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COMPANY REGISTRATION NUMBER: 02527642
CJN Concept Limited
Filleted Unaudited Financial Statements
31 August 2023
CJN Concept Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
CJN Concept Limited
Balance Sheet
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
70,075
99,282
Current assets
Stocks
303,700
106,391
Debtors
7
1,671,147
374,714
Cash at bank and in hand
36,126
1,057,774
------------
------------
2,010,973
1,538,879
Creditors: amounts falling due within one year
8
( 1,516,617)
( 927,409)
------------
------------
Net current assets
494,356
611,470
---------
---------
Total assets less current liabilities
564,431
710,752
Creditors: amounts falling due after more than one year
9
( 346,667)
( 506,667)
---------
---------
Net assets
217,764
204,085
---------
---------
CJN Concept Limited
Balance Sheet (continued)
31 August 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
217,664
203,985
---------
---------
Shareholders funds
217,764
204,085
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Mr J Nicholas
Director
Company registration number: 02527642
CJN Concept Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
8 years straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Other operating income
Other operating income is income received from Government grants.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 16 ).
6. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
140,150
46,260
165,275
351,685
Additions
2,820
2,820
Disposals
( 2,579)
( 14,737)
( 17,316)
---------
--------
---------
---------
At 31 August 2023
140,150
46,501
150,538
337,189
---------
--------
---------
---------
Depreciation
At 1 September 2022
87,594
36,824
127,985
252,403
Charge for the year
17,518
3,260
11,249
32,027
Disposals
( 2,579)
( 14,737)
( 17,316)
---------
--------
---------
---------
At 31 August 2023
105,112
37,505
124,497
267,114
---------
--------
---------
---------
Carrying amount
At 31 August 2023
35,038
8,996
26,041
70,075
---------
--------
---------
---------
At 31 August 2022
52,556
9,436
37,290
99,282
---------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
1,612,770
330,181
Other debtors
58,377
44,533
------------
---------
1,671,147
374,714
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
160,000
160,000
Trade creditors
860,318
303,392
Corporation tax
33,475
8,706
Social security and other taxes
451,843
277,653
Other creditors
10,981
177,658
------------
---------
1,516,617
927,409
------------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
346,667
506,667
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
29,850
29,850
Later than 1 year and not later than 5 years
47,263
77,113
--------
---------
77,113
106,963
--------
---------
11. Directors' advances, credits and guarantees
The directors, had interest-free, repayable on demand loans during the year. At the beginning of the year they owed the company £14,498 and at the end of the year they owed the company £22,076. During the year the directors were advanced £7,578.
12. Related party transactions
During the year the company paid rents of £29,850 (2022: £29,850) to a related party.