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Registration number: 13854078

J&W Foil Limited

Annual Report and Unaudited Financial Statements

for the Period from 17 January 2022 to 31 January 2023

 

J&W Foil Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

J&W Foil Limited

(Registration number: 13854078)
Balance Sheet as at 31 January 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

5,897

Current assets

 

Stocks

5,315

Debtors

5

1,500

Cash at bank and in hand

 

21,693

 

28,508

Creditors: Amounts falling due within one year

6

(29,368)

Net current liabilities

 

(860)

Net assets

 

5,037

Capital and reserves

 

Called up share capital

7

100

Retained earnings

4,937

Shareholders' funds

 

5,037

For the financial period ending 31 January 2023 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 period 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.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

.........................................
WV Garton
Director

 

J&W Foil Limited

Notes to the Unaudited Financial Statements for the Period from 17 January 2022 to 31 January 2023

1

General information

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

The address of its registered office is:
Salcot
Horsley Road
Nailsworth
Stroud
GL6 0DF
England

These financial statements were authorised for issue by the Board on 5 October 2023.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

J&W Foil Limited

Notes to the Unaudited Financial Statements for the Period from 17 January 2022 to 31 January 2023

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

Leasehold improvements

Over 5 years

Plant and equipment

25% of written down value

Computer equipment

20% of cost

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.

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.

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.

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.

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.

 

J&W Foil Limited

Notes to the Unaudited Financial Statements for the Period from 17 January 2022 to 31 January 2023

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 period, was 2.

4

Tangible assets

Land and buildings
£

Computer equipment
£

Plant and equpment
£

Total
£

Cost or valuation

Additions

4,418

477

2,595

7,490

At 31 January 2023

4,418

477

2,595

7,490

Depreciation

Charge for the period

866

87

640

1,593

At 31 January 2023

866

87

640

1,593

Carrying amount

At 31 January 2023

3,552

390

1,955

5,897

Included within the net book value of land and buildings above is £3,551 in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

Other debtors

1,500

 

J&W Foil Limited

Notes to the Unaudited Financial Statements for the Period from 17 January 2022 to 31 January 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Directors' loan account

28,525

Accruals and deferred income

 

750

Other creditors

 

93

 

29,368

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary A shares of £1 each

70

70

Ordinary B shares of £1 each

30

30

 

100

100