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REGISTERED NUMBER: SC173451 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2022

for

J N Electrics Limited

J N Electrics Limited (Registered number: SC173451)






Contents of the Financial Statements
for the Year Ended 31 July 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J N Electrics Limited

Company Information
for the Year Ended 31 July 2022







DIRECTOR: J M Nimmo





SECRETARY: J Daly





REGISTERED OFFICE: 2271 Great Western Road
Glasgow
G15 6UY





REGISTERED NUMBER: SC173451 (Scotland)





ACCOUNTANTS: My Accountant Friend
The Great Barn
White House Farm
Gaddesden Row
Hemel Hempstead
HP2 6HG

J N Electrics Limited (Registered number: SC173451)

Statement of Financial Position
31 July 2022

31.7.22 31.7.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 456,541 463,251

CURRENT ASSETS
Stocks - 300
Debtors 5 786 250
Cash at bank - 2,568
786 3,118
CREDITORS
Amounts falling due within one year 6 53,762 67,948
NET CURRENT LIABILITIES (52,976 ) (64,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

403,565

398,421

CREDITORS
Amounts falling due after more than one
year

7

32,600

43,000
NET ASSETS 370,965 355,421

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 250,000 250,000
Retained earnings 120,865 105,321
SHAREHOLDERS' FUNDS 370,965 355,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

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.

J N Electrics Limited (Registered number: SC173451)

Statement of Financial Position - continued
31 July 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 September 2022 and were signed by:





J M Nimmo - Director


J N Electrics Limited (Registered number: SC173451)

Notes to the Financial Statements
for the Year Ended 31 July 2022

1. STATUTORY INFORMATION

J N Electrics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

J N Electrics Limited (Registered number: SC173451)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2021
and 31 July 2022 396,869 94,200 18,727 25,900 535,696
DEPRECIATION
At 1 August 2021 - 27,898 18,723 25,824 72,445
Charge for year - 6,630 4 76 6,710
At 31 July 2022 - 34,528 18,727 25,900 79,155
NET BOOK VALUE
At 31 July 2022 396,869 59,672 - - 456,541
At 31 July 2021 396,869 66,302 4 76 463,251

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£    £   
Trade debtors 250 250
VAT 536 -
786 250

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£    £   
Bank loans and overdrafts 40,390 52,334
Tax 4,844 5,084
Social security and other taxes - (580 )
VAT - 5,169
Other creditors 2,648 2,648
Directors' current accounts 5,880 3,293
53,762 67,948

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.22 31.7.21
£    £   
Loan 4 39,846 43,000
Loan 5 (7,246 ) -
32,600 43,000

J N Electrics Limited (Registered number: SC173451)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2022

8. RESERVES
Revaluation
reserve
£   
At 1 August 2021
and 31 July 2022 250,000