JS Foods Limited NI043350 false 2021-06-01 2022-05-31 2022-05-31 The principal activity of the company is that of frozen food distribution Digita Accounts Production Advanced 6.30.9574.0 true NI043350 2021-06-01 2022-05-31 NI043350 2022-05-31 NI043350 bus:OrdinaryShareClass1 2022-05-31 NI043350 core:CurrentFinancialInstruments 2022-05-31 NI043350 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 NI043350 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 NI043350 core:FurnitureFittingsToolsEquipment 2022-05-31 NI043350 core:MotorVehicles 2022-05-31 NI043350 core:OtherPropertyPlantEquipment 2022-05-31 NI043350 bus:SmallEntities 2021-06-01 2022-05-31 NI043350 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 NI043350 bus:FullAccounts 2021-06-01 2022-05-31 NI043350 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 NI043350 bus:RegisteredOffice 2021-06-01 2022-05-31 NI043350 bus:Director3 2021-06-01 2022-05-31 NI043350 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 NI043350 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 NI043350 core:FurnitureFittingsToolsEquipment 2021-06-01 2022-05-31 NI043350 core:MotorCars 2021-06-01 2022-05-31 NI043350 core:MotorVehicles 2021-06-01 2022-05-31 NI043350 core:OfficeEquipment 2021-06-01 2022-05-31 NI043350 core:OtherPropertyPlantEquipment 2021-06-01 2022-05-31 NI043350 core:PlantMachinery 2021-06-01 2022-05-31 NI043350 countries:NorthernIreland 2021-06-01 2022-05-31 NI043350 2021-05-31 NI043350 core:FurnitureFittingsToolsEquipment 2021-05-31 NI043350 core:MotorVehicles 2021-05-31 NI043350 core:OtherPropertyPlantEquipment 2021-05-31 NI043350 2020-06-01 2021-05-31 NI043350 2021-05-31 NI043350 bus:OrdinaryShareClass1 2021-05-31 NI043350 core:CurrentFinancialInstruments 2021-05-31 NI043350 core:CurrentFinancialInstruments core:WithinOneYear 2021-05-31 NI043350 core:Non-currentFinancialInstruments core:AfterOneYear 2021-05-31 NI043350 core:FurnitureFittingsToolsEquipment 2021-05-31 NI043350 core:MotorVehicles 2021-05-31 NI043350 core:OtherPropertyPlantEquipment 2021-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI043350

JS Foods Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

JS Foods Limited

(Registration number: NI043350)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

156,855

109,249

Current assets

 

Stocks

5

53,475

39,330

Debtors

6

809,562

656,971

Cash at bank and in hand

 

558,092

233,400

 

1,421,129

929,701

Creditors: Amounts falling due within one year

7

(1,421,413)

(952,930)

Net current liabilities

 

(284)

(23,229)

Total assets less current liabilities

 

156,571

86,020

Creditors: Amounts falling due after more than one year

7

(48,587)

(6,058)

Provisions for liabilities

(28,336)

(18,969)

Net assets

 

79,648

60,993

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

79,548

60,893

Shareholders' funds

 

79,648

60,993

For the financial year ending 31 May 2022 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 accounts for the year in question in accordance with section 476; and

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.

 

JS Foods Limited

(Registration number: NI043350)
Balance Sheet as at 31 May 2022

Approved and authorised by the Board on 23 August 2022 and signed on its behalf by:
 

.........................................
Mr Jon Paul Kearney
Director

 

JS Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Units 10-11 Hillview Industrial Estate, Castle Road, Randalstown, Co. Antrim, BT41 2EB.

These financial statements were authorised for issue by the Board on 23 August 2022.

2

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Revenue from the sale of goods is recognised at the point of delivery and customer acceptance. Revenue from the rendering of services is recognised on completion of the service provision, at which point the Company has generated a right to consideration.

 

JS Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Plant and equipment

10% straight line basis/ 15% reducing balance basis

Fixtures and fittings

10% straight line basis

Motor vehicles

15% reducing balance basis

Office equipment

15% reducing balance basis

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

JS Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

JS Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2021 - 16).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 June 2021

22,659

267,385

49,028

339,072

Additions

-

75,700

-

75,700

At 31 May 2022

22,659

343,085

49,028

414,772

Depreciation

At 1 June 2021

22,085

159,161

48,577

229,823

Charge for the year

435

27,591

68

28,094

At 31 May 2022

22,520

186,752

48,645

257,917

Carrying amount

At 31 May 2022

139

156,333

383

156,855

At 31 May 2021

574

108,224

451

109,249

 

JS Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Stocks

2022
£

2021
£

Goods for resale

53,475

39,330

6

Debtors

2022
£

2021
£

Trade debtors

798,364

647,912

Prepayments

5,896

5,529

Other debtors

5,302

3,530

 

809,562

656,971

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

1,315,349

845,636

Hire purchase liabilities

16,633

22,760

Corporation tax

16,237

17,436

Other taxes and social security

4,630

4,206

Other creditors

68,564

62,892

1,421,413

952,930

Due after one year

Obligations under finance lease and hire purchase contracts

48,587

6,058

 

JS Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Related party transactions

2022
 £

2021
 £

Directors current account

(60,751)

(56,080)

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100