Registration number:
Josh Angell Ltd
for the Period from 1 September 2018 to 28 February 2020
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY
Josh Angell Ltd
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Josh Angell Ltd
Company Information
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Directors |
Mr J Angell Mrs R A Angell |
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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
Josh Angell Ltd
for the Period Ended 28 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Josh Angell Ltd for the period ended 28 February 2020 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Josh Angell Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Josh Angell Ltd. You consider that Josh Angell Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Josh Angell Ltd. 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.
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11 Newhall Street
Birmingham
West Midlands
B3 3NY
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Page 2 |
Josh Angell Ltd
(Registration number: 10305118)
Balance Sheet as at 28 February 2020
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Note |
2020 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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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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- |
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Provisions for liabilities |
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( |
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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 period ending 28 February 2020 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.
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Page 3 |
Josh Angell Ltd
(Registration number: 10305118)
Balance Sheet as at 28 February 2020
Approved and authorised by the
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Mr J Angell
Director
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Page 4 |
Josh Angell Ltd
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2020
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General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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:
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Asset class |
Depreciation method and rate |
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Office equipment |
33.3% reducing balance |
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.
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Page 5 |
Josh Angell Ltd
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2020
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.
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.
Leases
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.
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Page 6 |
Josh Angell Ltd
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2020
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Page 7 |
Josh Angell Ltd
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2020
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2018 |
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Additions |
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At 28 February 2020 |
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Depreciation |
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At 1 September 2018 |
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Charge for the year |
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At 28 February 2020 |
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Carrying amount |
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At 28 February 2020 |
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At 31 August 2018 |
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Debtors |
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2020 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Other debtors include an amount of £31,496 owed by key management. Further details of which are included in the related party transaction note below.
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Page 8 |
Josh Angell Ltd
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2020
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Creditors |
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Note |
2020 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Taxation and social security |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2020 |
2018 |
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Non-current loans and borrowings |
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Other borrowings |
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2020 |
2018 |
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Current loans and borrowings |
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Finance lease liabilities |
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Finance lease liabilities and other borrowings are secured on a specific asset with a net book value of £25,281, to which the loan relates. The amount is denominated in sterling with a nominal interest rate of 0%. The final instalment being due by 31 May 2023.
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Dividends |
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2020 |
2018 |
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£ |
£ |
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Interim dividend of £
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7,000 |
10,000 |
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Page 9 |
Josh Angell Ltd
Notes to the Financial Statements for the Period from 1 September 2018 to 28 February 2020
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Related party transactions |
Key management personnel
At the year end the Company was owed £31,496 by key management. These monies were repapayable upon demand and had been loaned to enable the recipient to carry out their duties. The loan was granted on an unsecured, interest free basis.
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Page 10 |