JRC Product Development Limited 11573052 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is Specialised Design Activities Digita Accounts Production Advanced 6.30.9574.0 true 11573052 2022-10-01 2023-09-30 11573052 2023-09-30 11573052 bus:Director1 1 2023-09-30 11573052 bus:OrdinaryShareClass1 2023-09-30 11573052 core:CurrentFinancialInstruments 2023-09-30 11573052 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 11573052 core:FurnitureFittings 2023-09-30 11573052 core:OfficeEquipment 2023-09-30 11573052 core:PlantMachinery 2023-09-30 11573052 bus:SmallEntities 2022-10-01 2023-09-30 11573052 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 11573052 bus:FullAccounts 2022-10-01 2023-09-30 11573052 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 11573052 bus:RegisteredOffice 2022-10-01 2023-09-30 11573052 bus:Director1 2022-10-01 2023-09-30 11573052 bus:Director1 1 2022-10-01 2023-09-30 11573052 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 11573052 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11573052 core:FurnitureFittings 2022-10-01 2023-09-30 11573052 core:OfficeEquipment 2022-10-01 2023-09-30 11573052 core:PlantMachinery 2022-10-01 2023-09-30 11573052 core:AllAssociates 2022-10-01 2023-09-30 11573052 countries:England 2022-10-01 2023-09-30 11573052 2022-09-30 11573052 bus:Director1 1 2022-09-30 11573052 core:FurnitureFittings 2022-09-30 11573052 core:OfficeEquipment 2022-09-30 11573052 core:PlantMachinery 2022-09-30 11573052 2021-10-01 2022-09-30 11573052 2022-09-30 11573052 bus:OrdinaryShareClass1 2022-09-30 11573052 core:CurrentFinancialInstruments 2022-09-30 11573052 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 11573052 core:FurnitureFittings 2022-09-30 11573052 core:OfficeEquipment 2022-09-30 11573052 core:PlantMachinery 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11573052

JRC Product Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

(filleted for filing purposes)

 

JRC Product Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

JRC Product Development Limited

Company Information

Director

Mr J R Coop

Registered office

Basement Flat
7 Manilla Road
Bristol
BS8 4ED

 

JRC Product Development Limited

(Registration number: 11573052)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,444

10,762

Current assets

 

Debtors

5

361,692

204,671

Cash at bank and in hand

 

64,914

87,483

 

426,606

292,154

Creditors: Amounts falling due within one year

6

(76,060)

(32,609)

Net current assets

 

350,546

259,545

Total assets less current liabilities

 

368,990

270,307

Provisions for liabilities

(3,505)

(2,045)

Net assets

 

365,485

268,262

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

365,484

268,261

Shareholders' funds

 

365,485

268,262

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 4 December 2023
 

.........................................
Mr J R Coop
Director

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Basement Flat
7 Manilla Road
Bristol
BS8 4ED
England

These financial statements were authorised for issue by the director on 4 December 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.

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.

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.

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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

Plant and machinery

15% on written down value

Fixtures and fittings

15% on written down value

Office Equipment

15% on written down value

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 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.

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.

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

2,656

2,795

13,771

19,222

Additions

-

-

15,282

15,282

Disposals

-

-

(8,191)

(8,191)

At 30 September 2023

2,656

2,795

20,862

26,313

Depreciation

At 1 October 2022

1,010

1,336

6,114

8,460

Charge for the year

246

219

2,790

3,255

Eliminated on disposal

-

-

(3,846)

(3,846)

At 30 September 2023

1,256

1,555

5,058

7,869

Carrying amount

At 30 September 2023

1,400

1,240

15,804

18,444

At 30 September 2022

1,646

1,459

7,657

10,762

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

16,848

18,798

Amounts owed by related parties

8

300,635

185,552

Prepayments

 

3,709

321

Other debtors

 

40,500

-

   

361,692

204,671

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

5,538

5,416

Other creditors

 

70,522

27,193

 

76,060

32,609

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

8

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr J R Coop

Transactions with Director

1,446

122,196

(2,000)

121,642

         
       

 

Summary of transactions with all associates

JRC Lettings Limited
 (a company under common control)
 During the year, interest of £3,994 (2022 £4,106) was charged to JRC Lettings Limited at a rate of 2.25% APR. At the balance sheet date the amount owed to the company by JRC Lettings Limited was £178,994 (2022 £184,106).