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Company No: 08373241 (England and Wales)

JAC ELECTRICAL SW LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

JAC ELECTRICAL SW LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

JAC ELECTRICAL SW LIMITED

BALANCE SHEET

As at 31 July 2023
JAC ELECTRICAL SW LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 59,722 3,347
59,722 3,347
Current assets
Stocks 5,000 33,500
Debtors 5 102,580 91,936
Cash at bank and in hand 4,169 19,837
111,749 145,273
Creditors: amounts falling due within one year 6 ( 75,809) ( 95,731)
Net current assets 35,940 49,542
Total assets less current liabilities 95,662 52,889
Creditors: amounts falling due after more than one year 7 ( 71,218) ( 35,369)
Provision for liabilities ( 11,347) ( 837)
Net assets 13,097 16,683
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 13,095 16,681
Total shareholders' funds 13,097 16,683

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of JAC Electrical SW Limited (registered number: 08373241) were approved and authorised for issue by the Board of Directors on 08 November 2023. They were signed on its behalf by:

Mr T Crookshank
Director
JAC ELECTRICAL SW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
JAC ELECTRICAL SW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JAC Electrical SW Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as an expense as they fall due.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 5 years straight line
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2022 10,100 10,100
At 31 July 2023 10,100 10,100
Accumulated amortisation
At 01 August 2022 10,100 10,100
At 31 July 2023 10,100 10,100
Net book value
At 31 July 2023 0 0
At 31 July 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 August 2022 5,338 0 1,850 5,900 13,088
Additions 824 58,556 816 3,317 63,513
At 31 July 2023 6,162 58,556 2,666 9,217 76,601
Accumulated depreciation
At 01 August 2022 4,156 0 1,666 3,919 9,741
Charge for the financial year 311 5,856 131 840 7,138
At 31 July 2023 4,467 5,856 1,797 4,759 16,879
Net book value
At 31 July 2023 1,695 52,700 869 4,458 59,722
At 31 July 2022 1,182 0 184 1,981 3,347

5. Debtors

2023 2022
£ £
Trade debtors 29,427 20,278
Other debtors 73,153 71,658
102,580 91,936

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 28,249 39,079
Trade creditors 11,636 11,008
Accruals 2,475 2,200
Taxation and social security 28,387 38,084
Obligations under finance leases and hire purchase contracts 4,963 0
Other creditors 99 5,360
75,809 95,731

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 20,534 35,369
Obligations under finance leases and hire purchase contracts (secured) 50,684 0
71,218 35,369

The hire purchase balances are secured against the assets to which they relate.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 0.01 each 0.90 0.90
10 Ordinary C shares of £ 0.01 each 0.10 0.10
90 Ordinary B shares of £ 0.01 each 0.90 0.90
10 Ordinary A shares of £ 0.01 each 0.10 0.10
2.00 2.00

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
finance leases entered into 0 8,439

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balance at 1 August 38,641 56,414
Advancements to directors 77,924 66,227
Repayments by director (93,120) (84,000)
Balance at 31 July 23,445 38,641