEPRECIATION |
At 31 December 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 December 2020 |
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NET BOOK VALUE |
At 30 December 2020 |
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At 30 December 2019 |
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5. | INVENTORIES |
30.12.20 | 30.12.19 |
£ | £ |
Work-in-progress |
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The carrying amounts of stocks pledged as security for liabilities amounted to £837,687 (2019: £3,480,486) |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.20 | 30.12.19 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Directors' current accounts | 848,569 | 2,483,966 |
Prepayments |
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Java Asset Management Limited (Registered number: 06181412) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.20 | 30.12.19 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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VAT | 243,467 | 91,211 |
Other creditors |
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Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.12.20 | 30.12.19 |
£ | £ |
Bank loans (see note 9) |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.12.20 | 30.12.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.12.20 | 30.12.19 |
value: | £ | £ |
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Ordinary share | £1 | 2 | 2 |
Java Asset Management Limited (Registered number: 06181412) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 December 2020 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 December 2020 and 30 December 2019: |
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30.12.20 | 30.12.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The director of the company has provided personal guarantees in respect of the cost and interest overrun on the company bank loans. |
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The overdrawn director's loan account was repaid after the year end. Interest amounted to £41,142 has been charged on the overdrawn loan account. |
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12. | RELATED PARTY DISCLOSURES |
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Included within debtors amounts falling due within one year is an amount of £6,782,651 (2019: £4,4409,191) owed by related companies under common control. |
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Included in creditors amounts amounts falling due within one year is an amount of £5,185,572 (2019: £6,685,874) owed by companies under common control. |
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During the year the company made loans and payments of invoices on behalf of related companies, and received payments and had expenses paid on its behalf by related companies. |
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Included within other debtors amounts falling due within one year is a loan of £573,325 (2019: £573,325) to a close family member of a director which was repaid after the year end. |
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The company's assets are secured on bank loans for its related companies and has provided guarantees on bank loans of related companies. |
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13. | COVID-19 |
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The COVID-19 pandemic occurred during the company's year end. The directors have considered the likely effect of the COVID-19 pandemic on the future performance of the company and consider that it is likely to have an adverse impact on this. It is not possible to quantify this impact. However, the directors consider that the company has sufficient resources to remain in business for the foreseeable future. |