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Registration number: 08038794

Jemica Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Jemica Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Jemica Limited

Company Information

Directors

C Presland

J Presland

Registered office

Liscard Stop + Shop
Coronation Buildings
Wallasey Road
Liscard
Wirral
CH45 4NE

Accountants

Duncan Boxwell & Company Limited
Chartered Accountants
Bretton House
Bell Meadow Business Park
Park Lane
Pulford
Chester
CH4 9EP

 

Jemica Limited

(Registration number: 08038794)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

260,001

280,001

Tangible assets

5

121,963

108,794

 

381,964

388,795

Current assets

 

Stocks

6

121,775

113,435

Debtors

7

18,107

26,283

Cash at bank and in hand

 

300,448

249,928

 

440,330

389,646

Creditors: Amounts falling due within one year

8

(214,239)

(214,238)

Net current assets

 

226,091

175,408

Total assets less current liabilities

 

608,055

564,203

Creditors: Amounts falling due after more than one year

8

(30,771)

(40,833)

Provisions for liabilities

(29,064)

(18,469)

Net assets

 

548,220

504,901

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

548,218

504,899

Shareholders' funds

 

548,220

504,901

For the financial year ending 30 April 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Jemica Limited

(Registration number: 08038794)
Balance Sheet as at 30 April 2023

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
C Presland
Director

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Liscard Stop + Shop
Coronation Buildings
Wallasey Road
Liscard
Wirral
CH45 4NE

These financial statements were authorised for issue by the Board on 9 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Long leasehold property

over remainder of lease

Fixtures & Fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 29).

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

400,000

400,000

At 30 April 2023

400,000

400,000

Amortisation

At 1 May 2022

119,999

119,999

Amortisation charge

20,000

20,000

At 30 April 2023

139,999

139,999

Carrying amount

At 30 April 2023

260,001

260,001

At 30 April 2022

280,001

280,001

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

32,400

316,630

2,100

351,130

Additions

-

38,438

-

38,438

Disposals

-

-

(2,100)

(2,100)

At 30 April 2023

32,400

355,068

-

387,468

Depreciation

At 1 May 2022

22,800

219,536

-

242,336

Charge for the year

3,800

19,369

131

23,300

Eliminated on disposal

-

-

(131)

(131)

At 30 April 2023

26,600

238,905

-

265,505

Carrying amount

At 30 April 2023

5,800

116,163

-

121,963

At 30 April 2022

9,600

97,094

2,100

108,794

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Included within the net book value of land and buildings above is £5,800 (2022 - £9,600) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

121,775

113,435

7

Debtors

Current

2023
£

2022
£

Prepayments

12,384

22,411

Other debtors

5,723

3,872

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

102,167

122,090

Taxation and social security

75,179

52,991

Accruals and deferred income

5,503

1,225

Other creditors

31,390

37,932

214,239

214,238

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

30,771

40,833

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,771

40,833

11

Related party transactions

The company is wholly owned by Ericthecat Limited, a company incorporated in England and Wales. The ultimate controlling parties are C F B Prestland and J Presland by virtue of their ownership of Ericthecat Limited.

 

Jemica Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

30,941

27,572

Contributions paid to money purchase schemes

162

454

31,103

28,026