JIC Construction Ltd
Registered number: 10058847
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,805 14,503
Current assets
Debtors 4 17,394 26,173
Cash at bank and in hand 1 899
17,395 27,072
Creditors: amounts falling due within one year 5 (7,643) (11,860)
Net current assets 9,752 15,212
Total assets less current liabilities 21,557 29,715
Creditors: amounts falling due after more than one year 6 (27,695) (29,448)
Net (liabilities)/assets (6,138) 267
Capital and reserves
Called up share capital 100 100
Profit and loss account (6,238) 167
Shareholders' funds (6,138) 267
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Josh Clarke
Director
Approved by the board on 16 November 2023
JIC Construction Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 12,451 11,100 23,551
Additions 129 - 129
At 31 March 2023 12,580 11,100 23,680
Depreciation
At 1 April 2022 4,267 4,781 9,048
Charge for the year 1,247 1,580 2,827
At 31 March 2023 5,514 6,361 11,875
Net book value
At 31 March 2023 7,066 4,739 11,805
At 31 March 2022 8,184 6,319 14,503
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
4 Debtors 2023 2022
£ £
Other debtors 17,394 26,173
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,770 150
Corporation tax 4,995 9,266
Directors Loan Account - 289
Other taxes and social security costs (597) (695)
Other creditors 1,475 2,850
7,643 11,860
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 27,695 29,448
7 Other information
JIC Construction Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Queens Court
Eastwood
Nottingham
NG16 3BJ
JIC Construction Ltd 10058847 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Josh Clarke No description of principal activity 10058847 2021-04-01 2022-03-31 10058847 core:WithinOneYear 2022-03-31 10058847 core:AfterOneYear 2022-03-31 10058847 core:ShareCapital 2022-03-31 10058847 core:RetainedEarningsAccumulatedLosses 2022-03-31 10058847 2022-04-01 2023-03-31 10058847 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10058847 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10058847 bus:Director40 2022-04-01 2023-03-31 10058847 1 2022-04-01 2023-03-31 10058847 2 2022-04-01 2023-03-31 10058847 core:PlantMachinery 2022-04-01 2023-03-31 10058847 core:Vehicles 2022-04-01 2023-03-31 10058847 countries:England 2022-04-01 2023-03-31 10058847 bus:FRS102 2022-04-01 2023-03-31 10058847 bus:FullAccounts 2022-04-01 2023-03-31 10058847 2023-03-31 10058847 core:WithinOneYear 2023-03-31 10058847 core:AfterOneYear 2023-03-31 10058847 core:ShareCapital 2023-03-31 10058847 core:RetainedEarningsAccumulatedLosses 2023-03-31 10058847 core:PlantMachinery 2023-03-31 10058847 core:Vehicles 2023-03-31 10058847 2022-03-31 10058847 core:PlantMachinery 2022-03-31 10058847 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure